Entries by Toshendra Kumar Sharma

How To Become A Smart Contract Auditor?

March-23 in Smart Contracts /by

Summary​



  • A smart contract is a self-executing code that runs on a Blockchain network.


  • A smart contract auditor ensures the code is secure, bug-free, and meets the specifications.


  • Smart contract auditing involves reviewing the code, analyzing it for potential vulnerabilities, and verifying that it operates correctly.


  • Smart Contract Auditing helps in making the code more streamlined and efficient.


  • To become a smart contract auditor, you can start with a computer science, engineering degree or a related field.


  • This degree will help you learn the basics of computer science and programming.


  • Online portals have become the largest source for beginners and skilled individuals to learn about the Blockchain.


  • Smart contract auditors face several challenges, including the complexity of smart contract code, evolving regulations, and the evolving nature of Blockchain technology.


  • As Blockchain technology continues to gain traction, the demand for smart contract auditors is expected to increase.


  • While freelancing, a junior can earn as high as $100 per hour, while an expert makes from $250 to $1000 per hour for their contribution.


  • In Full-time roles, companies pay a yearly salary of $100k-$150k to their smart contract auditors.

Introduction

Smart contracts have become one of the most attractive and used applications of Blockchain technology because of the trust and transparency they enable while enforcing an agreement between two parties. A smart contract is a self-executing code that runs on a Blockchain network. They have become an integral part of important industries like finance and management to supply chain management. This rapid increase in the usage of smart contracts has resulted in an increasing number of job opportunities for individuals who can audit these smart contracts to look for vulnerabilities so that they can be fixed before enforcing the agreement.

A smart contract auditor ensures the code is secure, bug-free, and meets the specifications. Smart contract auditing involves reviewing the code, analyzing it for potential vulnerabilities, and verifying that it operates as intended. This article will provide an in-depth guide to becoming a smart contract auditor. We will cover the role of a smart contract auditor, the qualifications and skills required, steps to becoming a smart contract auditor, tools and resources for smart contract auditors, challenges and opportunities in the field, and final thoughts and recommendations for aspiring auditors.

Why is Blockchain Auditing Important for Every Crypto Organization?

Before we learn more about the role of smart contract auditors, it is important to understand why Blockchain auditing is extremely important for crypto firms. While it is commonly known as a preventive measure to prevent the smart contract from hacking, other important reasons make Blockchain auditing important and leverage the importance of individuals performing this job.

Increased security for your projects

This is the most well-known and important feature of smart contract auditing. When an auditor assesses a contract, their job is to ensure that the code is free from any vulnerabilities that will make it less prone to attacks and hacking attempts in the future. If successful, such attempts can lead to heavy losses, in millions, to the organization and wasted resources that would have to be spent on building another contract or fixing the existing one.

Optimized code and improved efficiency of smart contract

Vulnerability is one of many reasons auditing is important. Auditing can also help in making the code more streamlined and efficient. While looking at the code, the auditor looks into the entire smart contract line by line and is in a position to look for any unnecessary protocol that may make the contract slow and inefficient.

Build trust in the project and organization 

Trust is one of the most important aspects while doing business in Blockchain or any other sector. When an organization engages in proper auditing, they ensure that the contract deployed has no apparent vulnerabilities and is less prone to hacking. Thus, the only way to create and build trust in a project or organization related to the Blockchain is by looking at how they operate. The auditing techniques they use in its smart contracts can greatly indicate its working process. 

Become a Blockchain Expert Today!

 

Responsibilities and duties of an intelligent contract auditor

Smart contract auditors are responsible for reviewing and testing the code to identify vulnerabilities and ensure the contract functions as intended. They must communicate their findings effectively to developers, project managers, and other stakeholders. 

As a beginner, it can be hard to understand what responsibilities are expected of you as a smart contract auditor and how you should prepare for this role. But, this will become quite evident once we discuss the duties of a smart contract auditor and what are some necessary details you should know about this job. 

Comprehensive Knowledge of Smart Contract Projects and their Documentation

Once you become a smart contract auditor, your primary responsibility should be to assess and understand the documentation of the smart contract projects you are assigned to work on. A quick study of the documentation will help you to gain a basic knowledge of the project and its specifics, like use cases, design, and the architecture of the smart contract.

You should also establish communication with the team, as it will help you gain insights into the different parts of the code and their functionalities.

Reviewing the code

It involves reviewing the code line by line and looking for widespread and reported vulnerabilities to which a smart contract is susceptible. This can affect specific methods like deploying an attract against the contract and how it acts against it. Auditors do it to identify common vulnerabilities that can be used to attack the contract later.

Testing the code for vulnerabilities 

As an auditor, this is your main responsibility to check the code to identify the bugs and errors before the contract is executed. Several methods, like unit and integration testing, can be used to look for vulnerabilities. While unit testing is performed to look for specific errors in the code, integration testing is done to look for a wide range of vulnerabilities that can expose a smart contract to several attacks.

Other methods to test a code include manual and automated testing, both of which require very skilled personnel who can use their skills to look for flaws in the code. Manual testing is done when automated tools like Smart Check, Manticore, and Solium fail to asses the code as the auditor desires. Sometimes these tools don’t align with the smart contract’s objective or use case, making the role of the smart contract auditor more important. Automated testing is a very important skill that requires using the abovementioned tools to assess and evaluate the contract fully. 

Report about the vulnerability 

Once the testing is done, the auditor prepares a comprehensive report on the contract that includes specific details about the vulnerabilities and all the assessments performed. The report contains detailed information about the flaws and recommends fixing them and ensuring security from future attacks.

Qualifications and Skills Needed to Become an Intelligent Contract Auditor

To become a smart contract auditor, you should have a degree in computer science, engineering, or a related field, or if you want to learn the practical aspect of auditing, online courses can be a great option. Additionally, you need strong analytical skills, attention to detail, and knowledge of Blockchain technology, programming languages, and smart contract development. We will discuss them one by one.

Education and Other Qualifications

Like every field, the job of a smart contract auditor requires certain education and qualification that is important for you to learn before you look for a job as an auditor in the Blockchain sector. Among these, traditional degrees and online certifications are proper ways to get educated about the job role and the Blockchain. We will look into the pros and cons of both in detail now.

Traditional Degree 

You can obtain a traditional degree from any institute that provides courses in computer science. This degree will help you learn the basics of computer science and programming. The conventional degree is usually avoided in Blockchain as it is generally expensive, and there are no particular courses to learn about Blockchain, which will compel you to look for certification from other sources in the future.

