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Ethereum Core Devs Outnumber Those Working On Bitcoin Per Month Claims New Report

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 […]

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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.

Source link: Ethereum Core Devs Outnumber Those Working On Bitcoin Per Month Claims New Report

Source: https://xbt.net/blog/ethereum-core-devs-outnumber-those-working-on-bitcoin-per-month-claims-new-report/

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Grayscale Study: COVID-19 Made Bitcoin Even More Attractive To US Investors

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The number of US-based investors interested in Bitcoin continues to increase according to Grayscale’s Investment 2020 report on the cryptocurrency.

The leading digital asset manager also noted that the COVID-19 pandemic has exemplified Bitcoin’s merits and made it even more captivating to investors.

US Investors’ Growing Interest In Bitcoin

Titled “Bitcoin Investor Study,” Grayscale’s 2020 research aimed at shedding some light on US investors’ perception of Bitcoin and how it has changed in a year. The expanding interest is among the most notable highlights. Grayscale noted that 36% of all surveyed participants in 2019 expressed an interest in BTC, while the percentage has grown to 55% this year.

83% of those who answered that they have previously bought Bitcoin have made their purchase in the past year. The most significant percentage here was in the past four months – 38%.

Nearly two-thirds of those particular Bitcoin investors reported that “the ramifications of COVID-19 were a factor in their decision to do so.” Furthermore, three times as many investors indicated that the pandemic had increased Bitcoin’s appeal as those reporting that it had decreased their interest in the asset.

US Investors Timeframe of Bitcoin Purchases. Source: Grayscale
US Investors Timeframe of Bitcoin Purchases. Source: Grayscale

The data also suggested that “Bitcoin is moving toward mainstream acceptance,” as 62% of the 1,000 participants said they were familiar with the primary cryptocurrency. For reference, the percentage last year was slightly over 50%.

Bitcoin To The Moon Attracts Investors

Apart from listing the COVID-19 as a motivating factor to purchase Bitcoin, the participants listed two other reasons. Being the best-performing asset of the previous decade, BTC’s potential price growth has become even more alluring to new investors. Nearly 80% named this as their most enticing aspect.

The other reason why most people have become attracted to the asset is the ability to start small. Although many investors outside of the cryptocurrency industry believe that they need to purchase at least one bitcoin to start, that’s far from the trust. As any BTC proponent will assert, people can buy even a small fraction.

65% have answered that having the option to buy less than one bitcoin has made them feel safer towards entering the space. The percentage has grown by 6 points since last year.

US Investors Buying Bitcoin Motivating Factors. Source: Grayscale
US Investors Buying Bitcoin Motivating Factors. Source: Grayscale

Despite all the rising data from above, most people still believe that they need more comprehensive educational materials before investing. They explained that the regular investor couldn’t find trustworthy information on the cryptocurrency space. However, there’s a significant number of reports covering crypto scams.

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Source: https://cryptopotato.com/grayscale-study-covid-19-made-bitcoin-even-more-attractive-to-us-investors/

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Banking Giant JP Morgan Releases Its Own Stablecoin

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About a year and a half after its announcement, JPMorgan Chase has released its stablecoin. The American multinational investment bank and financial services company has presented the digital asset, showing its beliefs in blockchain technology and cryptocurrencies.

After A Long Hype, It’s Time For JPM Coin

As per a recent news announcement, JPM Coin is already live and reportedly used by a large technology company to send payments across the world. The new-born digital asset is considered an indication of the pro-digital currency aims of the company and an expectation that more commercial clients will use its stablecoin in the future.

As a follow-up of the new currency release, JPMorgan has decided to create Onyx – a new business arm to house and operate its blockchain and digital assets enterprise.

“The unit has more than 100 dedicated staffers,” said Takis Georgakopoulos, the bank’s global head of wholesale payments.

We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business,” said Takis Georgakopoulos, the bank’s global head of wholesale payments.

Further Belief In Crypto And Blockchain’s Profitability

As per the announcement, JPMorgan Chase shows strong faith in the blockchain industry’s usefulness. According to Umar Farooq, the newly named CEO of Onyx, banks could now save money on removing mistakes and creating a model to earn money by participating in the network, while charging a few cents to confirm data for each transaction.

Processing paper checks would also benefit from the integration of digitalization.

“Using a version of blockchain with the participants being the main issuers of checks and the main operators of lockboxes, it’s possible we can save 75% of the total cost for the industry today, and make checks available in a matter of minutes as opposed to days,” said Georgakopoulos.

