Blockchain Technology

Originally Published: January 9, 2024 Blockchain Magazine

In the rapidly evolving landscape of technology, blockchain has emerged as a groundbreaking innovation with the potential to reshape industries and redefine the way we interact with digital information. As blockchain continues to gain prominence, the role of blockchain engineers becomes increasingly crucial.

Read more: Top 10 Important Programming Languages To Learn For Blockchain Engineers

Central to the toolkit of any blockchain engineer are programming languages, serving as the foundation for developing the decentralized applications and smart contracts that power the blockchain. In this comprehensive exploration, we delve into the profound reasons why learning programming languages is essential for aspiring and seasoned blockchain engineers alike.

1. Solidity: The Language of Smart Contracts:

• Overview: Solidity stands as the go-to programming language for developing smart contracts on the Ethereum blockchain. It is a statically-typed language designed for creating decentralized applications (DApps) and self-executing contracts.
• Use Cases: Solidity is particularly prominent for creating decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and various other blockchain-based projects within the Ethereum ecosystem.
• Key Features: It supports inheritance, libraries, and complex user-defined types. Its syntax is similar to JavaScript, making it accessible to developers with web development experience.

2. Chaincode (GoLang): Powering Hyperledger Fabric:

• Overview: Hyperledger Fabric, a permissioned blockchain framework, relies on Chaincode for smart contract functionality. Chaincode is written in GoLang, a statically-typed language known for its simplicity and efficiency.
• Use Cases: Chaincode is widely used in enterprise blockchain applications, providing a framework for creating private and permissioned blockchains for various industries, including supply chain, finance, and healthcare.
• Key Features: GoLang’s concise syntax and efficient performance make it suitable for developing complex smart contracts in enterprise-grade blockchain solutions.

3. Rust: Security and Performance in the Polkadot Ecosystem:

• Overview: Rust has gained traction in the blockchain space, especially in projects like Polkadot. Known for its focus on safety and performance, Rust is chosen for building robust and secure blockchain infrastructures.
• Use Cases: Rust is prominently used in the Polkadot ecosystem, contributing to the development of parachains and ensuring the security of the relay chain.
• Key Features: Rust’s ownership system and memory safety features make it a preferred choice for building decentralized applications where security and performance are paramount.

4. C++: Building the Core of Blockchain Protocols:

• Overview: C++ has long been a stalwart in blockchain development, frequently chosen for implementing the core protocols of various blockchain networks. Its efficiency and versatility make it suitable for both public and private blockchains.
• Use Cases: C++ is utilized in the development of core blockchain protocols, such as Bitcoin and Litecoin, as well as in creating custom blockchain solutions for diverse applications.
• Key Features: C++’s high performance and low-level capabilities make it suitable for developing the foundational components of blockchain networks, including consensus algorithms and networking protocols.

5. JavaScript (Node.js): The Web Developer’s Entry into Blockchain:

• Overview: JavaScript, especially when used with Node.js, has become a popular choice for blockchain development, particularly in creating decentralized applications that run on the server-side.
• Use Cases: JavaScript is widely employed in the development of front-end interfaces for decentralized applications, as well as in the creation of blockchain solutions that require server-side scripting.
• Key Features: JavaScript’s asynchronous nature and ease of integration with web technologies make it an accessible language for developers entering the blockchain space from a web development background.

6. Python: Versatility in Blockchain Development:

• Overview: Python, known for its simplicity and readability, has found its way into blockchain development. It is employed for various purposes, from building smart contracts to creating tools and frameworks for blockchain projects.
• Use Cases: Python is used in the development of smart contracts on platforms like Ethereum, as well as in building blockchain-related tools, libraries, and frameworks.
• Key Features: Python’s readability and extensive libraries make it a versatile choice for blockchain engineers, enabling them to streamline development processes and quickly prototype solutions.

7. Java: Enterprise-Grade Blockchain Solutions:

• Overview: Java, with its platform independence and robust ecosystem, is often chosen for developing enterprise-grade blockchain solutions. It is utilized in various blockchain frameworks and platforms.
• Use Cases: Java is prevalent in enterprise blockchain solutions, contributing to the development of applications that require high scalability, security, and integration with existing enterprise systems.
• Key Features: Java’s object-oriented nature, cross-platform compatibility, and enterprise support make it suitable for building complex and scalable blockchain applications.

8. C#: Leveraging Microsoft’s Blockchain Frameworks:

• Overview: C# (C-Sharp) is a programming language developed by Microsoft and has found relevance in the blockchain space, especially in projects utilizing Microsoft’s blockchain frameworks like Stratis.
• Use Cases: C# is used in the development of blockchain applications on platforms like Stratis, contributing to the creation of private blockchains and enterprise solutions.
• Key Features: C#’s integration with Microsoft technologies and its object-oriented design make it a valuable asset for developers working on blockchain projects within the Microsoft ecosystem.

