Bitcoin May Be The Top Crypto Asset, But Ethereum Beats BTC In Protocol Development Research
Bitcoin May Be The Top Crypto Asset, But Ethereum Beats Them In Protocol Development Research
Bitcoin was the original cryptocurrency to spur an entire industry, and many have tried to follow in its footsteps. While it has maintained the top market capitalization and has even been renowned as “digital gold,” it isn’t keeping up with Ethereum in their protocol development. Crypto research from Electric Capital confirms that Ethereum is taking the top spot in that area.
Speaking with Electric Capital, CCN discovered that the company recently performed its research with the involvement of 2,800 coins and 21,000 development repositories. The report, dubbed the Dev Report, this research is primarily in regard to the number of active developers that the major cryptocurrencies presently have.
In this research, Ethereum was also revealed to be the most developed of all cryptocurrencies, in spite of the market activity that it has recorded. Presently, they have 99 “total code” developers, which is much higher than what Bitcoin has. Most of the data collection was performed by Curtis Spencer, who said that the company aimed to give “the benefit of the doubt” for every project they researched, in terms of the location of development.
Each blockchain is broken down into “core” and “total core” in the report. Total code refers to documentation changes and smaller contributions, while core coding specifically speaks to blockchain development. For Ethereum and other coins that run on blockchains, the only items counted were the changes made to the smart contracts. Only new code was considered for Ethereum Classic and Bitcoin Cash, along with other forks. By taking this approach, the entire view of developer commitment is much more accurate and in-depth.
According to CCN, the “most interesting takeaway” is that development appears to be unaffected by negative market forces, while general interest is more influenced. Developers remain persistent through the bull and bear runs in the market, which may be why Ethereum has come so far. To put this in perspective, everyone knows that the values of Bitcoin and most altcoins have dropped by around 80% from their highest highs, but developers have only decreased their work on major projects by around 4%, which includes new projects.
Putting this number in perspective, the percentage means a few things. First, developers have actually increased, because new projects have been introduced since those highest highs took place. To ensure that the information was accurate, the developers working on multiple projects were accounted for accurate. As a secondary point to the first, there were 2,200 active developers in January 2017, while that number has risen to over 4,300 now.
Luckily, a declining market does not mean that developers are taking the day off or waiting around – it is the time when they pursue the most innovation. There is much more funding during the bull run, but it has not influenced the progress of development in this market.
As far as smart contract platforms, Tron, EOS, Ethereum, and Cardano are the most developed, while Cardo leads the efforts. It is worth noting that Cardano actually has the lowest market capitalization of the four companies listed.
Core protocol work is significantly different between the Bitcoin and Ethereum, showing 47 developers with Bitcoin and at least 99 developers with Ethereum.
As the discussion with Electric Capital came to a close, CCN reports that Curtis Spencer shut down any comments that blockchain development has declined. Spencer noted that there has been “continued innovation” throughout the whole ecosystem. While there have been many projects that have lost their footing and withered away, the “high-quality projects with great developers” have remained successful.
Investors and consumers should keep in mind that code activity is just one of many parts of a coin to consider. Decentralized applications are easily taking a solid place in the market, and the only way to keep up is to be informed and participate.