I have been talking about my move into the Web3 / Ethereum / crypto space since making the switch from a traditional web, mobile, and cloud background.
Since making the move, the number of people that have reached out to me who are also thinking about doing the same has been pretty shocking. It’s really great to see so many other people interested and if I’m being honest — it feels validating to know that so many others are also on the fence and so deeply interested in the space as well.
As for me, well I was nervous about making the career switch. Moving into a completely new area of specialization, with a technology I was still getting ramped up on, and a community I was not yet involved with, was a big leap compared to a very comfortable role with a FAANG company that paid really well (and a team that I really loved).
After over a month I can say that I not only have zero regrets with the change, I’m the happiest I’ve been in a long time and am excited and energized with the things I have the opportunity to work on everyday.
I decided to write this post to give a blueprint for anyone looking to get into blockchain, crypto, Ethereum, and Web3 from a traditional development background. I can point people to this blog post the next time I get asked how to get into the space.
This post will be a living digital garden that will evolve with feedback from others, recommendations, and my own personal growth, exploration, and evolution.
The things I’m most interested in are usually a function of where I predict technology will be in the somewhat near future and where I see the current momentum being, so that’s what I will focus on here (and is what I am doing personally).
Because of this, I’m focusing on both Ethereum development as well as Solidity because with the Solidity programming language you can program smart contracts for Ethereum as well as for many other EVM compatible blockchains. As of this writing, Ethereum also has the powerful and important combination of momentum, developer mindshare, and existing production dapps.
Ethereum is also currently moving to a new consensus mechanism, proof of stake, which addresses the environmental concerns I used to have about how cryptocurrency works at a fundamental level.
Once you learn how everything works fundamentally, I encourage you to then check out other blockchains and projects outside of Ethereum and EVM to give you a better understanding of the industry as a whole, and to see if there are other projects that attract you or that you may believe are better approaches to achieving the goal that is Web3.
To get started learning blockchain development with Ethereum and Solidity, I suggest you do the folllowing:
Also be sure to check out the dapp showcase to get a good understanding of the successful apps being built and used in the current ecosystem.
The Solidity docs are a really good place to get started, especially solidity by example which gives you a few examples of popular smart contracts like voting, an auction, remote purchase, and micropayments.
You can copy and paste these contracts in the Remix IDE to start executing and modifying them to see how they work.
I also did a video walkthrough of the voting contract here.
It’s really easy to play around with and start building smart contracts without having to set up any type of development environment by using the Remix IDE, part of the Remix Project which is funded by the Ethereum Foundation.
This Remix IDE allows you to create, edit, and execute smart contracts directly from your browser. It offers a perfect environment for learning how solidity works and is great for building out various types of smart contracts and playing around with them as you are learning both solidity as well as how to interact with Ethereum
In addition to Solidity, the other parts of the the development stack include a local Ethereum environment like Hardhat or Truffle, a wallet like Metamask as well as a client-side library that allows you to interact with the blockchain, like either Ethers.js or Web3.js.
To understand how all of this all fits together, it’s useful to build out a full stack dapp on this stack from scratch, setting up the front end project as well as the local development environment and deploying, running, and interacting with a smart contract on the blockchain.
Two introductory courses to get you going with this are:
2. The Complete Guide to Full Stack Ethereum Development
The space itself moves very quickly, so technical books often get out of date just as quickly. The fundamentals of what Web3 is though have not changed much at all, and there are a few really great books that helped me not only grasp the current state of everything, they also helped open my eyes to the future possibilities and opportunities that lie within it.
Token Economy — How the Web3 reinvents the internet
If you only read one of these books, this is the one I’d say is the most important. It is a masterful deep dive into all of the shortcomings of the web as we know it, what Web3 aims to be, how it will affect various parts of our lives as we know it, and what needs to happen for this vision to be realized.
The Infinite Machine — How an Army of Crypto-hackers Is Building the Next Internet with Ethereum
This is the amazing story of how Ethereum came to be, walking you through the history of it all. It is a very thorough and entertaining account of the origin story of Ethereum, I highly recommend checking it out.
As you can probably tell by the title, this book focuses on how you can start using DeFi today and gives you a good understanding about how it can be used today as well as some applications of it that we will see at some time in the future.
The Spatial Web is a book that explores the future of the web and all of the implications of not only Web3 and decentralization, but how everything will come together to enable things that we may have not yet considered, and does a good job weighing the positive and negatives as well as ways that we may be able to address any negative outcomes of what is to come.
I’ve also begun doing videos and tutorials on Ethereum and Solidity, so consider checking out my YouTube.
There are always considerations to think about when making a career transition, but especially when considering this space.
There are a lot of positives, but there are also unknowns as well as negatives. Let’s talk about some of them.
While there are many existing dapps and companies already flourishing, this space is very much still coming into existence in many ways.
