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Massive Shortage in Blockchain Developers Due to ICOs

2017 has been a year for cryptocurrencies with massive rises in bitcoin obviously being the main talking point, as well as the explosion in the number of initial coin offerings (ICOs) that are taking place.

Massive Shortage in Blockchain Developers Due to ICOs December 10, 2017Leave a comment

2017 has been a year for cryptocurrencies with massive rises in bitcoin obviously being the main talking point, as well as the explosion in the number of initial coin offerings (ICOs) that are taking place.

Many startups are now seeing this crowdfunding approach as they forward and they are issuing their own tokens in order to raise funds for their projects

However, as a result of this growth, there has been a massive shortage when it comes to developers who have experience and skill when it comes to blockchain development.

The CEO for a leading blockchain startup in Switzerland, Eidoo today talked about how frustrating it is trying to find the right people with the right skillsets for the jobs at hand.

There are many blockchain based startups that have their projects stalled as a result of not being able to find the right personnel. This is mainly due to those startups that have successful ICOs and are able to throw cash at those who are most talented.

This is especially true in Switzerland, which has somewhat become the unofficial home for ICOs due to their favourable tax laws, with a report last week showcasing how the average salary that a developer who specialises in blockchain development can command is about $180,000.

This will not come as much of a surprise as the blockchain technology is still relatively new. The salaries that the blockchain developers have been commanding are generally 25% to 50% greater than those that similar full-stack developers will be able to earn without having any blockchain experience.

What is the reason for this strained supply?

One of the main issues is that university programs for computer science and the likes have not really adopted blockchain teachings as part of their curriculums as of yet, meaning that these computer science graduates over the next few years will have to get their blockchain training elsewhere.

This isn’t to say that all universities are like this, with notable third level institutions such as UCL in London and Cornell in North America having programs based around blockchain.

Due to the ever changing nature of the word of technology, developers have become good at adapting to a changing environment and upgrading their skillsets as required. However, at the moment there is a lack of material and content that allows these developers to learn about blockchain technologies, something which they could be doing on their own.

The author of the “Mastering Bitcoin” tome Andreas Antonopoulos has touched upon this lack of information about blockchain technologies and has been working a on a publication for Ethereum-based application development that is due to be released in August of 2018 which may be of great help to developers looking to upskill.

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