There are roughly 27m software program builders on the planet. Solely about 18k of them, or 0.07%, work on crypto or web3 each month.
These 18,000 energetic engineers have created $2 trillion in market cap throughout the highest 100 initiatives – $112m of worth per individual.
With such large potential impression, why are there so few engineers engaged on web3?
Crypto is younger. Crypto is risky. Crypto requires studying new languages.
Each quarter, RedMonk publishes a chart of the most well-liked developer languages. The 2 hottest languages for authoring sensible contracts are Solidity for Ethereum and Rust for Solana and Cosmos, circled in purple.
In Q1 2022, Solidity, Ethereum’s sensible contract language, appeared on the chart for the primary time. Rust remained the nineteenth hottest language, although it’s the fastest-growing. Nevertheless it’s equally prevalent as Emacs Lisp. I don’t suppose I’ve met anybody who writes Emacs Lisp regardless that I’ve labored in Startupland for greater than a decade, and roughly an analogous variety of engineers write Solidity.
Solidity and Rust are each influenced by decrease degree languages together with C++. The educational curve for these languages is important. With so few writing in these languages, web3 corporations face recruiting challenges to workers their groups which limits their pace.
It’s to not say that the web3 developer expertise isn’t enhancing quickly.
Spinning up an Ethereum gentle node is so simple as pasting a number of strains of bash script right into a terminal.
However there are various large alternatives to enhance the web3 developer expertise and that may invite many extra engineers to work in crypto. Think about if half 1,000,000 of the US engineering inhabitants all of a sudden had been able to working in web3. What number of trillions of worth may they create?