Online Certification

Another way of getting educated by Blockchain and learning smart contract auditing is through online certifications and courses. Over the last few years, online portals have become the single largest source where beginners and skilled individuals can learn about the Blockchain and the skills needed to perform and fill various job roles in the sector. Getting certified in smart contract auditing demonstrates your expertise in the field and can help you stand out from other candidates. 

While multiple sites offer certifications, Blockchain Council has proved itself a reliable source for learning about everything related to Blockchain. They have courses curated by experts in the fields, making your journey to becoming a smart contract auditor much easier.

Necessary Skills 

Certain knowledge sets and skills will assist you in becoming a skilled, smart contract auditor. Most of these skills are easy to learn and will help you to perform the job efficiently. 

Develop a strong foundation in Blockchain technology

To become a smart contract auditor, you must have a solid understanding of Blockchain technology. This involves learning the basics of distributed ledgers, consensus mechanisms, and smart contract architecture. As an auditor, you should know about Blockchains like Ethereum, which helps develop the smart contract, and programming languages like solidity, which is used to build a smart contract. These basic concepts help you to understand how the process works and what role you have to play for your organization as a smart contract auditor.

Learn programming languages relevant to smart contracts

You may think that as a smart contract auditor, you can be proficient in coding and learning to program. To perform the job of an auditor properly, it is important to have a good knowledge of coding so that you can assess and evaluate the contract properly, look for vulnerabilities, and recommend solutions to fix them. The job of a smart contract auditor and developer can be very similar regarding the skill they must possess to do their job properly.

Smart contract auditors must be proficient in programming languages such as Solidity, JavaScript, and Python. These languages are commonly used to develop smart contracts and analyze their code. Learning javascript as a beginner is a good choice because of its flexible concepts and easy learning. Once you have mastered it, you can learn another language to help you ascend in your career as a smart contract auditor.

Gain experience in software development and testing

Experience in software development and testing is crucial to becoming a smart contract auditor. This involves learning software development methodologies, such as Agile and Scrum, and testing techniques, such as unit testing and integration testing which we have already discussed.

Experience and practical knowledge also come in handy when looking for jobs, as most companies look for individuals with experience working with smart contracts. Thus, it’s important to interact with popular smart agreements and learn about them. As a smart contract auditor, you will interact with similar contracts and algorithms more frequently than expected. Hence, a comprehensive knowledge of how different smart contracts work and a deep understanding of their architectures is something you should aspire for.

Build a professional network in the Blockchain industry

Networking with industry professionals can help you stay up-to-date with the latest trends and developments in the field. Attending conferences, meetups, and workshops can help you make valuable connections. While these are some upfront advantages of networking, there are some other advantages too, which may not appear when you hear about them. One such benefit is learning about the new vulnerabilities and attacks related to smart contracts. You can learn about them through different communities related to Blockchain and take necessary action before it becomes a threat to your project and organization. These small things can help you to become an important and valued asset for your organization. 

Analytical skills 

As a smart contract auditor, having a keen eye and good analytical skills is extremely important. It will help you perform your job better and do it more efficiently. Auditing is a tough job, and it requires individuals who have problem-solving abilities and can look for vulnerabilities that may not be apparent from others’ perspectives.

Difference between an Auditor and a Developer

This question must have come into your mind too, what makes a smart contract auditor different from a smart contract developer? When it comes to skills and qualifications, both roles have similar requirements. But the difference lies in the responsibilities and the duties they have to perform. While a smart contract developer has to focus on building a smart contract, deploying it, and fixing it, an auditor focuses on ensuring the contract is secure and ready to be deployed. 

While both are equally important for an organization, Being a smart contract auditor, you often have to work on development, especially when recommending a solution for a vulnerability. This makes the job of an auditor more complex and full of responsibilities.

Tools and Resources for Smart Contract Auditors

To perform smart contract auditing properly and efficiently, it is essential to use proper frameworks like hardhat and truffle and other useful tools to make the auditing process easier.

The auditors that use these tools are more likely to save time and cost, which goes into the process of smart contract auditing. 

Overview of popular intelligent contract auditing tools and platforms

Several intelligent contract auditing tools and platforms, including Mythril, Remix, and Truffle, are available. These tools are designed to help auditors review and analyze smart contract codes. While Mythril acts and truffle act as a framework used to hunt bugs present in a smart contract, the remix is used for various purposes, from developing a smart contract to assessing and evaluating the code properly. 

Other important tools include slithering, scribbling, and foundry. Slither is a static analyzer that helps find vulnerabilities and even prints visual presentations to understand the concept comprehensively. Scribble defines a domain-specific language that determines a smart contract’s property. Foundry is also a smart contract development tool like a remix that helps create a file where smart contracts’ codebase can be evaluated efficiently. 

Online resources for learning about smart contract auditing

There are a variety of resources that you can find online to learn about smart contract auditing. These can range from various online forums to individual blogs written by experts in the field. However, you should learn from credible resources, and the certification is accepted by the companies and organizations operating in the Blockchain industry. One such platform is Blockchain Council which has courses on all the skills you need as a smart contract auditor. You can visit their site today and look for the courses and certifications you are looking for at an extremely reasonable price.

Challenges and Opportunities for Smart Contract Auditors

Being a smart contract auditor comes with its challenges and opportunities that one should know before making any important decision related to their career. Auditing might look like a job that can be performed with a little effort from a distance, but the experience of experienced auditors tells a different story. 

Even small mistakes can have huge implications on the smart contract, and even the overall project, the complexity of code makes it extremely hard for auditors to perform the job sometimes. Even then, the role provides many opportunities, especially for individuals ready to put effort into upskilling themselves. Let’s take a look at these notions in detail.

Common challenges faced by intelligent contract auditors

Smart contract auditors face several challenges, including the complexity of smart contract code, evolving regulations, and the evolving nature of Blockchain technology. Additionally, smart contract auditors must keep up with the latest trends and developments in the industry to remain competitive.

Apart from these challenges, there are several other challenges that you will have to face as a smart contract auditor:

  • Not an assurance of security

LiFi lost an enormous $600,000 in a Defi hack in 2022. This incident tells us that even after a comprehensive round of auditing, the smart contract may be susceptible to the hack. This makes organizations and clients question the auditing process and makes auditors’ jobs even harder.

