Ethereum (ETH) is the second largest cryptocurrency by market capitalization and recently upgraded its network via the Constantinople hard fork. The successful upgrades reportedly saw the network block count more than double following the activation of the “difficulty bomb” update.
Now, another report is out, ostensibly showing that Ethereum the number of core developers working on the coin’s base protocol is double that of leading cryptocurrency Bitcoin (BTC).
Having the most core developers on a monthly basis puts Ethereum ahead of all other cryptocurrencies, and according to the report, these numbers do not even include community project developers.
The revelations are part of a study published on Medium by Electric Capital, a crypto asset management firm.
Ethereum core devs double Bitcoin’s
As per the research article, Electric Capital obtained its data by fingerprinting over 20,000 code repositories and over 16 million commits- with the resultant data showing that ETH has a monthly average of 216 developers who contribute to its repositories.
Besides, the firm notes, the above data somehow undercount the total number of developers on the Ethereum network, mainly because the data does not incorporate “ecosystem projects like Truffle.”
Just as well, the above data on Bitcoin (BTC) developers exclude ecosystem developers, which still give the leading cryptocurrency by market cap a monthly average of 50 developers.
However, the report goes on to reveal that per data sets on core protocol contributors, Ethereum leads as “the most active” with an average of 99 developers per month. In comparison, Bitcoin has a monthly average of 47 developers working on its core protocol.
Other top cryptocurrencies like EOS (EOS), Cardano (ADA) and Tron (TRX), all defined as Ethereum competitors, have monthly averages of more than 25 core protocol developers.
The overall number of active developer increases
Electric Capital notes in its report that the number of active developers on the top projects has remained high even when the crypto bear market led to most cryptocurrency prices declining by over 80 percent since the 2017 crypto boom.
According to the firm, data shows that despite the huge drop in prices, the percentage of monthly active developers has dropped by only 4 percent.
Notably, also, is that public coin repositories have seen the number of developers increase tremendously from 2017, doubling in the last two years to reach 4,000 developers working on over 2,800 public coins.
Excluded from the above data sets are developers working on private coins, those yet to be launched or what the report calls non-coin networks- like the Lightning Network.
Despite the increase in overall developers working on top projects, some platforms have seen dwindling numbe4rs over the same period.
For example, Litecoin (LTC) saw its developer base decline from a monthly high of 40 to measly three, while Dogecoin (DOGE) has reportedly not had any developers for several months now.
Since October last year, less than five developers have contributed to the protocols of bitcoin forks Bitcoin Gold and Bitcoin Diamond.
While Ethereum co-founder Vitalik Buterin has previously said that the smart contracts and dApps platform was created to improve on Bitcoin’s functionality, others, like the CEO of Square and Twitter Jack Dorsey, have continued to spend heavily to see further developments on the Bitcoin network.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.