Blockchain Developer Activity Is Indeed a Measure of Crypto Success
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Number of weekly active blockchain developers drops more than 26% in the past three months. However, many tried to downplay the news. Perhaps most notably, many claim that “tourism builders” and “tourism investors” lost nothing at all, as it would allow the industry to better focus on real projects.
However, the reality is that any smart contract platform relies on significant blockchain developer activity. Those without them wither and die. It would be disingenuous to say that the exodus of developers or investors was indeed a good thing. In fact, it’s a big responsibility. The industry depends on innovation, and the more innovators, the more competition.
What some people think of as tour builders and tour investors are actually people not usually blockchain-relatedNot necessarily a blockchain enthusiast, but someone who understands the industry and sees value in it. These individuals can bring their talents and wealth to many different industries. These are the people the industry should want to get involved.
Does this mean that those unfamiliar with blockchain technology should be responsible for setting up exchanges or security equipment? Do not. There is definitely a need to move towards greater security. But it’s a great thing to have their ideas and then they put them into practice. The free market determines which ideas have value.This is the huge benefit of decentralizationPeople decide where there is value.
The best way to weather this storm is to admit the truth about the recession. As institutional investors invest more and more deeply in digital assets such as Bitcoin, cryptocurrencies are more and more closely related to traditional assets. period.
Are other things exacerbating the crypto winter? certainly. Perhaps most notable are the nine-figure hacks that continue to plague the industry. This has clearly become a major flaw in the digital asset infrastructure.
The crypto winter will not end by appealing to investors who protect themselves from cryptocurrency volatility. It can only end by advocating a regulatory environment that reduces investor fear in the long term.
Although MiCA was proposed by the European Union, there is still a long way to go before it is fully implemented. Now that SEC Chairman Gary Gensler has given the green light, and Congress may approve CFTC regulation of Bitcoin and Ethereum, we may start to see some moves in the U.S. after the November election.
That could give Congress an incentive to push other necessary regulatory provisions. With a new prime minister in the UK, there will be a larger transition period due to the death of the Queen.
Yet governments around the world are watching where the US and UK go. As the regulatory environment changes, you will start to see developer activity return to normal levels. This will bring prosperity to the industry.
Richard Gardner is CEO modulusFor over two decades, he has been a globally recognized subject matter expert, providing sophisticated insights and analysis on cryptocurrency, cybersecurity, financial technology, surveillance technology, blockchain technology, and general management best practices.
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