 

  • Determining the extent of auditing

As a smart contract auditor, you must determine which part of the code requires more auditing and how many resources should be directed toward it. Auditing the entire codebase can be an extremely time-consuming and expensive process hence the extent you audit the code without making it vulnerable to attack, an extremely valuable skill that most organizations value.

  • Documentation 

Incomplete documentation is one of the biggest headaches for an auditor. It makes the process extremely hard as they can only determine the objective and use case of different protocols and sections of the code with the help of the developers who wrote it, making the processing time-consuming and frustrating for the auditor.

Emerging opportunities in the field of smart contract auditing

As Blockchain technology continues to gain traction, the demand for smart contract auditors is expected to increase. Additionally, the emergence of decentralized finance (DeFi) has created new opportunities for auditors to ensure the security of smart contracts in the DeFi space. There need to be more experts who can work as smart contract auditors. Thus the auditor is one of the highest-paying jobs in the field, and there are plenty of opportunities for individuals looking to work as an auditor.

As more industries like finance, supply chain management, and real estate adopt Blockchain, the need for auditors will increase by a threshold. If you are a beginner, this is the perfect time to polish your skills and start learning the basics. As we discussed, there is a huge chance you might land a life-changing opportunity.

How much does a Smart Contract Auditor make?

We will now discuss the financial aspect of becoming a smart contract auditor. Interestingly, smart contract auditors have two types of pay: fixed and skill-based. Fixed payment accounts for audit work hours, whereas skill-based compensation is based on the severity of the vulnerabilities found by auditors. The official numbers differ for each company, but a junior can earn as high as $100 per hour while an expert makes from $250 to $1000 per hour for their contribution. When hired on a fixed basis, companies like chainlink labs pay a yearly salary of $100k-$150k to their smart contract auditors.

Conclusion

The demand for skilled individuals who can do smart contract auditing will only increase over time. This article provides a comprehensive guide on how to become a smart contract auditor, including the role of a smart contract auditor, qualifications and skills needed, steps to becoming a smart contract auditor, tools and resources for auditors, and challenges and opportunities in the field.

Becoming a smart contract auditor requires a strong foundation in Blockchain technology, proficiency in programming languages, experience in software development and testing, and certifications. It is also important to stay up-to-date with the latest trends and developments in the industry and build a professional network. By following these steps, aspiring smart contract auditors can establish themselves as experts in the field and contribute to the growth and security of Blockchain networks. If you are thinking of learning about Blockchain and its other roles, it’s the best time. The advent of new technology and rising demand for different related services result in a spike in job roles and requirements that individuals like you can fulfill. 

FREQUENTLY ASKED QUESTIONS​​

Smart contracts can be audited for security vulnerabilities using manual and automated testing methods. Auditors can use tools such as code analyzers, penetration testing, and vulnerability scanning to identify potential risks and weaknesses in the contract code.

A smart contract audit can provide several benefits, such as identifying potential security risks, ensuring compliance with industry standards and regulations, and improving overall contract performance and efficiency. Audits can also help build stakeholder trust and reduce the risk of contract failures or disputes.

Smart contracts can be updated or modified after deployment, but doing so requires careful consideration and planning to avoid disrupting the contract’s integrity or functionality. Any changes to the code should be thoroughly tested and audited to ensure they do not introduce new vulnerabilities or errors.

Common mistakes identified through a smart contract audit include logic errors, data overflow or underflow, race conditions, and access control issues. Auditors can also check for compliance with industry standards and best practices, such as the ERC-20 or ERC-721 token standards for Ethereum-based smart contracts.

Yes, there are regulatory compliance considerations when implementing smart contracts, particularly in industries such as finance and healthcare. Auditors can help ensure smart contracts meet relevant legal and regulatory requirements, such as KYC/AML compliance or HIPAA regulations.

How to Become a Blockchain Expert?

March-23 in Understanding Blockchain /by

Summary​



  • Blockchain is a decentralized, secure digital ledger that records transactions across multiple devices and has applications in various industries.


  • To become a Blockchain expert, you'll need a strong foundation in computer science, cryptography, and distributed systems, as well as familiarity with Blockchain-specific technologies such as smart contracts and consensus algorithms.


  • There are many resources available for learning about Blockchain, including online courses, books, and conferences.


  • To gain experience, you can contribute to open-source Blockchain projects like Ethereum, Hyperledger Fabric, and Corda or work on your own Blockchain project, such as building a dApp or creating a new consensus algorithm.


  • Job opportunities for Blockchain experts are growing rapidly and include roles like Blockchain developer, Blockchain architect, and Blockchain project manager, as well as related jobs such as smart contract developer and cryptocurrency analyst.

Introduction

In usual conditions, it takes several years for the general public to know about technology to an extent where it becomes part of their everyday lives. The sudden and rapid rise of Blockchain technology and its huge impact on all sectors, from finance and education, has defied this presumption and established new growth bars. Blockchain technology is a decentralized and distributed ledger that records transactions securely and transparently. It has gained significant attention recently due to its potential to disrupt traditional industries and improve existing processes. This rapid growth is not a coincidence or just sheer hype that will vanish over time. If we go by the trends and adoption rate of Blockchain, it’s easy to deduce that this technology is here to stay. 

The Blockchain industry is growing rapidly, and there are numerous career opportunities. These opportunities range from Blockchain developers to analysts, consultants, and project managers. The sector needs more passionate individuals skilled to handle the operations and creatively use the technology for innovative objectives. In this article, we will discuss the roadmap that you can follow to become a Blockchain expert.

Understanding the Fundamentals of Blockchain

Blockchain is a new concept even for experts in the IT field, Which makes the fundamentals even more important for an individual to deeply study and comprehend before they start getting expertise in a domain like development or auditing. You can look for courses on Blockchain technology online once we discuss the fundamental skills you need to develop. The following topics, which we have discussed below, are essential to building a solid foundation:

Blocks, Nodes, and Consensus Mechanisms

Blockchain is a distributed ledger consisting of blocks containing transaction data. Nodes are computers that validate transactions and store a copy of the Blockchain. Consensus mechanisms are designed to ensure that the nodes involved in performing a transaction in a Blockchain network agree on the validity of transactions. There are different types of consensus mechanisms, such as Proof of Work (PoW), Proof of Stake (PoS), and Delegated Proof of Stake (DPoS). PoW is used by Bitcoin and involves solving complex mathematical equations or encrypted puzzles called hash to add a new block to the Blockchain. Then there is PoS, which requires validators to own some cryptocurrency to participate in the network’s consensus process. DPoS follows a more distributed and transparent approach, where the other participants vote on and verify validators.

