As per Forbes over 90% of blockchain projects are considered failures and even many of these projects do not pass the proof-of-concept stage. Moreover, only 5% of enterprise blockchain projects make it to production with a maximum of them requiring replacement within two years to stay competitive.
Now if you might be wondering why so many blockchain projects fail?
Well, here is why:
Lack of a Clear Vision & Use Case
Inadequate Knowledge of Blockchain Technology
Expensive To Implement
Undertrained & Improper Management
Challenges From Regulatory & Compliant Bodies
Fails To Cross the Proof-Of-Concept Stage
But among these reasons, there lies one more i.e., the inability to choose the right Web3 development company. To be precise, the best Web3 development company.
However, in the ever-growing competitive market, how can one select the perfect Web3 development company?
Let us tell you there is no such thing as a perfect development company. Every company offer their own set of benefits that come with specific challenges.
How do you overcome those, that totally depends on you and your chosen company.
Today in this blog, we are going to give you the ultimate guide on how to choose the right Web3 development company and save you from making the most common mistakes that others do.
Before moving to today’s topic, let’s address the elephant in the room!
Why do you require a Web3 development company?
The simplest answer is to save your time and let the experts handle the job.
You don’t have to worry about regular maintenance or constant brainstorming designs; instead, you can focus on your business and let the technology do its magic.
Let’s have a look at how to choose the best Web3 development company for your needs:
1. Define Your Project’s Scope and Goals
Before you start looking for the best Web3 development company, it’s critical that you as a business owner, ask yourself a few questions. These questions will give you a clear understanding of your project’s scope and goals. When you have a clear vision of your projects and requirements, you will find it easier while looking for a Web3 development company. These questions are:
What problem does your project aim to solve?
What are your project’s specific technical requirements?
What is the target audience for your Web3 application?
What is your budget and timeline?
However, these questions can vary based on your personal goals and understanding of your business. Moreover, having a well-defined project scope will make it easier to communicate your vision to potential development partners ensuring that you are both on the same page.
2. Assess Their Expertise
Web3 development is a combination of blockchain, smart contracts, cryptography, metaverse and decentralised technologies. Hence, you need to opt for a company that holds expertise in all these domains.
Checklist these points while looking for a development company:
A proven track record in Web3 development.
Have a minimum of 5+ years of experience in the development field specialising in blockchain and smart contract development.
Having a familiarity with various blockchain platforms like Ethereum, Binance Smart Chain, Polkadot etc.
Should have adequate knowledge of popular Web3 development tools and frameworks such as Solidity, Truffle and Web3.js
Should be able to work with various blockchain consensus mechanisms e.g., Proof of Stake, Proof of Work.
3. Consider Their Portfolio
You might have read the famous quote, “Action Speaks Louder Than Words”. It’s applicable while selecting a Web3 development company for your business. A company’s work history i.e., their portfolio speaks about their work and showcases their innovation to clients. Similarly, always look for projects like yours and assess their:
User interfaces (UI) and user experiences (UX).
Scalability and performance of applications
Security measures and past experiences in handling vulnerabilities.
Successful integration of blockchain technology.
Adoption of decentralised technologies, like IPFS or decentralised identity systems.
Support to bugs and errors.
Remember, having a strong portfolio speaks about their work quality and knowledge in the development field with a stronger emphasis on delivering high-quality Web3 solutions.
4. Check for Transparency and Communication
A company that hears your requirements and heed your demands is a company that values effective & transparent communication. Always ensure that the company is responsive in their communication. Consider these factors while checking for transparency and communication:
How well do they respond to your initial inquiries?
Are they open to discussing their development process and methodologies?
Do they provide regular updates and progress reports during the project?
Is there a clear point of contact for addressing questions and concerns?
Having open & effective communication will lead to a smoother collaboration.
5. Evaluate Security Practices
Being a full-fledged organisation, you should prioritise security over other issues. Web3 applications deal with sensitive information and digital assets, hence security is paramount.
Everyday majority of the Web3 platforms suffer from cyber-attacks and before selecting a development company make sure the company has experience in:
Smart contracts security audits.
Secure key management and encryption.
Protecting against common blockchain vulnerabilities.
Regular security testing and updates.
A world-class security will safeguard your business and protect your clients.
6. Understand Their Development Process
Always take a look at the company's development process and understand it. Knowing the development process can help you get a better understanding of the company’s approach towards specific projects.
A well-defined development process typically includes:
Requirements gathering and analysis.
Design and architecture planning.
Agile development or similar project management practices.
Testing, quality assurance, and code reviews.
Deployment and ongoing maintenance.
Getting a quick view of their development process will give you confidence in their ability to manage your project effectively.
7. Assess Post-Development Support
The service doesn't end when your project goes live. A good development company should always give post-development support and ensure any arising issues are dealt with by them in haste. Before jumping to a company enquire about:
Post-launch support and maintenance packages.
Response times for addressing issues or updates.
Handling unexpected events, like network upgrades or security breaches.
Long-term support from the company will safeguard your project's sustainability.
It’s a critical decision for any business to choose a development company. As we told you, there is no such thing as a perfect development company. However, these seven points will streamline your search process and help you find the best Web3 development company. Web3 technologies have the potential to transform industries, and with the right development company by your side, you will be well-equipped to navigate this exciting new frontier.
All the best with your Web3 journey!