Perspective: crypto platforms should invest in coding academies

Crypto and blockchain technology are dynamic yet have a steep learning curve. A notable concern is companies’ apparent struggle when hiring individuals with the requisite technical skills. A recent PwC survey noted that almost half (48%) of crypto-centric firms needed help finding qualified personnel to run their businesses. 

The issues mentioned above are often attributed to the specialized nature of blockchain programming languages, smart contract development, and other unique technical aspects inherent to this domain. 

For instance, Solidity, a core language for smart contract creation on platforms like Ethereum, presents a hurdle for those unfamiliar with its intricacies. 

Developing smart contracts is complex due to their decentralized nature and the need for precise coding to ensure accurate execution. 

Additionally, while promoting innovation, the open participation model of public blockchains also presents regulatory challenges, such as compliance with anti-money laundering and anti-terrorism financing laws.

A closer look at the crypto learning landscape

The above-stated conundrums have pivoted many toward the idea of crypto platforms establishing coding academies. However, this push hasn’t been without its fair share of challenges. 

To elaborate, creating a coding academy — especially those dedicated to a particular ecosystem — ostensibly diverts precious resources and attention away from the network’s primary developmental objectives. 

Moreover, investments in time, effort, and talent to initiate and sustain such an academy are also significant. 

That being said, the counter-arguments to this notion are also compelling. As highlighted above, targeted educational initiatives can mitigate crypto’s unique challenges. 

Several real-world instances support this perspective. Entities like Yellow Network’s Hackademy, Binance Academy, and Byte’s Blockchain Lab offer users a hands-on approach to learning about crypto and blockchain technology. 

They provide information on the basics and allow users to create their tokens and explore the structural components of blockchain.

These academies serve as conduits, bridging the knowledge chasm and nurturing a pool of competent developers ready to navigate the ever-evolving blockchain landscape. 

Focusing on Yellow Network’s Hackademy, it serves as a learning center at the National Ukrainian Kyiv Polytechnical University in Ukraine — dedicated to nurturing fresh developer talent for its layer-3 blockchain network. 

Over the course of a 12-week course, which is offered free of cost, devs are provided the opportunity to immerse themselves in crucial development methodologies like Agile and Scrum, alongside gaining proficiency in blockchain basics, cloud container technologies like Kubernetes, and programming languages including Ruby on Rails and C. 

Transitioning from the notion of educational advancements, another aspect that underscores the Yellow Network’s innovative approach to bolstering the crypto sector is its ClearSync Protocol. 

The protocol streamlines trading activities by securely managing collateral and fostering a unanimous agreement on trade particulars among participants. 

While brokers orchestrate the actual trade transactions themselves, ClearSync leverages automated contracts to assist in safely managing and settling its assets. It’s designed to update collateral ratio, leveling discrepancies with additional collateral if needed.

The essence of ClearSync is encapsulated in its state channels, which are solely entrusted with collateral management. These channels operate outside the main blockchain yet adhere to the rules the Yellow Network delineates, enhancing the surveillance and adjustment of collateral between trading counterparts.  

Gearing up for what lies ahead

As we move toward a future driven by decentralized technologies, the rise of coding academies signifies an evolving educational paradigm catering to the demand for blockchain and crypto-related expertise.

With more people adopting the technology, the ecosystem can support more developers.