A recent report from Electric Capital, A Palo Alto-based Crypto Venture firm takes a deep dive into the development activity of major Cryptocurrencies on Github. The report released on March 6th claims to have analyzed over 3000 Blockchain projects, 20000+ code repositories, and 16 Million commits.
Even though the Crypto markets have taken a hit in the past year, some projects like Ethereum have managed to attract more developers to work on the project. While Bitcoin’s developer ecosystem stays healthy many of its forks do not have consistent developer activity.
The report categorizes Litecoin and Dogecoin among the forks of high network value coins and describes both the projects as “being abandoned” by developers due to the low development activity in the past year.
Dogecoin had 0 active developers for consecutive months in 2019. The most activity on the project took place during September-October last year when the Doge-Ethereum bridge was under development. But apart from that Dogecoin has had either one or no active developers working on the project.
Image Source: Electric Capital
Litecoin fell from 40 active developers in January 2018 to just 3 developers within a year. Since June last year, the protocol has had less than double digit developers and at times even zero developers working on it.
Image Source: Electric Capital
The report says:
Many projects who are being abandoned by developers are forks of high network value coins. Dogecoin has no developers for consecutive months; Litecoin fell from 40 monthly developers to 3 developers in the last year; and forks like Bitcoin Diamond and Bitcoin Gold have had fewer than 5 developers a month since October, 2018.
Other Cryptocurrencies like Ethereum Classic, NEO, NEM, Bitcoin Gold and Bitcoin Diamond also have less than 5 monthly active developers.
Lower developer activity does not necessarily mean that the project is obsolete, while smart contract platforms have more developer activity due to dApps projects that are trying to be internet money do not need the same amount of development. Nevertheless, it is not a great sign when there are zero developers working on a project at any given time.
Investors have to rethink their investment strategy in Cryptocurrencies that have little to no innovation over Bitcoin. Even though Litecoin and Dogecoin have lesser developer activity they have strong communities that have supported the projects for quite some time.
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