In 2021, the 10 fastest-growing cryptocurrency ecosystems. A little over two years ago, bitcoin dominated the cryptocurrency industry. Accounting for about 70 percent of its total market capitalization. However, as the cryptocurrency market has grown to approach $2 trillion in assets. The business has become increasingly fragmented. Today, bitcoin’s market share is less than 40%, and new cryptocurrency networks. Which are being launched on a daily basis. One method of sorting through the muck and figuring out where the industry is headed. Is to follow the software developers who design, create, and maintain cryptocurrency networks.
“Developers, on the whole, are quite logical people. In the event that there’s anything they can play with that has genuine benefit. Developers have the opportunity to go locate that item,” explains Avichal Garg. A managing partner at cryptocurrency-focused venture capital company Electric Capital. In his opinion, the number of developers who are now working on a cryptocurrency network. Is a “leading sign of where wealth will be created and accrue over the next 10 years.”
Garg and Electric Capital partner Maria Shen co-authored a report in which they revealed. Which cryptocurrency platforms had attracted the most developers in 2021, according to Garg. In order to estimate the number of engineers working on each platform, they analyzed data from GitHub. One of most popular online repository where developers save their code. Their data understates the total number of developers since it does not include code. That is produced privately or the large number of engineers that work for companies. Such as Coinbase, among other things.
They found 18,000 active developers in 2021
As a result of their research, they estimate that there are 18,000 active developers. (Including both full-time and part-time workers) working on bitcoin platforms. An increase from approximately 10,000 a year ago. This upsurge, according to Garg, is proof of the industry’s expansion and long-term viability. In agreement with this is Kinjal Shah, an investor at Blockchain Capital. “When people are voting with their feet and their time. It’s a powerful indicator that there is something they’re developing for the long run.”
The investigation conducted by Electric Capital looked. At approximately 500,000 pieces of code and 160 million code modifications. It calculated growth by comparing the months of December 2020 and December 2021. For the purposes of the following list, a developer was considered full time. If he or she produced at least 10 software updates in a month.
The fastest-growing platforms are all competitors to Ethereum, the second-largest cryptocurrency network. That was founded in 2015 and has 1,300 full-time developers working.On it to build apps on the Ethereum blockchain. Ethereum functions as a decentralized computer on which applications can developed. And it is maintain by a network of more than 5,000 “nodes,” or machines that assist. In the validation of transactions. Ethereum’s disadvantage of broadly distributed is that it can only execute. Roughly 15 transactions per second (in comparison, the Nasdaq stock market. Averages approximately 20,000 transactions per second). And a single transaction cost can frequently reach $100.
These burgeoning crypto networks all take unique routes
These burgeoning crypto networks all approach decentralization and “consensus” differently from Ethereum. They are cheaper, faster, and not as decentralized as Ethereum.
Korea-based Terra started four years ago by Do Kwon, 30. This country’s UST “stable coin” (a cryptocurrency linked to the value of the US dollar). Has a market cap of $10 billion, making it one of the world’s top five stable coins. SF-based Hundreds of coders and crypto millionaire Sam Bankman-strong Fried’s. Backing startled many crypto insiders last year. Solana-based apps for bitcoin trading, financing, and music streaming have grown also highly popular. Solana’s SOL token grew from $1.85 in January 2021 to $170 by year’s end, worth $53 billion.
Near was develop in 2017 by Alexander Skidanov and Illia Polosukhin. Two engineers who previously worked on Google’s TensorFlow machine learning framework. Like Ethereum, Solana and Near written in Rust. A more commonly utilized programming language than Solidity. For their platforms, Solana and Near have aggressively offered subsidies to software developers. In October, Near announced a $800 million grant program. And former Circle CMO Marieke Flament became CEO this year.
EOS, for example, went from 125 active developers (full-time and part-time). In December 2020 to 80 a year later. The SEC penalized EOS $24 million for executing an unregistered security offering in 2018. This corporation also made no admissions.