Public, Private, and Hybrid Blockchains

There are different types of Blockchains, such as public, private, and hybrid. Public Blockchains are open to everyone, and the nodes work on a monetary basis. Public chains are highly centralized but less secure and need a security mechanism to protect critical data. At the same time, private Blockchains are restricted to a specific group of users, where the participating nodes are pre-verified. The motivation behind this Blockchain is usually non-monetary and used by organizations to perform transactions or share information within a specific group of individuals who may be part of that organization. 

Hybrid Blockchains are a combination of public and private Blockchains. This concept is popular due to the slow transaction speed on public chains, which are highly decentralized. Hybrid chains make it possible to perform transactions in private chains and switch to public verification when necessary.

Smart Contracts

Smart contracts are simply programs that wait to act until certain conditions predetermined in the code are met. They facilitate the designer to automate different tasks as they are self-executing and can be used to verify the transactions using a simple program countless times. They can be used for various purposes, such as facilitating transactions, managing supply chains, and automating financial agreements.

Become a Blockchain Expert Today!

 

Learning Blockchain Programming Languages

To perform any job in the Blockchain sector, programming is one of those skills you must learn in the initial stages. Learning a Blockchain programming language is essential for becoming a Blockchain expert because most jobs, from being a Blockchain developer or analyst to a Blockchain architect, need programming knowledge to perform your job properly and efficiently. The programming languages we discuss below are commonly used in the Blockchain industry. 

Solidity

Blockchain uses concepts like smart contracts and decentralized applications to facilitate its functionalities. Solidity is a high-level object-oriented programming language like javascript developed by Ethereum to code for its Blockchain platform. This programming language builds most applications and smart contracts deployed on the Ethereum Blockchain. Learning Solidity for your Blockchain career is very important because most organizations operating in the sphere have to deal with Ethereum while managing transactions or building a project. Learning Solidity is simple; with the right course on Blockchain technology, you can learn it easier to start your Blockchain journey. You can check our Blockchain Council’s certification to learn Solidity and get a certificate to enhance your credibility among potential recruiters.

JavaScript

If you are already an experienced developer looking to start your journey in Blockchain, javascript might be the right language for you to start. While most developers choose to program in languages like Solidity, there are plenty of opportunities for individuals who can program or code in javascript. JavaScript is used for building decentralized applications (DApps) on multiple Blockchains. It’s a universal language that’s easy to learn, widely used in web development, and very popular in the Blockchain sphere.

Python

Python is commonly used for building Blockchain infrastructure and tools. It’s a high-level language with a simple syntax that’s easy to learn. Python is considered the best language for individuals seeking to start their journey in the Blockchain because of its easy-to-learn concepts and highly versatile nature. Numerous resources and top Blockchain certifications are available for learning these languages, such as online courses, books, and tutorials, are available for learning these languages. You can consider the Blockchain Council certifications, as we have curated courses on Blockchain training that will help you understand these programming languages and other important skills. These skills include writing secure smart contracts, properly testing and auditing the code, following safe coding practices, and avoiding common programming errors.

Exploring Blockchain Platforms and Tools

Blockchain platforms and tools are essential for developing and deploying Blockchain applications. Here are some commonly used tools and platforms in the Blockchain that can help you build your career as a Blockchain expert.

Ethereum

Ethereum is the most popular Blockchain platform for developing DApps and smart contracts. It allows developers to create smart contracts using Solidity and deploy them on the Ethereum Blockchain. All major organizations use Ethereum for their operations, and understanding it comprehensively will help you to perform tasks related to the Ethereum Blockchain more skillfully.

Hyperledger

Hyperledger is an open-source Blockchain platform for developing enterprise Blockchain solutions. It’s designed for permissioned Blockchains and offers various tools and frameworks for developers. If you plan to pursue a career as a Blockchain developer, having a good hold on hyperledger can help you become a valuable asset for top global businesses and hence attract better opportunities.

Corda

Corda is a distributed ledger platform for developing enterprise Blockchain solutions. It’s designed for permissioned Blockchains and allows for complex financial agreements and transactions.

Geth, Remix, and Truffle

These are also some tools a Blockchain professional looking to work as a Blockchain developer or architect should know about. While Geth is an Ethereum client that simplifies working on the Ethereum Blockchain, on the other hand, Truffle and Remix are frameworks that can be used to build smart contracts with the help of various tools they provide in their setup. 

Join Blockchain Community

If you have been learning about Blockchain, you must know how important community building and management are, especially when discussing Blockchain and Web3. As you continue your journey to becoming a Blockchain expert, it’s important to connect with like-minded individuals and learn from others in the industry who are constantly sharing their ideas and suggestions on new methods and methods being introduced to improve the efficiency of the technology. Joining Blockchain communities is also a great way to enhance your networking abilities while constantly looking for new opportunities when they arise. We will now see how you can do that in detail below.

Participating in Blockchain Forums and Online Communities 

While one may think that the only communities related to the Blockchain may be private and not easily accessible, that is not the case. There are many online forums and communities dedicated to Blockchain technology. Platforms like Reddit, StackExchange, and GitHub provide knowledge on various Blockchain topics. These communities are not walled in any manner, and their members can help you gain new insights and perspectives on Blockchain-related issues. Engaging with others on these forums can help you learn new things, share ideas, and get feedback on your projects.

Attending Blockchain Events and Meetups

As someone interested in Blockchain and its applications, you must have heard about the events organizations hold to display their product’s use cases or persuade more people to join the Blockchain community. Attending these events and meetups is another great way to connect with others in the Blockchain community. These events often feature keynote speakers, panel discussions, and workshops that cover a wide range of Blockchain topics. Attending these events can help you stay up-to-date with the latest developments in the industry, network with other professionals, and gain insights into the challenges and opportunities in the field.

Networking with other Blockchain experts 

The importance of guidance can be considered in any domain, and the same goes for Blockchain. Building relationships with other Blockchain experts can help you learn from their experiences, gain mentorship, and potentially lead to job opportunities. You can contact Blockchain experts on LinkedIn, attend conferences and meetups, or participate in online forums, as discussed above, to contact them and use their experience for our benefit while building new and important relations.

