The Army of Developers Working On Public Coins
A bear market poses no threat to a relentless community
Electric Capital, a crypto asset management firm, released a fascinating report detailing data on developers working on active public coins. All data has been complied over the last 13 months and broken into two segments: core code and total code. Core code focuses on blockchain development, while total code deals with changes to documentation and smaller contributions.
Here are some highlights from the report:
- There are thousands of developers working on public coins, and even more working on private or pre-launched projects. Even while crypto markets fell 80% over the last 14 months, monthly active developers dropped by only 4%. This is telling of development being more of an incentive than price and profits. Everyone loves the game during a bull run but developers continue to remain active and participate despite a bear market.
- Ethereum clearly trumps Bitcoin on number of core developers, even though Bitcoin is king of market cap. Is the rise of Ethereum upon us? The allure of smart contracts may have a lot to do with that. Developers are flocking to build on blockchains like Ethereum.
- Projects like Ethereum Classic and NEM currently operate with 5 or less developers. This is revealing of projects with moderately high network values attracting fewer developers as the bear market continues. There could be many reasons for this but it doesn't bode well for projects looking to expand and gain notoriety in the crowded space.