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The number of active blockchain developers decreased weekly more than 26% During the past three months. However, many tried to downplay the news. Perhaps most importantly, many have claimed that the loss of “tourism builders” and “tourism investors” was not a loss at all, as it would allow the industry to better focus on real projects.
However, the truth is that any smart contract platform depends on a large activity of a blockchain developer. Those without them wither and die. It’s disingenuous to say that exodus of developers or investors is a really good thing. In fact, it is a huge responsibility. The industry depends on innovation, and the more innovators there are, the greater the competition.
What some see as tourist builders and investors are actually people who are often neutral on the blockchain.People who are not necessarily blockchain enthusiasts but are people who understand the industry and see its value. These are the people who can transfer their talents and fortunes to a number of different industries. These are the people the industry should want to engage.
Does this mean that those new to blockchain technology should be tasked with building exchanges or security services? No, there has to be a move towards more security, for sure. But getting their ideas, which will then pay off, is a great thing. The free market decides what ideas are valuable. This is a great benefit of decentralizationPeople decide where there is value.
The best way to weather this storm is to acknowledge the reality of the downturn. As institutional investors become more immersed in Bitcoin and other digital assets, cryptocurrencies have been more closely tied to traditional assets. a period.
Did other things worsen the crypto winter? naturally. Perhaps the most notable of these is the nine-figure breakthrough that continues to plague the industry. This has clearly become a major flaw in the digital asset infrastructure.
The crypto winter will not end by inviting those investors who are protecting themselves from the volatility that occurs in cryptocurrencies. It can only end up defending the type of regulatory environment that will reduce investor fear in the long run.
While MiCA has been rolled out by the European Union, it has a very long way to go to full implementation. Now that SEC Chairman Gary Gensler has given his seal of approval, Congress will likely approve CFTC oversight of Bitcoin and Ethereum, and we may start to see some movement in the US after the November elections.
This may allow Congress to find the impetus to introduce other necessary regulatory provisions. The United Kingdom has a new Prime Minister and, due to the death of the Queen, will have an even greater transition period.
However, governments around the world are watching where the US and UK go from here. As the regulatory environment changes, you will start to see developer activity return to normal levels. This will restore prosperity to the industry.
Richard Gardner is CEO of Labs. He has been a globally recognized subject matter expert for more than two decades, providing complex insights and analysis on cryptocurrencies, cybersecurity, fintech, surveillance technology, blockchain technologies, and general management best practices.
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
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