The Palo Alto, California-based crypto asset management firm Electric Capital has recently published a 66-page report dubbed as “Dev Report” that focuses on crypto developer activity from Jan 2018 to Feb 2019.
Looking at the developers working on the public coin, the Dev report says that the number of developers associated with the development of public digital coins has doubled in the last 2 years. According to the report, there were around 2,190 monthly active developers working on public digital coins in Jan 2017 which has skyrocketed to 4,352 in Jan 2019.
Another finding mentioned in the report states that ‘Developers who entered the crypto ecosystem have continued to build despite market conditions.’ During the time period of 2018-19, the crypto market has lost more than 80% of its value in a brutal bear market run while the number of monthly active developers fell only by 4%.
The Dev Report also revealed that Ethereum has the largest portion of the developers working on expanding its code repository, followed by Bitcoin. Talking in numbers, 216 developers contribute code every month to Ethereum’s repository followed by Bitcoin’s 50 monthly active developers.
Another interesting finding shared in the report is that the major number of projects which were being left by the developers since January 2018 were forks of high network value virtual coins i.e. Litecoin, Dogecoin etc. The Dev Report also stated that there were no monthly active developers for Dogecoin while the number of developers for Litecoin has fallen from 40 monthly developers to 3 developers in the last year. The same is true for Bitcoin Gold and Bitcoin Diamond fork that have less than 5 developers a month.
Lastly, a surge has been seen in the number of developers working on core protocol for platforms. More than 25 monthly core protocol developers on average are working on platforms like Ethereum, TRON, EOS etc.