Crypto News

Russia and India going to be the new leaders in Web3 Development

Russia and India are way ahead of US in terms of market share of Web3 Developers. Let us take a look at the Electric Capital Developer Report

The Era of Web3 Developers

The success of crypto assets backed by Blockchain technology paved way for many revolutionary transformations. The question raised then, that when a truly decentralised financial sector can thrive then why not the Internet? Today we are dependent on the World Wide Web for everything from socialising, news, information, marketing and so on. Not a single sector can function fully without the internet.

However, big tech giants currently rule the internet. User information is accessed and used for marketing, advertisements etc., and it is even sold to third parties. Concerns regarding Privacy and right to ownership of data was the main factor behind Web3 conceptualisation. We can say it is an idealistic version of the current internet age which will propel an intermediary-free digital economy. It will be decentralised and based on tokenomics.

The race started in 2021 to bring the third web into existence and some say they have succeeded too. Play to earn games is one of the tangent to the development of the third web.  This has led to a hoard of Web3 developers and companies jumping into this space.

Web3 Developers growth worldwide

Electric Capital is a Venture Capitalist firm that is investing in Web3 companies since 2018. They released an Electric Capital Developer Report highlighting the growth of Web3 Developers. The report is created after collecting data from 500K code repositories and 160 million code commits across the Web3.

According to the report there are 18416 monthly active developers in open source Crypto and Web3 projects while there were even less than 2000 in 2016. 2021 saw the highest number of developers as 65% of active developers joined in that year alone.

The summary of the report –

More than 34000 developers committed code in 2021, the highest in history

The largest share of open-source developers works on Ethereum then on Bitcoin

20% of new Web 3 developers joined the Ethereum blockchain.

Out of the total developers in Web3 projects, 65% joined in 2021

The ecosystems with more than 250 active developers are Ethereum, Bitcoin, Polkadot, Cosmos, Solana, BSC, NEAR, Avalanche, Tezos, Polygon and Cardano.

Russia and India going to be the new leaders in Web3 Development

According to the report, share of code submissions that occurred during US working hours declined from 65% in 2012 to 55% in 2022. There is also chart with the number of developers who reported their location.

As per this chart, the share of Web3 developers rose in Russia and China.

India could potentially become a big player in Web3 as it has a highly developed ITES industry. India has a larger share in the $100 billion a year gaming pie in the world that can soon transition into Web3.