As CryptoPotato reported, JPMorgan Chase has shown its readiness to enter the crypto world as early as last year, changing its opinion on Bitcoin in general. Back then, the major bank announced plans to launch its own cryptocurrency, which would be used to settle transactions between clients of its wholesale payments business instantly.

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Source: https://cryptopotato.com/banking-giant-jp-morgan-releases-its-own-stablecoin/

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5 Reasons For Bitcoin’s Price Surge To New 15-Month High

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At the beginning of October, Bitcoin’s price was particularly indecisive and trading slightly above $10,000, causing many to believe that the unfilled CME gap down at $9,600 would soon be closed.

Fast forward to the current date, October 27th, BTC is trading at $13,400, having just marked a fresh high for 2020. The cryptocurrency added around $3,000 to its value, representing an increase of around 30%.

With this said, this month was also quite eventful. Many things happened, and, as such, let’s have a look at five possible reasons that could have led to this substantial price increase.

PayPal Announcing Support for Bitcoin, Bitcoin Cash, Litecoin, and Ethereum

Undoubtedly, the most important piece of news that came out this month was PayPal announcing support for cryptocurrencies.

Now, PayPal is the world’s largest online payment processor. Data from Statista shows that for the second quarter of 2020, the company has processed over $221 billion. Moreover, the company has a network of over 26 million vendors, and it plans to enable users to spend their BTC at all of them, starting in early 2021.

Additionally, it’s worth noting that PayPal is a widely-accepted payment method, and most of the banks allow transfers from and to the platform. On the contrary, not a lot of banks support Bitcoin transactions, meaning that they would either have to reconsider their policy, or they would have to drop PayPal as a client altogether.

At this point, it’s unclear how this will be resolved, but it’s exciting to see how the situation develops. If one thing is certain, though, it would put Bitcoin and other cryptos at the forefront of an important discussion.

Major Banks Starting to Change Their Attitude Toward Bitcoin

There’s no clearer example here than JP Morgan – one of the world’s largest multinational investment banks.

The relationship between the bank’s CEO, Jamie Dimon, and Bitcoin is one worth following. In 2017, the high-ranked executive said that BTC is afraid and that if he saw any of his traders dealing with it, he would “fire them in a second.”

Well, fast forward a few years, and now the bank is posting bullish predictions on that very same cryptocurrency that Dimon labeled a fraud.

Just a few days ago, JP Morgan said that even a modest switch in capital from gold to Bitcoin could see its price triple.

Number of Publicly-Listed Companies Which Buy Bitcoin Increases

Perhaps as a direct consequence of the above, we can already see an increased involvement from publicly-listed companies.

The biggest buyer who put Bitcoin on its balance sheet became MicroStrategy, with its massive $425 million investment. Its CEO, Micael Saylor, has been particularly vocal about BTC’s merits.

Jack Dorsey’s Square also jumped on the bandwagon, purchasing $50 million worth of Bitcoin earlier this month.

Below is a list of all the publicly-listed companies and their holdings in BTC.

public_companies

Publicly-listed companies putting BTC on their balance sheet is a huge deal for the nascent cryptocurrency, and industry experts have it that this effect will only snowball.

Singapore’s Biggest Bank Reportedly Launches a Bitcoin Exchange

As CryptoPotato reported just today, DBS Bank, a Singaporean multinational banking and financial services corporation and the city-state’s largest bank, has reportedly launched an exchange that offers fiat-to-cryptocurrency trading pairs.

Purportedly, the new exchange would support the “top digital currencies in circulation,” namely Bitcoin, Bitcoin Cash, Ethereum, and Ripple’s XRP. Traders would be able to exchange them against SGD, HKD, JPY, and USD.

More interestingly, the exchange would supposedly only accept financial institutions and professional market makers, as its users. The venue would be regulated by the Monetary Authority of Singapore, which is also its de-facto central bank.

Needless to say, a central bank-backed and regulated exchange aimed at institutional investors should, in theory, facilitate the involvement of larger players in the field.

Uncertainty Around the Upcoming 2020 US Presidential Elections

Undoubtedly one of the most important moments for the global macroeconomic outlook is the upcoming US Presidential Elections, set to take place on November 3rd.

CryptoPotato did a survey, and it turned out that the elections are the biggest concern for Bitcoin investors in 2020.

cryptopotato_survey_btc

It is, perhaps, no surprise that billionaire Paul Tudor Jones III came up with a statement, saying that he likes “Bitcoin even more now than then [when he bought BTC in May].” He also said that it’s going to be the best inflation trade.

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Source: https://cryptopotato.com/5-reasons-for-bitcoins-price-surge-to-new-15-month-high/

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