There are a lot of problems that still have yet to be solved, and there are no clear answers for many questions you’ll have. The problems being solved are often complex, sometimes combining one or aspects of distributed systems, game theory, cryptography, economics, social and political science, identity, psychology, and more.
Because of this, there are still things that cannot yet be built with the existing solutions that are available.
I personally think this is one of the more exciting things about all of it it, but it’s not for everyone.
Many of the projects are built around various types of tokens. The value of many of these tokens rises and falls dramatically, and you often see that people gain and lose excitement in the entire space based on these swings.
If you are not fundamentally bought into the ideas behind decentralization itself, you may find these ups and downs mentally taxing.
Because a lot of people only buy into certain tokens in a speculative way, it attracts some people who are in it only for the money.
You see things like scammers trying to get over on people and steal their money, endless talk about price swings from people who are speculating, and outright scam projects that often discredit the industry as a whole.
This is an annoying part of it and I don’t really see it going away anytime soon.
I would also check out this thread, though I have not experienced all of these things, he is definitely shining a light on some of the things I have seen.
Here are a few people who you may consider following on Twitter:
There are many areas within the space that you can focus on and provide a positive impact on a team. I’d look into the different areas like governance, DeFi, NFTs, and decentralized web protocols to see what interests you the most and then focus on it.
There are a lot of opportunities and a lot of ways to stand out and get noticed. If you find an interesting project and would like to get involved, jump right into their community and ecosystem and start learning, then see where you may be able to help out. Join their Discord or look at their GitHub issues to find ways that you can contribute.
This will give you an opportunity to meet people involved in the project and will open up discussions for potentially landing a role with them. In fact, it is very common for people within the teams to take notice of active community participants, they will then often reach out and try to recruit you without you even applying.
The pay is usually good. Depending on where you are coming from, it could be more or less, but it’s probably not going to be at the high levels of what you see at FAANG companies. There is probably more potential upside. Most companies offer a combination of base pay + equity in the form of their digital token, so if you stick around and can help make the project successful and the value of the token goes up, you can often make more than what you would in many other areas.
JPMorgan analysts have predicted that the unlocking of GBTC shares could raise the selling pressure and drive the price of Bitcoin to the level of $25K. JPMorgan revealed in their latest memo that though BTC has recovered slightly, the unlock will drive the price down to $25K.
JPMorgan Says GBTC Shares Unlocking Will Push Bitcoin Down Further
The Nikolaos Panigirtzoglou led global investment bank JPMorgan has recently displayed a contentious attitude to the flagship currency.
The analysts at JPMorgan always have an eye on what role the largest crypto asset manager, Grayscale is playing in relation to Bitcoin.
At the beginning of this year, the analysts predicted that there are chances that the price of BTC might march towards a correction as a reduction in the inflows to the Grayscale Bitcoin Trust has been witnessed.
As revealed in the newly released memo by Bloomberg, JPMorgan has predicted another bear signal in the market involving GBTC, talking about the shares unlock of the BTC tracking fund.
The institutional investors that are employing the services of Grayscale will be obtaining access to 16K bitcoins in a single day in the month of July.
Will BTC Touch $25K
Bitcoin plunged to its lowest price levels just days ago below the area of $29K, though it managed to acquire some ground since that point and at present, it is changing hands at $32K.
JPMorgan analysts are eyeing another fall in the price of Bitcoin, and they wrote:
“Despite this week’s correction, we are reluctant to abandon our negative outlook for Bitcoin and crypto markets more generally. Despite some improvement, our signals remain overall bearish.”
In addition to this, they revealed that they believe the price of BTC is close to being overvalued, which is apparent from the comparison between its fluctuations versus that of gold.
The number of active Bitcoin addresses seems to have dropped significantly below 900,000 in June 2021 which is the lowest level since July 2020, according to data published by Santiment, the crypto analytics platform.
Active Bitcoin Addresses Drops Since July 2020
Amid the ongoing bearish market trend, Bitcoin traders remain hesitant to pumping up their bags as the digital asset dropped below $30,000 during this week. Since then, the cryptocurrency has recovered some of its lost gains to jumping up above $34,000.
However, bears are back to gripping the flagship cryptocurrency yet again by making the digital asset drop down below $32,500 today.
With the bearish sentiments, the total number of active Bitcoin addresses has reached below 900,000 in June 2021, which is the lowest level since July 2020, according to data published by Santiment, the crypto analytics platform, adding:
“Bitcoin is back at $32.4k after a rebound above a $34.6k high Wednesday. What remains to be seen is an uptick in address activity. On the 30-day rolling scale of daily active address scale, July 13, 2020, was the last time the BTC network was this low,”
At the same time, Bitcoin’s fear, uncertainty, and doubt (FUD) remain high as highlighted by Santiment:
“Bitcoin’s fear, uncertainty, and doubt (FUD) remain high, as traders are polarized on whether prices can push back below $30k again. For now, though, prices have jumped back on crowd fear. Markets move in the opposite direction of crowd expectation.”
