When it comes to salaries, blockchain developers are among the most highly paid professionals in the tech industry. The need for smart contract developers has grown dramatically over the last several years because of the growing interest in cryptocurrency and digital assets like Bitcoin, Ethereum, Ripple, etc. As a result, there has been an increase in the number of people entering this field, leading to fierce competition for jobs and higher compensation packages.
In this guide, we'll cover everything you should know when considering whether to become a smart contract developer and what kind of salary you should expect once hired. We will discuss the role of a smart contract developer and its impact on the crypto economy, as well as give tips for finding employment and negotiating pay.
Singapore has one of the largest communities of blockchain developers, making it a prime location to start a career as a smart contract developer. If not, there are also plenty ofblockchain development agenciesworldwide looking to hire smart contract developers.
What is a Smart Contract?
Before we jump into the details of becoming a smart contract developer, let's first understand what a smart contract actually is. According to IBM, asmart contractis a computerized transaction between two parties that is executed without the involvement of a third party such as a bank or government. That makes it faster, cheaper, and less prone to fraud. Smart contracts are often used by financial institutions to execute payments automatically, eliminating the need for intermediaries. For example, banks may issue loans through smart contracts instead of going through traditional processes.
Through a series of cryptographic protocols, smart contracts allow users to exchange money, property rights, shares, or anything else of value with complete transparency and without relying on trust. Smart contracts get rid of the need for middlemen and get rid of the fees that come with transferring ownership.
Thus, a smart contract developer is someone who creates, tests, audits, deploys, updates, monitors, maintains, and supports smart contracts. Their main responsibility is ensuring smart contract security and stability. However, a smart contract developer is more focused on building new smart contracts than maintaining existing ones.
Salary of a Smart Contract Developer
According toCrunchbase, the average global salary for a smart contract developer is $146,259 per year. But the reality is quite different. Salaries differ across different regions.
For instance, in Singapore, where there are currently more than 491 blockchain startups, the average monthly income for a smart contract developer is $13,500, with a peak earning potential of up to $30,000.
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Remote Smart Contract Developers in general earn $150k-$750k per year, depending on their skills, knowledge, and experience.
In contrast, North American Smart Contract Developers make around $140k-$290k per year in a variety of positions ranging from junior to senior. Smart Contract Developers in Europe earn around $160,000 per year.
In Europe, smart contract developers earn around $80- $180k per year, while in Asia they earn around $68k to $200k per year.
In Oceania, smart contract developers make around $75k-$100k per year for a variety of positions ranging from junior to senior.
Finally, African smart contract developers earn around $64k-$75k per year.
The reason why different regions have different salaries is that they have different economic climates, cultures, and economies. As of August 2022, TechBehemoths counts700 blockchain development companiesworldwide. For example, Singapore is a high-tech city with a lot of blockchain startups, while Africa is a developing region with a very low GDP. Furthermore, the cost of living varies significantly between countries, which affects the salary of a smart contract developer.
But even within the same region, a smart contract developer can still be paid quite differently. For instance, Mexican Smart Contract Developers are paid around 357K MXN/year according to Salary Explorer, while in the US, skilled professionals in the same position get around $160K/year according to Interexy.
To explain this difference, let's take a look at the qualities employers look for in a good smart contract developer.
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