After the cryptocurrency giant Bitcoin, Ethereum is the second most popular cryptocurrency. Ethereum is a free Blockchain-based platform that enables developers to implement their decentralized programs on it. Much like Bitcoin, this cryptocurrency is not under the control of any institute or organization, and its trades and transactions are done independently from any bank or monetary institute. This currency, which was created to fight off the hegemony of banks, corporations, and different institutes, is now worth $136 per coin, making it the second most valuable cryptocurrency after Bitcoin ($3912). It was also recently announced that this cryptocurrency has the most number of developers.
Bitcoin and Ethereum Have the Most Number of Developers
Ethereum, among other cryptocurrencies with the exception of developers working on community-based projects, has the most number of developers working on the basic and central protocol. After analyzing more than 20,000 code sources and 16 million commits, it turned out that on average 216 developers work and collaborate in coding Ethereum sources monthly. Bitcoin, the king of cryptocurrencies with regard to market value, has a healthy development with a monthly average of more than 50 percent of developers, while Ethereum with a monthly average of 99 percent of developers is the most active project. On the other hand, Bitcoin has a monthly 47 core protocol developers which makes it the second most active project.
4 Thousand Developers Are Working on 2800 Projects
Other large cryptocurrency networks such as Cardano (ADA), EOS, and Tron (TRX) each have more than 25 developers that each month help their perspective core protocols. However, the value of cryptocurrencies has fallen about 80 percent from their highest, but the total number of active developers in the cryptocurrency industry has only decreased by 4 percent. Furthermore, the number of developers working on the update of the Blockchain network has doubled during the last two years. It should be mentioned that currently, 4000 developers add a new source code monthly to 2800 projects.
The Increase in the Number of Blockchain Developers in the Bull Market
Perhaps the most interesting result from these reports is that the negative forces of the market, as they impact public interests, do not impact development. Everyone wishes for Blockchain world in the bull market, but the developers even when the market was hurt continue their efforts, and the 80 percent decrease in the value of cryptocurrencies only resulted in the 4 percent decrease of developers.
This number is for new projects; therefore, the total number of developers has had an actual increase. Some developers might work on multiple projects. Therefore, the number of developers who were working on the 2800 Blockchain project in January 2017 was less than 2,200 people; this number is now approximately 4,352. This number does not include projects like the Lightning Network that seems to be as developed as Bitcoin.
The bear market does not lead to the destruction and failure of developing teams. In the process of the bull market, billions of dollars were raised for Blockchain projects. These funds could have been a good incentive for frauds and scammers as well; this is exactly the dark and scary point in the exciting technologies and free money.
Hacked.com, the sister site to CCN.com, was one of the first websites to implement a ranking system to determine differences between frauds and potential good investments.
It is worth mentioning that developers write codes like programmers, but their main task is to find solutions for issues and needs. Now given this fact, if a problem occurs in the system of the Ethereum Blockchain and Bitcoin Blockchain simultaneously, which one will be able to solve its problem sooner, Bitcoin with 47 developers or Ethereum with 99 developers? Which one will be more efficient?