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How much does it cost to develop blockchain in 2018

How much does it cost to develop blockchain in 2018

The blockchain is the new trendy technology today everyone is crazy about. Its widely known, Satoshi Nakamoto, the blockchain inventor, developed this technology in pursuit of freedom: to allow digital information to be distributed but not copied. It helps to create the decentralized networks. Some people call such networks – “the new Internet”.

Moreover, we can’t even fully imagine the potential impact on the world. Let’s look at any cryptocurrency, it made financial transactions transparent and got rid of additional unclear bank fees. The cryptocurrencies: Bitcoin and Etherium blew up the traditional economics.

Today under blockchain we usually understand the cryptomarket and all the infrastructure that supports it: cryptocurrency wallets, trading platforms, live games like CryptoKitties and the bunch of other crypto applications.

But the blockchain is not limited to the only cryptocurrencies. There are many different apps for various industries. They help the businesses to reduce costs, save money and securely store data. The blockchain is not only about banking, forex, and the financial industry.

Let us dig in and cover the information about the various blockchain applications and its’ actual costs (including total development prices).

 

In this article we will explore these costs:

– Exact Blockchain Developers Rates

– The cost to create the cryptocurrency

– The cost to develop the crypto wallet

– The cost of the commercial blockchain development

Interested? Keep on reading.

 

How much do blockchain developers cost

Well, to find the answer to that question is not the easy thing. The blockchain and cryptocurrencies, in general, are the new technologies, so it is challenging to find professionals that can deliver the result in time.

According to Codementor.io,
there are two types of hourly rates according to its distribution – average and median:

average hourly rates starting from $81 and up to $100

median hourly rates starting from $61 and up to $80

Hourly Rates Distribution

Source: CodeMentor.io

The best way to cut blockchain development costs if they are too costy for you – use offshore or nearshore software development services. This process is also known as software outsourcing. There are a lot of companies in the US, which have the development offices outside of America. The most common countries for that are Belarus, Ukraine, Poland, India. We have the development office located in Belarus, so we can provide true and relevant information about blockchain development outsourcing costs.

In fact while outsourcing software development, you hire the remote development team with a project manager and a tester. They provide the decent code quality and have twice lower rates than its American colleagues. The average hourly rate in Belarus for a blockchain developers rates in Belarus start from only 40$ per hour according to the developer’s experience. This way, you can cut your blockchain development costs almost twice.

 

How much does it cost to create cryptocurrency

To be honest, own cryptocurrency creation is not the easy process but still the profitable one. Today we have more than a thousand different cryptocurrencies, and that fact changed everything.

People do not trust the new cryptocurrencies at all. Everybody knows that crypto industry is the most fraudulent industry ever. This way, it takes a lot of money, to not create the new one but to convince the community that the new cryptocoin is enough trusty to invest in. We will briefly describe the whole process of cryptocurrency creation and provide the overall estimate.

There are some moments we need to take into consideration:

– How to find the team of experts

– How to sell the crypto-coin

– How to build the crypto-coin

– How to make the coin legal

The team of experts is essential. To successfully launch a coin on the market, you need a team of advisors in marketing, software development, cybersecurity, PR managers and so on. These people will help you to find investors to give credibility to the project. Also, it is necessary to find another advisor in cryptocurrencies due to there are a lot of unclear moments even if you experienced cryptoinvestor. Communication with your customer base is critical.

You need to understand how you promote the new cryptocurrency to earn profits. So it is quite essential to understand who is your target audience, what are your main benefits, why are you different from the competitors and so on. Here is why you need your marketing advisor, who will plan all your marketing activities.

After the moment you already developed the marketing strategy – you can think about blockchain network development. It will take about a month for a pair of developers to expand the network from scratch with C#, Java, Python or other technology. It makes no difference what technology to use. It will cost from $15.000 and up to $50.000 according to many different technical aspects.

Another critical moment – how to make you new cryptocurrency legal. Today even vast and well-known cryptocurrencies like Bitcoin and Etherium face legal problems all across the globe. This way the legal advisor is mandatory for every blockchain product.

Finally, to create new cryptocurrency you will need about $150.000 – $200.000 without marketing expenses.

 

How much does it cost to develop crypto wallet?

Another frequently asked question is “How much does it cost to develop crypto wallet?” Let’s determine what is it – “cryptocurrency wallet”?

A cryptocurrency wallet is a digital application (like the real wallet) used to store, send, and receive digital currencies securely. Most coins (cryptocurrencies) have an official purse or a few officially recommended third-party wallets. This way to use any cryptocurrency, you will need to use a cryptocurrency wallet.

Let’s discuss the development price of a custom crypto wallet.

Usually, it is the application built at three different platforms: Android, iOS, and Web. You may cut the development price if you use cross-platform technologies like JavaScript and its frameworks (ReactJS, React Native or Vue). But even that you won’t deny the fact, that it is a considerable amount of work, that needs to be done.

This way, we need to develop both the client side for the mobile devices and the Web, as well as the server side with the REST API (CoinAPI for example). Another way is to build the standalone application. Every approach has its advantages and disadvantages.

As you can see, it is not the easy task. You will need the dedicated team, that consists of several senior developers, business analyst, project manager, and a QA engineer.

The Minimal Viable Product (MVP) development price of such digital cryptocurrency wallet with the three central cryptocurrencies (Bitcoin, Litecoin, Ethereum) integration will start from $40.000.

 

What is the price for the commercial blockchain development

Blockchain changed over recent years: from the toy for the enthusiasts to the scalable platform for applications that use distributed systems at their core.

There are various applications build upon blockchain in many different industries developed both by startups and huge corporations like Kodak.

According to Forbes blockchain applications were developed for different industries:

– CyberSecurity

– Healthcare

– Manufacturing

– Legal and Government

– Charity

– Retail

– Real Estate

– Tourism

– Media

– and many others…

This fact proves: blockchain is not only about fund transactions – it helps us to deliver and store data more effectively.

Here comes one logical question: “What we can develop with blockchain and how much does it cost? “. Unfortunately, we cannot provide you the single-valued answer. The blockchain is a fully feature dependent technology, this way the end-customer development price fully depends on the project particularity.

We should say, that the development of the blockchain project starts at $5.000 and won’t be higher than 200.000$.

 

Summary

Even knowing the fact, that blockchain is not the new technology – it was invented in 2008 (more than ten years ago), its popularity came across the globe only last year, with the growth of the Bitcoin. This way, there are not a lot of commercial companies with substantial experience that can provide the real blockchain development estimates.

We discovered the exact blockchain development costs for a various number of products: from regular development rates to complex enterprise blockchain software products.

Please note, every project requires complete estimation according to the number of features you want to implement. The described above prices and costs are only the averages at the market. So if you want to know the exact values for your project or idea – contacts us and provide your project details we will do it absolutely free.

 

Want to develop your own blockchain network? Call +1 (973) 597-1000 or fill the form below to get the free consultation or estimation!

 

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