Gaining Practical Experience

Practical experience is more effective in becoming a Blockchain expert. It becomes more valuable as there is no standard module that one has to follow to apply for a Blockchain job or a specific degree that can act as an assurance of your skills. Although Blockchain training courses are provided by online platforms like Blockchain Council, which have a vast library of courses on all the skills one will need to succeed as a Blockchain expert. These courses also help you learn the practical nature of the job you wish to perform and use them to build projects and gain experience. Here are some ways to gain hands-on experience.

Internships or Job Opportunities in the Blockchain Industry 

Many organizations are open to hiring you as an intern and performing small tasks for them. Internships and job opportunities in the Blockchain industry can provide you with invaluable experience and help you build your network. These internships will help you find the role you wish to take in the future and learn if you are interested in some other position or profession. Some of the functions that you can consider include Blockchain developer, Blockchain analyst, Blockchain consultant, and Blockchain project manager.

Working on Open-Source Blockchain Projects

Contributing to open-source projects has recently become a new trend among developers from different domains. Aside from helping the project you contribute to, it also helps showcase your skills and gain practical experience while you perform the task. Open-source Blockchain projects are a great way to gain experience and exposure. Open-source projects are often collaborative and provide opportunities to work with others on real-world Blockchain projects and gain insights into Blockchain technology and its workings.

Building and launching your decentralized application (dApp) 

Building and launching your own DApp can help you gain experience developing and deploying smart contracts on a Blockchain platform. This can be done once you have learned all the technical skills like programming that we discussed above. Once you have done that, you can start by identifying a problem that can be solved using Blockchain technology and then building a DApp that addresses this problem.

Staying Up-to-Date with the Latest Developments

As an aspiring Blockchain expert, it is of utmost importance that you learn about all the developments in the Blockchain industry and learn by taking these developments into account. The Blockchain industry is constantly evolving, and staying up-to-date with the latest developments is essential, as even small developments can affect the whole domain rapidly. We saw how different crypto organizations reacted when the price of all the crypto coins started to fall by laying off workers and stopping the hiring process. Making the right decision promptly can significantly determine your success in the Blockchain market. The only way to do it is by staying on top of all the latest developments. But how can one learn about all of it? We will discuss them now.

Following Blockchain news and updates 

The best way to understand and know about all the events taking place is to follow the portals that closely follow the sphere and report on even the smallest of developments twitch is taking place in the Blockchain domain. Many online publications, blogs, and newsletters cover Blockchain news and stories. The most popular ones include CoinDesk, Cointelegraph, and The Block.

Continuously learning new skills and technologies 

As Blockchain technology evolves, new skills and technologies emerge. To stay relevant, it’s important to learn new skills and technologies related to Blockchain continuously. You have to keep a close eye on the changing industry needs and evolve your skillset according to the changes which are taking place in the domain. Some areas to focus on include Blockchain security, interoperability, and scalability.

Staying informed about Blockchain Industry Updates

The recent regulatory changes brought many unexpected upheavals in the crypto market. Blockchain technology is often subject to legal and regulatory changes, which can greatly impact how the Blockchain market will act for the next few weeks or months. To stay informed about these changes, it’s important to follow legal and regulatory updates in the industry.

Overcoming Common Challenges in Learning and Mastering Blockchain

Lack of Technical Knowledge and Understanding

Blockchain offers many opportunities, but the need for more skilled individuals to take advantage of these opportunities and help organizations grow has been an issue for a long time. For you to succeed, it’s important to ensure that your technical knowledge and understanding of Blockchain technology are sound and put you in a position to be considered a valuable member of your organization.

Understanding the Basics of Blockchain

The first step towards becoming a skilled Blockchain expert is understanding the basic concepts before jumping into complex ideas. This includes understanding how Blockchain is structured, its functionality, algorithms’ working, and smart contracts’ application ad working. All of these concepts are a few of the most basic concepts that are frequently utilized in the Blockchain market. A rookie needs to understand these concepts before start learning about more advanced techniques and skills.

Building a Strong Technical Foundation 

The next step is to have a strong technical skillset. Once you have a coherent understanding of the basic concepts, it’s the right time to start understanding the technical skills that will help you become perfect for the job role you intend to perform. Having a strong technical background is helpful when learning Blockchain. It is recommended to have a good understanding of computer science, programming languages, and even cryptography.

Engaging in Active Learning 

The last step to complete your learning is to engage in active learning. It is an effective way to overcome the lack of technical knowledge or the gaps that may have remained in your understanding of concepts. Engaging in hands-on activities such as building a Blockchain application or participating in hackathons can help develop a better understanding of the technology.

The complexity of Blockchain Technology

Blockchain is a complex subject, and its complexity may prevent individuals from trying to understand and use the concepts in their careers. But, with a little effort, this hurdle can be passed and help you to understand complex more easily and apply them to your projects.

Breaking Down Complex Concepts 

The complexity of Blockchain technology can be overwhelming for beginners. Breaking down complex concepts into smaller, manageable parts can help better understand the technology. This may take some time, but the results are worth the hard work and time required. Such exercise will also help you build a good problem-solving ability where you can break them into smaller bits and operate on them more skillfully.

Utilizing Learning Resources 

Online resources, such as courses, tutorials, and online communities, are available for learning Blockchain technology. These resources can help you find a simple explanation of the subject and aid you in understanding complex concepts in a more efficient manner. Utilizing these resources is very important, especially when you start working with different tools, and it requires you to learn them quickly.

Lack of Industry Knowledge and Experience

Even when you have all the right skills and knowledge, a lack of industry and its functioning can be a problem when you start looking for a job. This can be due to the ongoing recession, the number of people competing for a particular role, and much more.

Gaining Industry Knowledge

Understanding the different industries that can benefit from Blockchain technology can provide insights into how the technology can be used. It can help you to work on sector or job-specific skills and get ahead of your peers when it comes to the practical aspect of the skills. Learning about industry-specific use cases and applications of Blockchain can provide a deeper understanding of the technology and help you grow your career in the long run. 

Finding Job Opportunities 

A lack of industry knowledge can be very harmful, especially when looking for a job. There are many things that an individual needs to know apart from technical skills like understanding the community, organization, and its working along with analytical skills, which can help them get a job more easily in the organization and role they are looking for.

