Web3, blockchain and crypto have become comprehensive terms and have captured the world’s attention with their amazing benefits and gains. This popularity has also given rise to numerous jobs in these fields.
With an exponentially booming tech market, web3, blockchain and crypto are expected to expand further and develop. According to reports, web 3.0 blockchain is further predicted to value around $6,200 by 2023. This market is further expected to grow at an impressive CAGR of 44.6% in between 2023-2030.
While the web 3.0 blockchain market fairs exceptionally, the reports also state the market growth of crypto space. The cryptocurrency market that was valued at $1.49 billion in 2020 is expected to grow at a CAGR of 12.8% from 2021-2030 to value around $5 billion. The global blockchain market too is growing immensely, and is expected to grow at a CAGR of 8.5-9% between 2020-30, from $5.92 billion in 2021.
Web 3.0 is dependent on decentralized apps that give access to everyone to take part in without letting the participant monetize their personal data. Web 3.0 is verifiable, self-governing, permissionless, stateful and has native built payments. Web 3.0 is quite different from the earlier version web 2.0 as it runs on blockchains and has many networks, server to depend on.
Blockchain is a dispensed database that shares the data among the nodes of a computer network and stores its data in the electronic form i.e., in digital format. In blockchain, the information is collected in groups which are referred to as blocks.
These blocks store certain capacities and when this capacity is filled it is linked to the previously filled block forming a chain of data and hence the term blockchain. Blockchain aims to allow the digital information to be recorded and distributed but does not allow the data to be edited. Blockchains have built a foundation for immutable ledgers meaning having an ability to remain unchanged.
The term crypto refers to various encryption algorithms that use cryptographic techniques to safeguard the algorithms using techniques like public private key pairs, elliptical curve encryption, etc. Cryptocurrencies can be purchased or mined using cryptocurrency exchanges and has become one of the most popular trading instruments.
Cryptocurrencies has gained its popularity as it offers a medium for faster money transfers while being cheaper than any other outsource and is based on decentralized systems that do not shut at a single point of disconnection or failure.
Budding job industry
As cryptocurrency and blockchain attain their increasing success rate every year, there is an increase in job opportunities provided in blockchain and cryptocurrency sector. The jobs in blockchain are growing at an exponential rate of 2,000-6,000% while offering salaries higher than 50-100% than conventional developers. In the field of blockchain, one can work as a blockchain developer,
Blockchain project manager: one has to develop solutions for blockchain and should have skills of cloud project manager and basic technical skills. One can also work as a solution architect, UX designer and many more.
The job listings related to crypto were up by 395% in 2021 itself. One of the in-demand job roles is that of the chief artificial intelligence engineer.
Chief Artificial Intelligence engineer: wherein the engineer is responsible for programming and developing the algorithms that help to build AI, enhance cybersecurity for secured and protected crypto exchanges.
Other postings that are in-demand that you can consider are:
• Account Executive,
• Senior Software Engineer
• Product Management
As we are rapidly moving into a completely new era with new specializations and technology, various opportunities are available in companies and dApps (decentralised applications) that work towards solving complex problems. These also give you a chance to work with the smartest people in tech.
(The author is the Chancellor of Sanskriti University)