Application development has become the trending topic in the world of technology. A major number of factors play a key role in application development, be it mobile application or blockchain app development.
Blockchain app developers from around the globe have to keep in mind a lot of things before they move forward with the project. This may differ according to the goals, the features that you offer, and the kind of effort that gets put into the overall development process.
Based on this, below are some of the key factors that play a significant role in the building of a blockchain app for a particular purpose.
How complex app development is with blockchain
It is not easy to define the complexity of a blockchain since there are multiple factors in play. Before beginning, one needs to find the purpose of the app. Keeping a clear picture in mind about the kind of problems end-users are facing, the existing solutions, how better services can be offered, and the need to invest in blockchain app development.
Knowing about all such factors can better help you understand the kind of blockchain app development that you should invest in. considering answering such questions before the implementation of blockchain is a smart move.
Consensus mechanism
It is no secret that every blockchain system uses a specific algorithm. For instance, bitcoin uses proof of work, as compared to some random blockchain-based systems where proof of stake, proof of elapsed time, delegated proof of stake, federated proof, etc.
One should also need to keep a track of other things such as elements including the likes of permissions, reissuance mechanism, key management, asset issuance, signatures, and address formats along with other things. All this makes it important for you to come in contact with a blockchain app development firm before you step in with the sharks.
Stack
A different set of blockchain tools and programming languages come with every different platform that one needs to keep in mind. Not to mention that every stack has its own perks and downsides, further implying that you need to focus on the right set of stacks for development in an efficient manner.
Platform
A total of more than 25 platforms are available in the market for blockchain app development without having to run things from the scratch. This includes Quorum, Ethereum, BigChainDB, etc. So, move carefully and calculate all of your options to better select the platform that aligns perfectly with your app's goals.
User experience/User interface
After the backend of the process is done and dusted, the next move should be to create a UI and an admin console. From here, you get to choose the perfect front-end programming servers, language, and external databases to move forward with the app development process.
APIs
Even though there are plenty of pre-built APIs available for the development process, you need an API that may come in handy in accordance with your specific needs, which may include data authentication, auditing, generating key addresses and pairs, management of smart contracts that interact with the system and others.
Size of the agency
As soon as one steps into the app development industry, the cost of the structure generally gets divided between three sets, namely large-size companies, medium-size blockchain app development, and small-cap agencies.
Generally, small-size companies charge way less in comparison to medium and large size app development companies since they are looking to build a respectable work portfolio. On the opposite end, large-sized firms are pretty selective about the projects that they work on. The reason behind this can vary from the managing of a big team in terms of monetary aspect to maintaining the standard of their portfolio.
With both situations in mind, a new brand that is planning to step foot into the blockchain sector should take the route to invest in middle size companies, since middle-sized firms have the manpower to handle the project while resorting to a price that wouldn't hurt too much.
Some may feel surprised to know the difference between the blockchain app development company cost for the three different sizes of firms. It looks something like this;
App development done by a small-sized company can cost somewhere between $2,000-$25,000.
App development done by a middle-sized company can cost somewhere between $25,000-$2,00,000.
App development done by a large-sized company can cost somewhere between $4,50,000-$15,00,000.
App category for Blockchain
The application of blockchain has two major types that are mentioned below;
Solutions based on cryptocurrency
As the name says, the performance of these solutions heavily relies on cryptocurrency, including the likes of wallets, DApp, ICO, and crypto-exchange solutions.
Solutions based on non-crypto currency
Such software is independent of cryptocurrencies. Instead, these are based on a distributed ledger system that can be utilized in inventory management systems.