The number of active Bitcoin addresses is a sign of market demand for on-chain transactions, settlement, and the urgency for inclusion in an upcoming block on the blockchain. A falling Bitcoin active address figure indicates a bearish undertone in the space.
For instance, in 2017, Bitcoin saw a high above $19,587 on December 16 to below $6900 on February 5, 2018, the number of active addresses also fell from 1.284 million on December 14, 2017, to just 528,000 on February 25, 2018.
At the same time, studies show that not all Bitcoin whales were affected by the price drop. In the past 25 days, Bitcoin addresses holding 100 to 10,000 BTC added a total of 90,000 BTC, accounting for nearly half of BTC’s circulating supply.
After a large loss, cryptocurrency markets rallied back yesterday, with Bitcoin and Ethereum up 15% and 17%, respectively, after a big decline. El Salvador’s president, Nayib Bukele, recently released rendered graphics of a planned Bitcoin mining unit that would be powered by the country’s active volcanoes (the thermal energy generated from volcanoes can be converted …
After a large loss, cryptocurrency markets rallied back yesterday, with Bitcoin and Ethereum up 15% and 17%, respectively, after a big decline. El Salvador’s president, Nayib Bukele, recently released rendered graphics of a planned Bitcoin mining unit that would be powered by the country’s active volcanoes (the thermal energy generated from volcanoes can be converted into electricity, and in turn be used to power mines).
Even though Major of the coins seem to have bounced back yesterday, the move did not last that long and bears took incharge once again.
Yesterday, however, as sellers sold into strength, prices retraced the whole rise. Traders took advantage of the majority of cryptocurrencies’ oversold circumstances. After the shakeout, which pushed Bitcoin’s price to over $30,000, buyers were active.
Bitcoin and Ethereum Price Levels
Bitcoin managed to recover off the $28,800 support and close the candle in a bullish ‘hammerhead’ pattern. (A hammer candlestick pattern is a form of bullish reversal pattern.) The next level of resistance is around $36,600. Unless the price increase is followed by a volume influx, a rejection in that area is possible.
After appearing to have bottomed out, the relative strength index (RSI) has also risen sharply. After yesterday’s dip, the positive buyback demonstrates the buyer’s interest in bitcoin.
However, the pricing remains to be in the $30,000 to $38,000 range.
The price of ETH stayed well above the 200MA and climbed back above $2,000 with ease. A daily close above $2,000 would be advantageous and might lead to good price movement in the days ahead.
The next point of resistance for ETH is around $2,100, where it is expected to be rejected. However, volume is minimal, and a volume push is needed to keep the price trend going.
Bitcoin (BTC) is on a “lower left to upper right trend” and its volatility should not scare investors, the former head of the New York Stock Exchange says.
In an interview with CNBC on June 23, Thomas Farley revealed long-term convictions about Bitcoin and dismissed concerns over BTC price losses.
Bitcoin: Going up, but not “up only”
Coming a day after CNBC pundit Jim Cramer admitted that he sold his Bitcoin stash, suggesting that BTC/USD was going as low as $10,000, Farley provided some much-needed mainstream bullishness.
“With respect to the recent price moves, I’m kind of sanguine about them — Bitcoin’s a very volatile asset class, in part because it’s a new asset class,” he told the network.
“I have no doubt it’ll go up, it’ll go down over the long term — I still think it’s a lower left to upper right trend and I think we’re going to see that play out over five years.”
With mining upheaval coming from China still on everyone’s lips, popular mainstream criticism of Bitcoin’s energy usage was also swiftly cast aside as a temporary issue.
“I think this kerfuffle is an interesting conversation, but by and large I think it’ll be resolved because I think the blockchain at its core adds to its efficiency and in fact will add to energy efficiency over time,” he continued.
Less convinced on gold. vs. Bitcoin
When it comes to Bitcoin as “digital gold,” however, Farley was more conservative in his predictions.
Now firmly beneath a trillion-dollar market cap, Bitcoin must transform in order to take on store-of-value safe-havens.
“I think the upper bound for now is gold, which is about a $10 trillion market cap,” he added.
“In order for Bitcoin to one day exceed gold, it’ll have to be more of an accepted form of currency — I’m not sure, frankly, if it ever gets there.”
Proponents argue that Bitcoin, by its very nature, faces just a matter of time before eclipsing gold thanks to the latter’s ultimately infinite supply and inability to beat Bitcoin in all aspects of “money.”
The precious metal saw a major sell-off last week after comments on policy from the United States Federal Reserve.
To beat gold, Bitcoin would need to trade at more than $533,000 with the current supply.