9. Vyper: Simplified Smart Contracts on Ethereum:

• Overview: Vyper is an alternative to Solidity, designed to be a more secure and readable language for writing smart contracts on the Ethereum blockchain.
• Use Cases: Vyper is employed by developers who prioritize simplicity and security in smart contract development on Ethereum, particularly in cases where readability and security are paramount.
• Key Features: Vyper’s syntax is deliberately simplified compared to Solidity, making it easier for developers to audit and understand smart contracts, reducing the risk of vulnerabilities.

10. LLL (Low-Level Lisp-like Language): Advanced Smart Contract Development:

• Overview: LLL is a low-level language that allows developers to write smart contracts at a more granular level, providing advanced control over the Ethereum Virtual Machine (EVM).
• Use Cases: LLL is used by developers seeking fine-grained control over the execution of smart contracts on the Ethereum blockchain, particularly in scenarios where optimization is critical.
• Key Features: LLL provides low-level access to the Ethereum Virtual Machine, offering advanced developers the ability to optimize and fine-tune smart contracts for specific use cases.

Are Blockchain Engineers in Demand?

Blockchain technology has emerged as a transformative force with applications across various industries, creating a surge in demand for skilled professionals to navigate and innovate within this evolving landscape. The question of whether blockchain engineers are in demand can be explored through various dimensions:

1. Industry Adoption:
   • Blockchain adoption has expanded beyond cryptocurrency, reaching sectors such as finance, healthcare, supply chain, and more. As industries recognize the potential of decentralized and secure systems, the demand for blockchain engineers has grown.
2. Blockchain Use Cases:
   • The diversity of blockchain use cases, including smart contracts, decentralized finance (DeFi), non-fungible tokens (NFTs), and supply chain tracking, contributes to the demand for engineers with specialized knowledge in these areas.
3. Skills Gap:
   • The rapid evolution of blockchain technology has resulted in a skills gap, as the demand for blockchain engineers outpaces the availability of qualified professionals. Companies seek individuals with expertise in blockchain development, cryptography, and distributed ledger technologies.
4. Enterprise Blockchain Projects:
   • Large enterprises are increasingly integrating blockchain into their operations. As companies implement blockchain solutions to enhance efficiency, transparency, and security, the demand for engineers capable of developing and maintaining these systems is on the rise.
5. Startups and Innovation:
   • The startup ecosystem is thriving with companies focused on blockchain innovation. Startups working on novel blockchain applications, protocols, and solutions are actively seeking talented engineers to drive their projects forward.
6. Decentralized Finance (DeFi):
   • The explosive growth of DeFi platforms has created a significant demand for blockchain engineers well-versed in smart contract development, blockchain security, and protocol design.
7. Blockchain Platforms:
   • Various blockchain platforms, including Ethereum, Binance Smart Chain, and Polkadot, have gained prominence. Engineers with expertise in developing decentralized applications (DApps) on these platforms are in high demand.
8. Government and Regulatory Initiatives:
   • Governments and regulatory bodies are exploring blockchain applications for enhanced transparency and security. Initiatives in areas like identity management and public services contribute to the demand for blockchain engineers.
9. Integration with Emerging Technologies:
   • Blockchain is increasingly integrated with other emerging technologies such as artificial intelligence, internet of things (IoT), and edge computing. Professionals with cross-disciplinary skills are sought after to create holistic solutions.
10. Remote Work Opportunities:
    • The nature of blockchain development often allows for remote work. This flexibility broadens the talent pool as companies can tap into a global network of skilled engineers, further emphasizing the demand for remote blockchain talent.

Conclusion:

As we draw the curtains on our exploration into the realm of blockchain engineering, it becomes abundantly clear that the choice of programming languages plays a pivotal role in shaping the trajectory of success in this dynamic field. The landscape of blockchain is as diverse as the technology itself, and the languages one chooses to master can be likened to selecting the right tools for a craftsman.

In this journey, we have traversed foundational languages like Solidity, recognizing its dominance in the development of smart contracts on the Ethereum blockchain. The importance of C++ has been underscored, serving as a stalwart in the creation of blockchain infrastructures and contributing significantly to the open-source community.

Python has emerged as a versatile companion, finding its place in various aspects of blockchain development, from scripting to building decentralized applications (DApps). The elegance and simplicity of Python have made it an attractive choice for those seeking a rapid and efficient development process.

As we bid adieu to our exploration, it’s crucial to emphasize that the blockchain space is ever-evolving. New languages may emerge, and existing ones might undergo transformations to better suit the dynamic demands of the industry. Therefore, the journey of a blockchain engineer is one of continuous learning and adaptation.