Future possibilities in the Blockchain market

Current salary trends and other developments

With an estimated value of around $7.2 billion in 2022, Blockchain has emerged as one of the fastest-growing industries in the world. It is expected to reach a market valuation of approximately $60 billion by 2025. The current salary trends in the Blockchain market show that an average Blockchain expert can earn around $150,000 on average, and it’s expected to grow along with the growing adaptability of Blockchain technology itself.

Possibilities in future

All industries, from finance to event management, are expected to adopt Blockchain technology in their systems because of the flexibility and security it provides. More and more new roles are opening in these industries according to the application of Blockchain in them. Smart contract auditor can be a great example of such a role that emerged from its sheer necessity. Any individual will have ample opportunity in the future to get employed if they start focusing on their skills now.

Conclusion

Becoming a Blockchain expert requires dedication, persistence, and a commitment to continuous learning. By understanding the fundamentals of Blockchain, learning Blockchain programming languages, exploring Blockchain platforms and tools, joining the Blockchain community, gaining practical experience, and staying up-to-date with the latest developments, you can position yourself for success in the Blockchain industry. The Blockchain industry is still in its early stages, with many opportunities for innovation and growth. If you want to explore this field, now is a great time to start.

FREQUENTLY ASKED QUESTIONS​​

Blockchain is a decentralized, secure digital ledger that records transactions across multiple devices. It has applications in industries such as finance, healthcare, and supply chain management and is becoming increasingly important in today’s digital economy. By becoming a Blockchain expert, you can position yourself as a leader in this emerging field and gain valuable skills for your career.

To become a Blockchain expert, you’ll need to have a strong foundation in computer science, cryptography, and distributed systems. You’ll also need to be familiar with Blockchain-specific technologies such as smart contracts, consensus algorithms, and decentralized applications (dApps). Additionally, skills in project management, problem-solving, and communication will be valuable in working on Blockchain projects.

There are many open-source Blockchain projects that you can contribute to, such as Ethereum, Hyperledger Fabric, and Corda. By contributing to these projects, you can gain experience with Blockchain development, as well as network with other Blockchain experts. You can also consider working on your own Blockchain project, such as building a dApp or creating a new consensus algorithm.

As Blockchain becomes more mainstream, job opportunities in the field are growing rapidly. Some popular job titles for Blockchain experts include Blockchain developer, Blockchain architect, and Blockchain project manager. Other related jobs include smart contract developer, dApp developer, and cryptocurrency analyst. Companies across many industries are looking for Blockchain experts to help them leverage the technology for their business needs.

The Potential of Decentralized Artificial Intelligence in the Future

January-23 in AI /by

We live in a world of technology and innovation. Artificial Intelligence (AI) is a powerful tool in today’s world to analyze vast amounts of data and make decisions faster than any human ever could. But as AI grows in popularity, the evil consequences of having all that power in the hands of a few centralized entities become more vivid.

Now imagine a world where AI is not controlled by just one central authority. Instead, it operates on a decentralized network where everyone has equal power and true ownership of their data. Here enters the idea of decentralized artificial intelligence (DAI). With this article, we will take you to the world of Blockchain-based artificial intelligence projects and their impact on our lives.

A Brief Overview of Decentralized Artificial Intelligence (DAI)

Decentralized Artificial Intelligence (DAI) is a type of AI system that utilizes Blockchain technology to store and process data. In a DAI system, decision-making processes are decentralized and based on consensus among multiple nodes instead of being controlled by a single central authority. This approach provides a more secure, transparent, and trustworthy alternative to traditional AI systems.

The Current State of AI and Its Limitations

Artificial Intelligence, or AI, has been making waves in the tech industry for decades. In recent years the use of AI has exploded in popularity. The average number of AI systems that several organizations use has doubled. It has risen from 1.9 in 2018 to 3.8 in 2022. AI-enhanced technologies and solutions are now more widely available than before across industries, though they are not necessarily cheap to implement. Further, AI has the potential to play a major role in Metaverse development.

Also Read: Top Five Trends To Follow In 2023 To Scale Your Web3 Business

However, modern AI technology is not error-free. It comes with several limitations like the following:

The Issue of Centralized AI Systems

Centralized AI systems have several key issues that stem from their dependence on large data sets. One of the pivotal challenges of the next decade of artificial intelligence(AI) is to determine whether data and intelligence are democratized or remain in control of a few large organizations.

Centralized AI plays favorites. It puts the power of smart technology in the hands of those with access to huge amounts of data and top-notch tech. This leaves others behind, creating a digital divide. This issue can be solved by employing Blockchain technology-based artificial intelligence or decentralized AI systems.

Also Read: Understanding the Interdependence of Web3 and Blockchain

 The Issue of Data Privacy and Security

Data privacy and security are two of the biggest concerns in the rapidly growing field of artificial intelligence. AI algorithms are associated with the analysis of large volumes of data. It is a key requirement for the developed algorithms to produce accurate outputs. Data is essential for AI algorithms to work properly and deliver accurate results. This data can range from everyday transactions to sensitive information like biometrics and personal details.

But, the downside is that AI can also identify vulnerabilities in computer systems, making it easier for hackers to attack. Security experts have noted that AI-generated phishing emails actually have higher rates than manually created phishing emails opened by possible victims to click on them and thus generate attacks. Further, the Metaverse development is heavily reliant on AI and big data. As such, the issue of data privacy and security is even more pressing in this space.

Also Read: The Future Of Social Media In The Metaverse

How Blockchain-Based Artificial Intelligence Addresses These Limitations

Decentralized Networks and Distributed Computing Power

Blockchain-based artificial intelligence, or decentralized AI projects, benefit from the openness and traceability of the shared ledger. This is because open Blockchain networks are publicly verifiable by anyone. Decentralized AI marketplaces like SingularityNet enable smaller companies to offer their AI applications as a service, democratizing market access for startups.

Additionally, decentralization can lead to increased innovation. In a centralized system, only a single entity is responsible for development and decision-making. However, in a decentralized system, many different entities can contribute to the development and improvement of the AI system, leading to a wider range of perspectives and more innovation.

Want to learn Blockchain technology like an expert? Blockchain Council offers you the best Blockchain certification and Blockchain technology training that will help you to learn and understand Blockchain development.

Enhanced Data Privacy and Security

A blockchain-based artificial intelligence technology is more transparent than a closed AI system. Blockchains encrypt data so that only authorized users can access it. This prevents unauthorized parties from viewing anything. This also makes it easier to detect and prevent attacks, as any anomalies can be detected and addressed quickly by multiple nodes.

