Blockchain Developer Activity Is Indeed A Measure Of Crypto Success

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The number of weekly active blockchain developers has decreased by more than 26% over the past three months. However, many tried to downplay the news. Perhaps most notably, many argued that the loss of “tourism builders” and “tourism investors” was not a loss at all, as it will allow the industry to better focus on real projects.

However, the reality is that any smart contract platform depends on significant blockchain developer activity. Those who don’t wither away and die. It is misleading to say that the exodus of developers or investors is really a good thing. In fact, it is a major responsibility. This industry depends on innovation, and the more innovators there are, the greater the competition.

What some see as tourism builders and tourism investors are in fact often blockchain-independent people people who are not necessarily blockchain enthusiasts, but people who understand the industry and see the value in it. These are people who can bring their talent and treasure to a number of different industries. These are people the industry should want to involve.

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Does this mean that those who are new to blockchain technology should be tasked with building exchanges or the security apparatus? No. It is absolutely necessary that there is a movement towards greater security. But having their ideas, which they then implement, is a great thing. The free market decides which ideas have value. This is the great advantage of decentralization people decide where there is value.

The best way to weather this storm is to acknowledge the truth about slowing down. As institutional investors became more and more immersed in Bitcoin and other digital assets, cryptocurrencies were increasingly closely correlated to traditional assets. Period.

Have other things exacerbated the crypto winter? Sure. Perhaps most notable are the nine-digit hacks that continue to plague the industry. This has clearly become a major flaw in digital asset infrastructure.

The crypto winter is not going to end by calling on these investors to hedge against the volatility that is crypto. It can only end by advocating the kind of regulatory environment that will reduce investor fear in the long run.

Although MiCA has been proposed by the EU, it has a long way to go until it is fully implemented. Now that SEC Chairman Gary Gensler has given his approval, Congress will likely approve the CFTC’s oversight of Bitcoin and Ethereum, and we may start to see movement in the US after the November election.

This could then allow Congress to find the momentum to propose other necessary regulations. The UK has a new Prime Minister and, due to the death of the Queen, will have an even longer transition period.

However, governments around the world are watching where the US and UK go from here. As the regulatory environment evolves, you will start to see developer activity return to normal levels. This will bring prosperity back to the industry.

Richard Gardner is the CEO of Modulus. He has been a globally recognized subject matter expert for over two decades, offering intricate insights and analysis on cryptocurrency, cybersecurity, fintech, surveillance technology, blockchain technologies, and management best practices. general.

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Blockchain Developer Activity Is Indeed A Measure Of Crypto Success

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