Understanding your needs while trying to estimate a project enhanced with innovative technologies like Blockchain means a lot. So we’ve created a list of answers to the most popular questions our clients might have about the future blockchain project.
How my project will benefit from using the Blockchain?
Thanks to blockchain technology you can create your own cryptocurrency, client community, distribute work between users, organize market, make payment in cryptocurrency and even automate this process and so on.
What is the difference between running the business with and without the Blockchain part?
The biggest difference is that the system appears to be more honest and democratic. There are clients who understand that the money they invest in any system working without blockchain technology, in fact, they don’t control. And they can suddenly lose it. A system with blockchain technology technically won’t allow system owners deceive their clients. That is the thing that attracts more clients and major investors as well.
What’s the process of implementation/integration the Blockchain solution into the project which is already live?
As a matter of fact, the question is very individual and depends on many unique project factors. Therefore the process must always start with defining goals. If it is just making payment in cryptocurrencies then it is enough to arrange cryptocurrency wallets and track them with signaling to other programs about the receipt of funds. If it is an organization of some service of mediation between clients, in such case we can’t avoid writing smart contracts and interaction with them from other programs. And if it is necessary to distribute some work between users to stimulate them to do it instead of a central system then it requires deeper customization of one of the blockchain platforms or writing your own.
Is there any difference in Blockchain related development?
Here a lot depends on the type and direction of the development. If it just receipt of cryptocurrency then it has nothing peculiar and any experienced programmer working with usual program languages can manage it. In other cases, it is required to understand principles of work of definite blockchain platform. If development is connected with writing smart contracts it can also require knowledge of special programming language (for instance Solidity). In case of a deep customization necessity of existing blockchain platform or writing own blockchain then the big experience of work with blockchains is required.
How do I know which Blockchain technology will fit my project needs?
For that, you need to consult blockchain developers providing them with all main demands. They will be able to decide whether you need a public or private platform, what type of consensus is the most suitable, how users will enter this system, how to work with it and so on.
What’s the difference between Blockchain frameworks?
Blockchain platforms can be public and private, consensuses are of such type as Proof-of-Work, Proof-of-Stake, Proof-of-Authority, and their variations. There is also a difference in how users can enter blockchain community: just install or launch a definite program or it is necessary to get from somebody definite settings, permissions and so on.
Is it necessary to have tokens if I integrate the Blockchain?
It depends on the chosen platform and the way of integration, but in most cases, it is not necessary.
Can I make the data that is stored in Blockchain private?
Yes, of course. For doing that you need to choose a platform with coding or basically private platform. Or to store data not directly in blockchain but in the system, that will closely work with blockchain. In that case, blockchain will store only data information.
What’s the difference between security and utility tokens?
Utility tokens allow to use them in the definite system directly or in any other way. For example one can use them to pay for goods, services, gather statistics, they can represent some digital form of fixed assets (digital asset) and so on. Security tokens are digital assets, which bring their owner passive income. So it is important to consider that in some countries such type of tokens amounts to shares. It means that working with them is regulated by current legislation.
What input do we ask from a client?
It depends on the client’s awareness in the field of blockchain and depth of project ideas studying. If the client is aware of the technical limits of blockchain technology then first things first we define all the project details to understand whether blockchain is really useful for this project or not. If the idea is deeply studied and the client understands how blockchain works from the technical point of view then we find out specific technical solutions that are made, which haven’t been made yet and what is expected from us.
How do we provide the early stage ballpark estimates for the entire project?
As for any other products we try to specify the main feature that client needs, add to it secondary feature which is necessary for achieving main functions and think what other additional functions can be useful to both users and owners. After that, we make a preliminary estimation of each feature realization and count amount of hours. Next, we approve with a client whose functions are really necessary, which can be put off and which probably haven’t been considered.
There is at least one analog project in a historical database. There is enough input data to perform estimation by Analogy. But we certainly find out how the project will differ from analog because if there is no difference, it will be easier in realization but the project may not achieve its goals.
Why do we need a Discovery phase?
Due to long time dealing with blockchain projects we have become good experts in this field. But any innovative project idea is called so because it has never been suggested before. And if so, then it is necessary to check the technical possibility of realization of one or another feature or technical decision.
The company performs Discovery projects that should ﬁll the gaps and produce all necessary artifacts for ﬁnal (commitment) estimates.
How do we provide estimates where risk factors engaged?
We increase the estimation. If in any reason we don’t have the opportunity to conduct research in advance, we add this time into the estimation. We also put indefinite time for remaking some feature parts if it turns to be necessary for the process of development.
Who presents the actual project estimation?
This is the responsibility of Tech Leads to corresponding technologies before the beginning of the project. But in practice after the development of project design, it often turns out that some visual elements or some feature haven’t been estimated. Therefore often happen so-called final feature estimations. And they are carried out by definite developers that are involved in the project.
There might be lots of different questions about blockchain and how it may be implemented into some project. If after reviewing the answers to questions above you still have something to ask don’t hesitate to contact us at firstname.lastname@example.org in order to clarify any issues connected with the most advanced technologies.
Happy to be at your service!