Joseph Lubin, a co-founder of Ethereum and the head of ConsenSys, the biggest blockchain software company in the world, re-affirmed his initiative to bring more than a million developers into the ETH ecosystem at ETHDenver.
ConsenSys first introduced the “1 Million Developers” initiative in October 2019 to expand the developer community of Ethereum and encourage a wide range of individuals to work on the blockchain protocol.
Will Ethereum price react in the long-term?
In 2017, Ivey Business School professor JP Vergne said that the best predictor of a cryptocurrency’s price is its developer activity.
“We found that the best predictor of a cryptocurrency’s exchange rate is the amount of developer activity around it.” – @PirateOrg
— Jameson Lopp (@lopp) July 5, 2017
High developer activity indicates a cryptocurrency indicates that the underlying blockchain network is seeing improvements on a regular basis, especially pertaining to scalability, efficiency, and privacy.
Throughout the past two years, the Ethereum developer community has focused on bringing Ethereum 2.0. A major component of the 2.0 release is proof-of-stake (PoS), an algorithm that removes mining to reduces resources spent on verifying transactions.
Scalability solutions such as second-layer protocols have also been in the works by both developers at the Ethereum Foundation and independent organizations.
Lubin noted at ETHDenver that when more developers are working on ETH, eventually, ETH will evolve into a more inclusive and comprehensive blockchain network.
“What does it actually mean to have a million people working on the Ethereum platform? It’s not just about funded projects and full time blockchain engineers: hackers,