Web3 is appearing to be this year’s buzzword. The same way NFTs were for 2021.
The Web3 platform is currently agog with activity as everyone—developers, investors, and crypto users—is highly excited about the possibility of using decentralized applications on an entirely decentralized platform. Visit at: bitcoin-loophole.nl
The development of Web3 applications did not just start. Blockchain companies have been tirelessly working on these applications for five years. For example, a VC firm known as Electric Capital was reported to have invested in several Web3 companies since 2018.
The recent popularity of these applications has caused them to gain rapid traction within the crypto ecosystem. Today,
there are over 500,000 code repositories and at least 159 million lines of code written in Web3. Experienced developers have picked up the baton of developing Web3 projects since 2021, and right now, over 34,000 developers have codes dedicated to Web3 trends. According to Electric Capital, this figure is the highest ever recorded for the number of developers within the system.
The company pointed out that at least 60% of these developers started their projects within the last 12 months. The report also noted that most of these developers are working part-time on the Web3 projects, while a few are working on both Web2 projects and Web3 projects simultaneously.
The main difference between Web2 and Web3 projects is that Web2 projects are highly closed-source while Web3 projects are open-source. This does not mean closed-source developers can’t create open-source applications. The migration of Web2 developers to Web3 platforms is enough proof that Web3 is more flexible. Developers are amused by the notion of shipping and building their products in the open.
Developers in the Web3 ecosystem
Each month, about 18,000 active developers work on projects hosted on the Ethereum network. These tech people commit code to open-source digital assets and Web3 projects each time.
The Web3 space has a substantial number of Web2 developers. In an interview with Cointelegraph, Maria Shen said that the last 12 months brought an unexpected high level of development to the Web3 niche. Shen, who serves as a partner at Electric Capital, reiterated that the number of active developers in the Web3 space is the highest ever recorded on any crypto-related project. Incredibly, this figure only referenced the number of open-source developers.
Hundreds of Web2 developers have taken up temporary positions to thrive in the Web3 space. Maria Shen noted that this is hardly possible on Web2. Because developers working on closed-source projects must be employed by Google before proceeding. The flexibility of Web3 platforms permits hobbyists to join in the trend.
Developers will continue to Participate in Web3 Projects
Shen predicts that this influx of developers in the budding Web3 space will not slow down anytime soon. Web3 is still a novelty, attracting thousands of players into the system. It is reasonable to expect developers to continue committing code to the space over time.
She likened the current situation to previous crypto bull runs. For instance, developers only flooded the crypto space months after prices reached their ATH in January 2018. Note that Web3 is yet to peak in any form; hence developers may continue trickling in till it does and even after.
The co-founder of Edge and Node, an open-source index protocol team, said that the next twelve months would cement Web3’s position in the crypto space. Kline told the Cointelegraph that the decentralized opportunities offered by Web3 are pretty extensive. She added that developers would continue to join in as the space continues to go mainstream. According to the top executive, very little can be done in the centralized system again.
Whatever the case may be, the path to finalizing Web3 is not without obstacles. Developers are still working on tools that can efficiently create underlying infrastructures without compromising the platform’s accessibility to users.
The CEO and co-founder of the Laconic Network, Maly Ky, also commented on this topic. KG said that Web3 still has to perfect its interoperability feature to connect with other blockchains. There are many areas where developers could offer their services on a Web3 project. The influx of these tech brains into Web3 will hasten the improvement of the utility and interoperability of the platform.
First and foremost, developers must address all fundamental data issues within the space. We’ll see how this plays out within the next few months.