A decentralized AI system’s increased security can have a significant impact on the Metaverse. Blockchain technology’s transparency and accountability can aid in the development of trust between users and virtual entities in the Metaverse. This trust is critical to the Metaverse’s growth and success.

Learn from the bests of the AI industry, enroll for artificial intelligence certification and become a certified artificial intelligence expert.

 

Potential Applications of DAI

Decentralized AI gained powerful momentum in April 2017 after Google announced its new Federated Learning concept. It leverages the power of Blockchain technology to create autonomous, decentralized systems that can make decisions and take actions without the need for human intervention. DAI has the potential to transform a wide range of industries, from finance and healthcare to gaming and entertainment.

  • Healthcare

The combination of decentralized AI and Blockchain technology can revolutionize the healthcare industry. With DAI, the process of disease detection and diagnosis can be improved, providing more accurate and faster results. Meanwhile, Blockchain technology ensures that patients’ medical records are securely stored and easily accessible, giving doctors deep insights into their history for better treatment. DAI algorithms can analyze large amounts of data in real time, allowing for early detection and diagnosis of diseases and improving treatment accuracy.

  • Energy-Efficient IT Structure:

A 2016 report by Deloitte found that the cost of verifying transactions on a Blockchain was estimated to be $600 million annually. Decentralized AI Blockchain can quickly analyze and predict data. This will allow companies to detect unimportant transactions and save energy. This means that companies can execute transactions faster and more accurately, saving time and resources.

  • Impact On the Metaverse

The Metaverse will be fully decentralized and autonomous if it is powered by DAI. With the help of a decentralized AI system, users can interact, transact, and create in a virtual environment that is free from central control and censorship in the Metaverse. Further, it can be used to create decentralized Blockchain platforms for content creation in the Metaverse. It will allow users to monetize their work without the need for intermediaries.

Check out our Metaverse course and become a certified Metaverse expert from the comfort of your home!

Challenges of Decentralized AI Projects

While decentralized artificial intelligence (DAI) offers many exciting benefits, there are also several challenges that need to be addressed.

Ensuring the quality and reliability of data on decentralized networks: To get accurate predictions and decisions, DAI algorithms need access to lots of data. However, this data must be kept private to secure sensitive information. So, DAI systems are designed with encrypted and decentralized data storage. This helps ensure the privacy and security of the data, overcoming the challenge of protecting sensitive information.

Making it accessible for all: To get people to use and adopt decentralized AI (DAI), it must be easy to use. DAI projects have to be designed with user-friendly interfaces, clear explanations, and intuitive designs. This will make it simple for everyone to understand and use DAI, encouraging wider adoption and use of Blockchain-based artificial intelligence.

If you want to make the most of Blockchain platforms and how it can help you to upscale your business, check out our exclusive blockchain professional for businesses.

Decentralized AI Systems: The Final Note

In 2021, the market for artificial intelligence (AI) in marketing was expected to be worth $15.84 billion USD. The value is expected to rise to more than 107.5 billion by 2028. Notably, decentralized and federated learning approaches have the potential to be one of the most important areas of applied artificial intelligence. The integration of Blockchain and AI is still in its early stages. Combining the two technologies to create decentralized AI has enormous potential for novel data applications. With economic and technological factors interacting, the trend toward AI decentralization appears to be more viable than ever.

If you want to keep up with the trends of the Blockchain industry, join our communities on Discord, Reddit and Telegram. Want to become a blockchain developer? Choose a Blockchain course tailored just for you!

FREQUENTLY ASKED QUESTIONS​​

Decentralized Artificial Intelligence (DAI) is a type of AI system that utilizes Blockchain technology to store and process data. In a DAI system, decision-making processes are decentralized and based on consensus among multiple nodes instead of being controlled by a single central authority.

NFT Art: How the Future of NFTs will Empower Artists

January-23 in NFT, Web3 /by

Table of Contents

Introduction

NFTs, or non-fungible tokens, are digital assets that allow the ownership and provenance of digital art and other online media to be verified on a Blockchain. In recent years, the use of NFTs in the art world has gained significant attention as a way for artists to sell their digital works and for collectors to purchase and own unique digital items. 

As the popularity of NFTs continues to grow, they will likely become an increasingly important part of the art world and the broader creative economy. One of the main reasons for this is the diverse range of use cases for NFTs, which include not only the buying and selling of digital art but also the creation of digital collectibles, the distribution of music and video content, and the verification of the ownership and authenticity of physical artworks. 

With the ability to easily and securely verify ownership and provenance, NFTs can empower artists and creators by giving them more control over their work and how it is distributed and monetized. 

Let’s look at some of the most prominent reasons why NFT experts will become favorable careers with benefits in the future. 

Reasons Why Nft Artists Will Have a Bright Future

 

 

Monetization for Creators

One of the most exciting potential impacts of NFTs is how they could enable creators from all demographics to bring their imagination to life. By allowing the ownership and provenance of digital works to be verified on the Blockchain.

NFTs could allow artists, musicians, writers, and creators to easily distribute and monetize their work online. This could be especially beneficial for creators who may need access to traditional channels for selling their art or may face barriers to entry into the creative industries. 

With the ability to easily and securely verify ownership and authenticity, NFTs could provide a level playing field for creators of all backgrounds to showcase and sell their work to a global audience. As the use of NFTs continues to grow and evolve, we will likely see an increasing number of diverse and innovative projects being created and brought to market, helping to democratize the creative process and empower creators.

Large-Scale Metaverse Adoption

The Metaverse is a breakthrough in online presence because it offers a level of immersion and interactivity that is impossible with traditional online platforms. It allows users to be more present and engaged with each other. Instead of just reading words on a screen, users can see and hear each other as if they were in the same physical space. This can lead to a more meaningful and personal connection between people, even if they are physically located on opposite sides of the world. 

The large-scale adoption of the Metaverse will also empower and escalate the use of non-fungible tokens (NFTs). NFTs are unique digital assets stored on a Blockchain and can be bought, sold, and traded like physical goods. In the Metaverse, NFTs can be used to represent virtual real estate, collectibles, and other types of digital assets. As more people use the Metaverse and become familiar with NFTs, the demand for NFTs is likely to increase, leading to a greater acceptance of this technology. 