To all aspiring blockchain engineers, the path ahead is both challenging and exhilarating. Equip yourself with a solid foundation in the languages we’ve uncovered, but remain agile and open to embracing new technologies. The blockchain universe rewards those who innovate and persevere.

As you set forth into the world of blockchain engineering, armed with the knowledge of programming languages as your compass, remember that your journey is uniquely yours. May your code be resilient, your algorithms be efficient, and your innovations reshape the future of decentralized technologies.

Taken From Fool.com – Refreshed Review Updated Feb. 17, 2022

Bybit is a cryptocurrency derivatives exchange with a wide range of advanced trading tools. It has top-notch security and a no-down-time commitment, but it’s not available in the U.S. Read our full Bybit review to find out if it’s right for you.

Full Bybit review

This cryptocurrency derivatives exchange is a good fit for: Non-U.S. cryptocurrency traders who want to use margin and other derivatives.

Pros

• Up to 100x leverage on crypto
• Advanced tools supported by great technology
• Risk-free test environment to learn and experiment
• Educational resources

Cons

• Not available in the U.S.
• Crypto derivatives are extremely risky
• Not suited to spot trading
• May share your data with third parties for marketing

Top perks

Before we get into the perks, let’s take a quick look at what exactly derivatives are. Derivatives are financial instruments — also known as contracts — that base their value on an underlying asset. You don’t own the asset. Instead, you own a contract to buy or sell that asset at a specific price in the future. In this case, that asset is cryptocurrency. Bybit is a cryptocurrency derivatives exchange, which means it’s a place where those contracts are bought and sold.

Up to 100x leverage on crypto

You can trade cryptocurrencies on Bybit at up to 100x leverage. This means you could trade a position of $10,000 from a $100 investment. Experienced traders can make high profits from leveraged trading as it magnifies the potential trading rewards. But it also magnifies the risk.

Users can go long or short on the 15 available currencies (bet on the price rising or falling, respectively). Bybit offers a range of advanced trading options.

Technology and tools set it apart

Bybit says it can handle 100,000 transactions per second, which is significantly faster than its competitors. It does everything possible to avoid any server downtime, a problem a number of exchanges face whenever a change in the market pushes a lot of people to trade at once.

Its charting tools are popular with traders as they have a lot of functionality and extra features. You can also download data in various formats.

Risk-free testnet environment

Bybit has a testnet site where new traders can test strategies and learn how to use the site without using real money. If you’re new to derivatives, it’s a way to get used to these advanced — and sometimes complex — tools.

Since leveraged trading can be extremely risky, it makes sense to gain confidence in the test environment before risking your hard-earned cash. If you decide to trade for real, start small and make sure you understand how to minimize risk.

Educational resources

Bybit has an impressive selection of resources, news, and insights for traders of all levels. For example, “Bybit Learn” explains how to use technical tools and understand chart patterns. It teaches users about decentralized finance and has detailed analysis of individual coins. Plus, Bybit hosts classes on social media twice a week.

That’s a good thing, since futures and margins are advanced financial tools and you’ll need to have a sound understanding before you use them.

What could be improved

Not available in the U.S.

The United States has strict regulations in place to control both derivatives trading and cryptocurrency exchanges. Bybit is not available to customers in the U.S. and some other countries, such as the U.K. To use its site, you have to actively confirm you are not from the U.S.

How Bybit works

Bybit does not have any KYC requirements, so you only need a phone number or email address to open an account. You can deposit cryptocurrencies or use a third party app to buy Bitcoin with fiat (traditional) money.

It offers margin and futures trading at up to 100x leverage. Bybit users can get 100x leverage on Bitcoin and 50x leverage on other currencies. Customers can also take out short-term insurance against losses. For advanced traders, both the website and mobile cryptocurrency app are packed with useful features.

Is your cryptocurrency safe with Bybit?

Bybit has a number of security measures in place to protect your assets. It stores 100% of client funds offline in cold storage. It also individually reviews each withdrawal request manually to avoid unauthorized withdrawals.

Bybit participates in a bug bounty program that encourages ethical hackers to report any loopholes in its system. It also carries out background checks on all its employees.

At a user level, Bybit has enabled two-factor authentication for withdrawals and changes to account security settings.

Bybit is right for you if:

• You’re a non-U.S. resident who wants to trade with margin.
• You are confident using advanced trading instruments.
• You want to learn to use cryptocurrency derivatives and are comfortable with the risk.

These small, relatively obscure cryptocurrencies just might deliver long-term returns in the same league as Bitcoin’s early mega-gains.

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Retirement savers in some 401(k) plans are starting to get access to cryptocurrencies like bitcoin.

