We all know about the most common way to make (and lose!) money with blockchain: cryptocurrency trading. While crypto trading can be lucrative, there are other ways to leverage blockchain to boost your income. Below, we discuss a few of the most common and interesting ones.
The most obvious way to make money with blockchain outside of trading is to find a job in the blockchain industry, or at least a job that will pay you in crypto. Developers are especially sought-after in the blockchain space, but anyone with strong skills and blockchain knowledge will find a welcome. Jobs in the blockchain industry also tend to offer higher salaries and be more open to remote work. There are already several dedicated sites designed to help you find full-time roles in the crypto world, such as cryptocurrencyjobs.co, cryptojobslist.com, and crypto.jobs.
One of the best places to find blockchain jobs is LaborX you can check out laborx.com, an online job marketplace built on blockchain technology. On the LaborX platform, contractors are paid in cryptocurrency, which means anyone in the world can participate. Additionally, the site’s contract, reputation, and dispute resolution systems are governed by smart contracts. The use of smart contracts keeps everyone honest: neither the contractor nor the employer can break the terms of their agreement.
DeFi (decentralized finance) has been getting a lot of buzz lately, and deservedly so. Peer-to-peer lending services like Compound and projects like MakerDAO enable users to earn interest on their crypto holdings. Additionally, many of today’s blockchains are opting for the Proof of Stake consensus algorithm instead of Proof of Work. With Proof of Stake, it’s a lot easier for the average crypto holder to earn rewards by helping secure the network.
Expand offers another interesting way to make money with blockchain: micro tasks. Much like Amazon’s Mechanical Turk, users can post simple jobs like content moderation, search engine data collection, and image labeling. Workers perform these tasks and receive payment in cryptocurrency.
If like a lot of blockchain fans, you’re also into open source, Gitcoin is a great place to look for work. Gitcoin’s goal is to “connect coders to funding,” making it easier both for open source developers to find paid work and for open source projects to find talent. Much of the work available is in the development sphere, but there are also bounties for designers, translators, and others.
The blockchain ecosystem is growing at a breakneck pace, and the job market is growing with it. There’s no better time than now to get involved.
Is Blockchain Secured?
Well, making money with blockchain seems like a great thing. Many people are following trends and looking for modern ways to make a profit. However, security is one of the reasons why people hesitate to participate in this world. The online world is full of scammers that only want to get the money of people in different ways. Well, we are here to share the positive news with you. Blockchain technology is perfectly safe and its users should not be afraid of money or identity thefts. There are several different features of this technology that will confirm this statement.
First of all, every new user should know that all the blocks made are stored chronologically and linearly. More precisely, this means that every block that you add will be stored at the end of the blockchain. Bitcoin’s blockchain-based technology is a good way to see that. Each block (well known as “height”) has a specific position on the chain.
When the block is stored to the end, going back and altering the contents of the block is quite difficult. As you might know, each block made by the users features a unique hash. These codes are designed on the match function basis that turns the digital information in a combination of letters and numbers. If you or your client edit the information, the hash code will change as well. Thanks to this math method, there is no place for fraud.
Let’s use a real-life example to make things clearer. For instance, you agreed to collaborate with someone who accepts digital currency-based payments. What is going to happen if a hacker plans to edit the transaction? Will he manage to do that successfully? Fortunately, the answer to this question is now.
They can try to change the amount of money, but the block’s hash will also automatically change. This will stop him from achieving his goal. Despite that, the next block in the chain won’t change and it will keep the old hash. This means that the hacker need s to update the next block as well to cover his tracks. Still, by doing that, he would have to change the hash code of another block as well. Changing the code of every single block on the blockchain is impossible. Primarily, that would spend a lot of computer energy. His try would not pay off in the end.
We had to cover this topic because people are afraid that their transactions will be edited and deleted. However, as you can see, something like that is not going to happen.
Before we say goodbye, there is one thing that we need to say. It is understandable if you are afraid to participate in the blockchain industry because of the high level of uncertainty. Yet, neither of the industries in the world is completely safe. The Coronavirus crisis is a good example of that. The tourism of different attractive countries has completely disappeared for a couple of months. Keep in mind that some places welcome millions of tourists each month. People that participate in this industry were not prepared for something like that.
Anyway, it is important to be flexible and smart. As you see now, you are completely safe from any hack attacks. Sooner or later, we will see if the digital currencies are going to replace flat currencies completely. Trust us; it is better to make the first steps before everyone. In that way, you will always be a step ahead of other people.