Additionally, the Metaverse represents a major step forward in online presence. It is likely to have a significant impact on the way we interact with each other and with digital assets. Its adoption and use of NFTs will bring about new opportunities and possibilities for individuals and businesses.

 

Community Building

The growing online community culture has helped NFT artists by providing a platform for artists to showcase and sell their work. With the rise of social media and online art marketplaces, it is now easier than ever for NFT artists to reach a wide audience and sell their work. The online community has provided a space for NFT artists to connect and share their work, ideas, and experiences. This can be particularly valuable for artists who may need access to a local art scene or are just starting and looking to build a following.

Here are some more specific ways the growing online community culture has helped NFT artists: 

Online marketplaces

With the proliferation of online art marketplaces, NFT artists now have various platforms to showcase and sell their work. These marketplaces often have built-in audiences of collectors and art enthusiasts, making it easier for artists to reach potential buyers.

Social media

Social media platforms like Twitter, Instagram, and TikTok have become powerful tools for NFT artists to share their work and connect with fans. Many artists have built large followings on these platforms, which can translate into sales of their NFTs.

Networking

The online community has provided a space for NFT artists to connect and collaborate. This can be especially valuable for artists who may need a more robust local art scene or are looking to build a network of fellow artists.

Education and resources

The online community has also provided a wealth of educational resources for NFT artists, including tutorials, workshops, and forums where artists can learn more about Blockchain technology and the NFT market.

Visibility

The online community has helped raise awareness of NFT art and its value to the art world. As more people become interested in NFTs and the potential they offer for artists, the demand for NFT art will likely continue to grow.

 

Art Ownership with NFTs

NFTs are digital assets that use Blockchain technology to certify ownership and authenticity. They can represent a wide range of digital content, including art, music, videos, and other forms of media.

NFTs empower artists by offering them ownership of their artwork. With traditional digital art, it can be difficult for artists to assert ownership and control over their creations. Once a digital file is shared or posted online, it can be easily copied, altered, or distributed without permission. This can make it difficult for artists to compensate for their work and protect their intellectual property fairly.

NFTs allow artists to establish ownership of their artwork and to set the terms under which it can be used or sold. This can give artists more control over how their work is distributed and monetized and can help to ensure that they are fairly compensated for their creations. 

Ownership is crucial for artists and digital creators for several reasons. In addition to the financial benefits, ownership can provide a sense of autonomy and creativity, as artists have more control over how their work is used and shared. This can be especially important for artists working in the digital realm, where it can be easy for their creations to be appropriated or disseminated without permission.

 

 

Digital Footprints

For several reasons, the tokenization of art through non-fungible tokens (NFTs) is expected to become more prevalent in the coming years. One reason is that NFTs allow artists to assert ownership and control over their digital creations. As mentioned earlier, it can be difficult for artists to protect their intellectual property and be fairly compensated for their work in the digital realm. NFTs offers a solution to this problem by allowing artists to certify ownership and set the terms under which their work can be used or sold.

NFTs allow artists to monetize their work in new and innovative ways. In addition to selling physical copies of their art, artists can now sell unique digital copies backed by NFTs. This can open up new revenue streams for artists and allow them to reach a wider audience. The increasing popularity of cryptocurrency and Blockchain technology has created a new market for NFT art. As more people become interested in owning and collecting digital assets, the demand for NFT art will continue to grow.

 

Conclusion

The development and creation of non-fungible tokens (NFTs) is an increasingly attractive career option for artists and creators in the digital realm. NFT development and creation is an attractive career option that offers artists and creators new ways to monetize their work.

The market for NFTs is growing rapidly. As more people become interested in owning and collecting digital assets, the demand for NFTs will continue to increase. This presents a significant opportunity for artists and creators skilled in NFT development and creation.

Learning and investing in becoming an NFT artist is beneficial today because it is a relatively new and emerging field. Artists and creators still have many opportunities to make their mark and establish themselves as leaders in the NFT space. By investing in their skills and knowledge, artists can position themselves to take advantage of these opportunities and build successful careers in NFT development and creation.

The increasing opportunities in NFT development and creation make it an effective career option for artists and creators. By investing in their skills and knowledge today, artists can position themselves to take advantage of the growing market for NFTs and build successful careers in this exciting and innovative field.

 

 

FREQUENTLY ASKED QUESTIONS

An NFT (non-fungible token) artwork is a digital asset that is verified on a blockchain, which is a type of distributed ledger technology. The blockchain ensures that the digital asset is unique and cannot be replicated or replaced, making it a one-of-a-kind item. NFT artworks are typically created using a variety of digital media, such as 3D models, GIFs, and videos, and can be bought, sold, and traded just like traditional physical art.

NFT art, or non-fungible token art, is a digital asset that is authenticated on a blockchain, which is a decentralized digital ledger. The value of NFT art is derived from its uniqueness, rarity, and provenance. Because each NFT is a one-of-a-kind item, it cannot be replaced or replicated, and ownership is verifiable on the blockchain. Additionally, NFTs can be used to authenticate and sell digital artwork created by emerging and established artists, giving them a new way to monetize their work and potentially increasing its value.

 

NFT, or non-fungible token, art is a digital art form in which the artwork is represented by a unique digital token on a blockchain. These tokens can be bought, sold, and traded like physical art, and they prove ownership and authenticity of the digital artwork. NFTs have emerged as a new way for artists to monetize their digital creations and for collectors to own and trade unique digital assets. As a beginner, it is important to understand the basics of blockchain technology and how it is used to create and trade NFTs.

 

NFTs (non-fungible tokens) have been becoming increasingly popular in the art world as a way for artists to sell their digital creations. NFTs allow digital artwork to be authenticated and sold as a one-of-a-kind, unique item, just like a physical piece of art.

For some artists, NFTs have been a way to monetize their digital art that might not have been possible before. They can sell their work directly to collectors, without having to go through a third party like a gallery, and they can set their own prices. This can result in higher profit margins for the artists compared to traditional sales methods.

However, the market for NFTs is still relatively new and it is not certain if it will be a profitable long-term strategy for artists. While some artists have sold individual pieces for millions of dollars, there is also a lot of speculation and hype in the market, and the prices for NFTs can be highly volatile. Additionally, the NFT market is niche and not accessible for all artists, and the fees to list or mint an NFT can be high.

It’s worth to mention that NFTs are not the only way artists can make money from their digital art, it depends on the artist’s network and marketing strategies. And not all artists feel that creating and selling NFTs aligns with their creative goals.