How Much Does It Cost to Develop a Blockchain in 2020?

To answer this question, you need to know what kind of resources needed when develping a blockchain.

Developers

Yes, the person is the key factor in doing the thing. So it’s important to find a skilled develper in coding. According to Codementor, there are two types of hourly rates the developers charge – average and median:

If you choose to oursourcing your tasks, you may save some money. A Blockchain developer's average hourly rate in Belarus starts from $40.

Cryptocurrency

Mentioning about blockchain, token can’t be ignored since bitcoin is the first successful application of blockchian technology. Almost every blockchain project has its own token. So it’s neccessary to build your own cryptocurrencies and make it stand out among more than 2000 different cryptocurrencies.

To get a coin successfully launched and efficiently onto the market, you need a team of marketing managers, software developers, technology specialists, PR executives. Such people will help you identify the investors that will give the project credibility. A consultant is also needed to direct you through the business. Communication with the customers you seek is also important.

You need to figure out how to promote new cryptocurrency and make a profit. It is therefore important to appeal to your audience's desires, convey your project’s advantages, show your cutting edge technology, etc. Why you need a marketing consultant to manage your marketing activities? Once the marketing strategy has been developed you will proceed to the creation of the blockchain network. It will take developers around a month to build the network with C++, Java, Python, Solidity or other technologies from scratch. What technology to use does not make any difference. According to many different technical factors it will range from $15,000 to $50,000. You will need around $150,000-$200,000 to create a new cryptocurrency, with no marketing expenses included.

Crypto Wallet

A cryptocurrency wallet is a software program (like the real wallet) used to securely store, send and receive digital currencies. Most coins cryptocurrencies have official wallet software, or a few third-party wallets suggested. In other words, you will need to use a cryptocurrency wallet to access any cryptocurrency. Usually, the application is built for three different platforms: Android, iOS, and Web. You may cut the development price if you use cross-platform technologies like JavaScript and its frameworks (ReactJS, React Native or Vue). Today, it calls for a considerable amount of work to be done.

So we need to deal with the REST API both on the client side for mobile devices or the Internet and on the server side. Another option is to build an application as standalone. Every approach has its own pros and cons.

You will need a dedicated team made up of several senior developers, a business analyst, a project manager, and a QA engineer.

Building a Minimum Viable Product (MVP) for a cryptocurrency wallet that supports three major cryptocurrencies (Bitcoin, Litecoin, Ethereum) will cost you about $40,000.

The prices described are only the average market estimates. The development cost of a blockchain project starts at $5,000 and can be as high as $200,000. So if you have fainth in your project, you definitely have to do the preparation for both human resources and capital investment.