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10 Skills Needed to be an Analyst in Web3

How to become web3 analyst. What are the skill required to become a Web3 analyst? Guide to start your career as a...

Written by Niel Patel · 5 min read >
How to become web3 analyst. What are the skill required to become a Web3 analyst? Guide to start your career as a Web3 analyst

The world of web3 is still in its infancy, and there are many opportunities brewing as this new world takes shape. If you’re thinking about starting an analyst career in Web3, then you’ll need to have an impressive skillset and knowledge base to stand out from other candidates. We’ll discuss 10 of the most important things you’ll need to know before working in web3. If you’re actively looking for a Web3 career or just curious, check out this list:

1) Understand Blockchain

The first and most important thing you need to know is how blockchain technology works. Blockchain is the underlying technology that powers web3 applications like Ethereum, Bitcoin, and others. Without a basic understanding of how blockchain works, you’ll be at a disadvantage when trying to find a job in web3 or any other area related to web technologies.

We’d recommend refreshing yourself on the following terms related to blockchain as well – you may get asked questions that include these terms during your interview:

  • Proof-of-work
  • Proof-of-stake
  • Node
  • Dex
  • Dapp
  • DeFi
  • Smart Contracts

2) Know How to Write a Basic Smart Contract

You don’t need to become an elite software engineer, but you should know how to write a basic smart contract so you can communicate intelligently with engineering and product teams. If you already understand if-then statements you’re off to a good start. Smart contracts have a defined set of rules that are enforced via the code that’s part of it.

If you’d like to start learning more about Smart Contracts, check out Ethereum’s page on smart contracts. We recommend building a basic smart contract so you have the understanding and can also impress the interviewer of your knowledge of Web3 fundamentals.

3) Stay Current on Cryptocurrency Regulations

Cryptocurrency is leading the charge when it comes to Web3 innovation and also under more scrutiny than ever. You’ll want to research what current regulations are in place and how these impact the going you’ll be working for. For example, in the United States, the Securities and Exchange Commission (SEC) has been cracking down on ICOs that don’t comply with securities regulations. The SEC’s website is a great place to start to build your knowledge around regulations.

Many influencers dived into promoting Web3 projects and are now getting hefty fines from the SEC for violating rules related to advertising cryptocurrencies. Read about Kim Kardashian’s recent fine from the SEC as a real-world case study regarding these restrictions. Unfortunately, the SEC doesn’t care whether you knew about the regulations or not – they leave that responsibility up to the person or group advertising.

Expect more fines to be issued from the SEC as they dive into more of the advertising efforts that have been made for new cryptocurrency projects. Regulations and restrictions can quickly halt the progress of any Web3 initiative. The consequences of violating regulations can be hefty fines or government intervention into business operations.

Don’t feel overwhelmed if these regulations seem complicated, as an analyst you’ll just need to understand the basics. The world of Web3 is emerging and changing, and that’s part of what makes it so exciting and challenging. We recommend understanding basic regulations so you can highlight your knowledge during the interview process and stand out from other candidates.

4) Read & Write Javascript

Javascript is the language of the web and it’s not going anywhere anytime soon. At a minimum, you should know how to write vanilla Javascript so you can communicate with front-end developers. If you want to stand out, learn at least one popular web framework like React or Angular.

Analysts aren’t typically relied on to write Javascript from scratch, but since many applications and websites use Javascript, you’ll be better prepared as an analyst working in Web3 if you can recognize and make edits to Javascript. Javascript is typically used in the front-end interactions with the end user, while the Web3 tech is fueling other functionality in the background.

5) Read & Write Python

In Web3, Python is still a highly relevant and important coding language for analysts to understand. Python is used in a variety of settings from data analysis to automated testing. Understanding Python will make you more versatile and knowledgeable about the projects you work on.

Knowing Python and Javascript will allow you to work in which is used to read and interact with the Ethereum blockchain. Ethereum is currently the most built out blockchain, so this is a sign to recruiters that you have built out skills in relevant areas. Mentioning this skill as employers test your knowledge will signal to them that you are building skills in the most prevalent systems in blockchain technology.

6) Create Data Visualizations

The correct chart or visualization can tell a story and convey an important finding much more clearly than text or words can. As an analyst, being able to understand and communicate data is key, but what will set you above the rest is taking a set of data and turning into a relevant visualization that illustrates your findings.

Data visualization is a way of representing data so it can be easily understood by other stakeholders in your organization. If you’re not already familiar with popular data visualization tools like Tableau or Google Data Studio, now is the time to learn. Courses on Udemy allow you to download sample datasets and practice bringing data to life. The charts and graphics are usually the #1 takeaway from presentations you’ll make as an analyst – so make sure you’ve finetuned this skill.

7) Communication

Most Web3 analyst roles will require you to communicate your findings to non-technical stakeholders. This means being able to write clearly and concisely about complex topics. If you’re not confident in your writing skills, we recommend taking a course or two on business writing so you can hone your craft.

Analysts are often the bridge between technical and non-technical teams. This means that your ability to communicate effectively will be even more important. You’ll need to be able to explain complex concepts in simple terms and write clearly about your findings. When leadership sees that you can clearly explain complex topics, you have a greater chance of moving into management roles at a quicker pace.

Remember, no one knows how much you know – unless you can explain it to them at their level of understanding.

8) Stay Current on Web3 News and Trends

The world of Web3 is ever-changing, which means it’s important to keep up with the latest news and trends. This will help you understand the industry you’re working in and make sure you’re up-to-date on relevant topics. You can subscribe to the MakeAnAppLike newsletter and visit our website to stay up to date on Web3 trends. You can also visit niche crypto review sites and build a folder on your browser to keep them organized.

Another helpful way to stay up-to-date is to create a Google alert for terms related to the Web3 projects and initiatives that are of most interest to you. You can setup these alerts to fire once a way, a week or whatever cadence you prefer. New Web3 innovations such as wallets, DeFi apps, and DEXs are released frequently – so it’s time consuming, but worth it to stay up to date.

9) Project Management

As a Web3 analyst, you’ll be working on multiple projects or initiatives at once. This means being able to effectively manage your time and prioritize your work. If you’re not already familiar with project management tools like Jira or Asana, now is the time to learn. You can find online courses on project management for on Udemy or Coursera that are affordable and have instructors who are current on the topic.

Another reason Project Management is important in Web3 as an analyst, is that as you display this skill, you could get promoted or moved to become a Project Manager – which has the potential to earn $150,000+ and is a job with high satisfaction in the tech world.

10) Networking

Landing a job in Web3 is exciting, but you can open endless opportunities to yourself if you begin to leverage your connections and build a network of like-minded professionals in the same space. As you attend conferences and work with vendors, make an effort to send personalized notes on LinkedIn and offer valuable Web3 related info on your own social accounts so you’re seen as an expert in the space.

As you build your network and online presence, opportunities will open up to you that you would’ve had to work weeks to find or would have never found at all. You have the once in a life opportunity to establish yourself as an expert in a space with an unlimited upside, so why not go for it?

Some potential conferences you can build your network are:

Learning More About Web3 Opportunities

Web3 is an exciting and emerging industry that offers a lot of opportunity for those with the right skillset. We hope this list has given you a better idea of what it takes to start a career in Web3 development and develop as an analyst. With the right mix of technical and soft skills, you’ll be well on your way to landing your dream job in Web3.

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