Is it expensive to use blockchain technology

+2 votes
asked Oct 12, 2018 in Programming/Design by costy (6,550 points)

Is it expensive to use blockchain technology, blockchain databases, and blockchain servers compared to other technologies?

5 Answers

+1 vote
answered Oct 12, 2018 by poliq (6,220 points)

Oh yes, Ethereum is a terribly expensive compute resource. I did a calculation a few months ago, comparing the hash power of the Ethereum network compared to an AWS EC2 instance. For 1 ETH, you can hash the Ethereum header ~320,000 times. That same amount of hashing can be done on t2.micro instance in roughly 5 seconds (sometimes less).

So, hashing on Ethereum is over 2 million percent more expensive than normal compute resources. However, you normally wouldn't do those sorts of operations on the Ethereum network, nor need that much compute power.

0 votes
answered Oct 14, 2018 by fraddy (6,060 points)
Yes, it is.

It all starts with finding a good blockchain development team. Good developers are tough to find and easy to lose if you did not satisfy the requirements. On the competitive market like blockchain development, great enginners are aware of how awesome they are (and rightfully so), so the bar is raised pretty high.

Having the necessary power to keep a blockchain system running also comes at high cost. You need to buy a specific type of hardware, adapted to handle blockchain developemnt and maintainance, and invest a lot in servers as well.

Even after you’ve developed the product, the stuggles don’t stop. Blockchain testing is also rather expensive, primarily because finding a great team of blockchain testers is not easy. At all.  I would recommend to check out this website https://blockchain.intellectsoft.net/ It would help to find answers to all your questions.
0 votes
answered Oct 29, 2018 by kesteer (4,660 points)
edited Nov 5, 2018 by kesteer
I think that you can find a great freelancer for this purpose
0 votes
answered Dec 17, 2018 by swipka777 (6,100 points)

It depends on the company. I was using blockchain development company help. They have a fast respond and full support of the customers. They provide blockchain application development, support of solutions to make transactions etc. So you can easily make a website with money transfer solutions.

0 votes
answered Jul 20 by mixafixa (1,340 points)

Look, it's really true. I used to doubt at all that there would be any point in investing in blockchain, NFTs and cryptocurrencies, but now I see that it should be done. In general, now there are many different solutions for the crypto business, but for crypto I prefer bhero. It seems to me that it is best to consult with these specialists in order to start understanding this field.

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