How to choose the best cryptocurrency software development company?
It's a horrifying experience to see a high-potential product’s development go wrong. Hundreds of hours of emotional, mental, and physical effort along with thousands of dollars go to vain. All because the development company couldn’t effectively complete the task at hand.
With a cryptocurrency or blockchain technology project, the stakes are even higher and the risks of onboarding the wrong company even bigger. The industry is relatively new and has many self-proclaimed prophets claiming to be the best in the industry. Every other cryptocurrency development company you speak to will tell you they’re the best out there.
By the end of this article, you will know how you can choose that one cryptocurrency software development company over all others that can best fit your requirements.
Blockchain and cryptocurrency industry overview
The blockchain and cryptocurrency industry is making strides of success worldwide. It is disrupting the way we record, store, exchange, track, and trace value, data, and information. Companies from across various industries are pouring hundreds of millions into developing the next groundbreaking blockchain and cryptocurrency solutions.
In 2018, the worldwide spending on blockchain solutions was $1.5 billion. It escalated to over $4 billion in 2020. Reports suggest the same value would increase to over $16 billion by 2023. Gartner predicts blockchain will generate an annual business value of over $3 trillion by 2030 as almost 10% to 20% of the global economic infrastructure will run on blockchain-based systems.
Source: Forbes.com, Statista.com, PwC.com
Cryptocurrencies and crypto companies, on the other hand, are also making a huge impact globally. As of January 2021, the global cryptocurrency market capitalization is set to cross the one trillion dollar mark.
Altogether, this shows the immense potential blockchain and cryptocurrencies hold and how this is the right time to leverage these technologies. To do so, you need the best cryptocurrency and blockchain solutions companies by your side to help you build your products and solutions the way you envision them.
Importance of onboarding an experienced cryptocurrency development company
It goes without saying that you want to work with the best tech partner, but why and what benefits will it offer your project? Well, simply put, having reliable blockchain and cryptocurrency development services can make your life easier and your software more effective, easy-to-use, and resilient.
When you onboard an experienced cryptocurrency development team, they bring with themselves the expertise they added to their prowess while working on other projects. They have navigated through this growing market multiple times and they may know the various aspects of your product that you may still not have paid close attention to.
For example, as blockchain and cryptocurrencies gain wider adoption, regulators are more strictly regulating cryptocurrency exchanges and other platforms. Experienced companies know this well. They can guide you through important regulatory requirements such as AML/KYC while developing cryptocurrency exchange software or other solutions.
When developing a blockchain-based product, you may want to use smart contracts to automate your processes. A cryptocurrency development company that has developed multiple smart contracts can help you decide the best platform depending on your software and the services it aims to deliver.
As experienced companies know the crypto and blockchain market well, they can make informed recommendations for additional features for your product. They can also recommend the best integrations to your software that may increase its usefulness and improve the user experience. Say, if your software requires AML compliance, they can suggest you the best AML software from the long list of those available in the market.
But none of it will matter if only your software is susceptible to the ever-expanding cyber threats to cryptocurrency exchanges and other platforms. The best cryptocurrency development services ensure high-end for your software so your users have a pleasant experience.
Step-by-step process to choosing a cryptocurrency development company
The more you research, the lower will be the risk of onboarding a company that messes up your crypto software development. Let’s walk you through the process to find the best company for your cryptocurrency software.
Check the specialization
You surely do not want to work with a “do-it-all” development company. Even if a company categorizes itself under the tag of “fintech solution development,” it may not ensure the best it may not ensure the best services for your business needs.
In the initial stage of filtering out the most suitable tech partner for your software, try and only consider those specializing in blockchain development and cryptocurrency development.
Not just that, you should also consider their specialization across programming languages, platforms, and technologies. Different blockchains use different programming languages ranging from C++ to Golang and Node.JS. In terms of technologies, you may want your developers to have hands-on experience in cryptography, BaaS, P2P networks, and so on.
You may further niche down while searching for a cryptocurrency development firm by defining the specific type of your product or services:
- crypto wallet development,
- smart contract development,
- cryptocurrency app,
- cryptocurrency exchange platform
- crypto lending platform
Also, double check if the team of developers is experienced in building both web and mobile application solutions. Once you have a clear idea, you can look for companies whose developers have previously worked on similar projects.
Read reviews and case studies
It’s like buying a product from Amazon; but only more complex. If you buy without checking the ratings and reviews, chances are you may get an amazing quality product. But there’s an equal chance that you get a cheap quality product. So, it’s better to read case studies and reviews before putting your money into it.
Similarly, you should consider searching your preferred cryptocurrency development companies on the internet and reading reviews about them. You should try not to rely only on the reviews a company displays on their website and go a step further to find company-related information elsewhere on the internet.
Case studies can further help you decide whether a company is worth investing your money. They can offer you a better understanding of how a company works with its clients and what its key strengths are.
Get a free consultation
A free consultation call with cryptocurrency development companies can go a long way for you to understand a company’s professionalism, work ethic, and experience. That’s also for you to better understand what are your project needs and requirements by the means of development
When you get on a consultation call, the chances are, a project manager will walk you through their process in brief. One of the most important things to note is whether the representative of the company is asking you enough questions. Closely examine if they are really trying to understand the product you want to build.
After the call, ask yourself, was the consultation call about their services, your future product, and how they can help you with it? Or was it only about their services and their rates?
If it was the latter, that’s a big fat no.
The best of companies always keep you and your matters at the center and then try to explain how their services can best help you. Prices come at a later stage.
Book a discovery workshop
A discovery workshop, as the name suggests, is a workshop where a company comes together with its prospect to discover the broader scope of the project.
During the discovery workshop, the company’s tech lead and business analyst should create a basic overview of the project with you. This allows both parties to better understand the project’s objectives and expectations. The developers may also create clickable prototypes to help you see, for the first time, what your product will look like.
The best companies will only offer an estimated price for the project after the conclusion of the discovery workshop, which may take anywhere between two and five days.
Choosing the best isn’t tough
Choosing a suitable crypto development company for your product is a matter of research. The more in-depth you can go to find more details about it, the easier and smoother your product development journey will be.