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BY THE DAILY CALLER NEWS FOUNDATION – SEPTEMBER 8, 2022

Jack McEvoy on September 8, 2022

The White House believes that the federal government should reduce cryptocurrency mining as it is threatening the Biden administration’s climate agenda, according to a report released Thursday.

The White House claims that mining cryptocurrencies are endangering the Biden administration’s climate goals as they generate substantial amounts of carbon emissions and consume large amounts of electricity, according to a report produced by the White House Office of Science and Technology Policy. The report, which was commissioned by the Biden administration as part of a March executive order on digital asset regulation, recommended that the federal government impose crypto mining regulations to curb the power usage that mining requires.

“Depending on the energy intensity of the technology used, crypto assets could hinder broader efforts to achieve net-zero carbon pollution in line with US climate commitments and goals,” the report said. “Global electricity generation for the crypto-assets with the largest market capitalizations resulted in a combined 140 ± 30 million metric tons of carbon dioxide per year, or about 0.3% of global annual greenhouse gas emissions.”

The White House instructed the Environmental Protection Agency and the Department of Energy as well as other agencies to create environmental regulations that would reduce crypto mining’s energy consumption. However, the report stated that the White House and Congress should pursue legislation to restrict or eliminate crypto-asset mining if the agencies failed to regulate the industry effectively.

“Should these measures prove ineffective at reducing impacts, the Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining,” the report states.

Crypto mining operations to acquire new tokens as well as validating transactions on the cryptocurrency blockchain require a substantial amount of power as multiple computers must be used to solve complex math problems, according to Business Insider.

Crypto mining operations in the United States account for between 0.9% and 1.7% of the nation’s total energy consumption; moreover, the U.S. mines about 38% of the world’s bitcoins in 2022, compared to 3.5% in 2020, according to the report.

The White House did not immediately respond to the Daily Caller News Foundation’s request for comment.

“Should these measures prove ineffective at reducing impacts, the [Biden] administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining”

BitcoinBTC +0.1%, using the energy-intensive proof-of-work consensus mechanism, could be banned in the U.S. under a proposal made by the White House Office of Science and Technology.

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the volatile bitcoin and crypto market

Following an executive order made by U.S. president Joe Biden in March in the aftermath of an extraordinary 2021 bitcoin price surge, the Office of Science and Technology said the government “has a responsibility” to “protect” people from pollution caused by cryptocurrencies.

The proposal comes amid a crypto market shake-up caused by ethereum, the second-largest cryptocurrency after bitcoin, beginning its long-await transition from proof-of-work to the far more energy-efficient proof-of-stake—something some think could trigger a massive bitcoin price crash.

“Electricity usage from digital assets is contributing to [greenhouse gas emissions], additional pollution, noise, and other local impacts, depending on markets, policies, and local electricity sources,” the report reads, adding: “The U.S. government has a responsibility to ensure electric grid stability, enable a clean energy future, and protect communities from pollution and climate change impacts.”

The climate impact of bitcoin mining has become a hot topic in recent months as the soaring bitcoin price pushed up bitcoin’s energy demands and fears over climate change reached fever pitch.

The bitcoin price rocketed higher at the end of 2020 and into 2021 only to crash back this year—though it remains around twice its mid-2020 level.

The bitcoin network is thought to use roughly as much energy each year as some smaller countries, with the Cambridge Center for Alternative Finance recently calculating it consumes around 110 terawatt hours per year, or 0.55% of global electricity production, equivalent to the annual energy demands of the likes of Malaysia and Sweden.

The Office of Science and Technology recommends creating so-called clean energy “performance standards” for bitcoin and cryptocurrency mining—which involves using powerful computers to both secure the blockchain network and create new coins—including encouraging the “use of environmentally responsible crypto-asset technologies.”

“Should these measures prove ineffective at reducing impacts, the [Biden] administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining”—referring to bitcoin’s proof-of-work.

Earlier this year, internal European Union documents revealed Swedish financial regulators and the EU’s European Commission discussed the possibility of banning bitcoin’s proof-of-work mining mechanism due to its environmental impact.

Meanwhile, ethereum, which still currently uses the proof-of-work system pioneered by bitcoin, has begun a long-awaited switch to proof-of-stake, removing its reliance on miners while reducing the ethereum network’s carbon footprint by 99%.

Ethereum is expected to complete its transition to proof-of-work around mid-September.

Billy Bambrough – Senior Contributor to Forbes.com
September 8, 2022

Bitcoin has not only been a trendsetter, ushering in a wave of cryptocurrencies built on a decentralized peer-to-peer network, but has also become the de facto standard for cryptocurrencies, inspiring an ever-growing legion of followers and spinoffs. Let’s review the top altcoins out there.

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A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.

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