On June 5, 2017, before the largest cryptocurrency bullrun ever, Professor JP Vergene of Ivey Business School said that the best indicator of future cryptocurrency success is the number of developers working on it.
In the spirit of this idea, in October 2019, co-founder Ethereum and ConsenSys chief Joseph Lubin stated that ETH’s goal is to bring more than a million developers to their ecosystem. He reiterated this vision during the last ETHDenver conference between 14-16 February.
Developers’ interest and activity is unquestionable evidence that the blockchain is under constant development and has the potential for further significant improvements, especially in terms of scalability, security and privacy.
In recent years, the goal of Ethereum developers has been to launch Ethereum 2.0 and the associated transition to the Proof of Stake algorithm. Lubin noted that the more developers working on this ecosystem, the more complex the network is being built.
“What does it really mean that a million people would work on Ethereum? This is not just about funded projects and full-time developers. It would also be hackers, students, or WEB2 developers who integrate Ethereum elements into their existing solutions… they are all Ethereum developers. It creates inclusive blockchain-based systems that will gradually form through bridges between old and new systems, ”he said of how millions of people could participate in the future of Ethereum.
Despite big plans, the Ethereum faces frequent criticism that it has not been progressing as fast as expected recently. Starting the Ethereum 2.0 phase and improving scalability is becoming an priority as interest in decentralized finance (DeFi) has increased. However, in order to be able to work more easily on Ethereum, they require technological progress, particularly in connection with improving network throughput (scaling).