ABC 006: How To Earn Passive Income As A Blockchain Developer
- Gregory McCubbin
- Roman Storm
- Bruno Duarte Brito
The panel explains a couple of ways to earn passive income in the blockchain. The first is building applications or dapps (decentralized applications) on the blockchain that charges users a very small fee for the services. Gregory McCubbin explains how a transaction works on the blockchain and how it requires cryptocurrency to be spent in order for a transaction to take place. Roman Storm shares his experience with his multisender app. Roman explains how his multisender app allows users to send tokens to a mass of recipients with ease giving him a very small amount of ether in return for this service. Gregory explains why users would be so eager to use the app and save time and pain. Without Roman’s app, development-able users would have to write their own code to send multiple transactions at once and those users without the knowledge to write their own code would be forced to send each transaction manual which would take hours in many cases. Gregory also points out that people are there to spend money and are used to paying fees when it comes to handling money. Bruno Duarte Brito and Roman discuss how this all works with walleting and maintaining security.
The second way to earn passive income is to become a validator. Gregory starts by explaining that a miner was someone who helped run the blockchain by creating new records, finalizing transactions or writing it to the blockchain. The new consensus algorithm uses validators, which Gregory tells us anyone can do, you don’t have to be a developer to be a validator. Roman explains how validators run nodes, receiving block rewards and transactions fees in return for their services. The panel discusses ways to become a validator. Becoming a validator in a well-established blockchain can be tricky without a lot of capital but Roman and Gregory give a few ways to get your foot in the door, including helping a current validator with security and attracting someone with capital with your skills running a node. Becoming a validator for a new blockchain may seem like is the suggestion the panel gives; if that blockchain takes off you can see a great return. Bruno and Roman discuss what is involved in running a validator service, what it looks like, how it works, and the cost involved. Roman explains that it is very important to research potential networks as each of them varies in what they want in a validatory and suggests that everyone give it a try even if only on a test network because there is so much developers can learn about the blockchain just by running a node.