Most of the professionals who are experienced and skilled at developing Blockchain based applications are not your typical Silicon Valley programmers and engineers. In fact, hardly will you find any of the leading developers of Blockchain technology living or working in Silicon Valley. Generally, there is a seeming disconnect between open source platform developers and creators of commercial products for software companies in Silicon Valley.
Why are there few Blockchain developers in the Valley?
The reason for this is simple. Most developers who are experts at creating open source Blockchain and cryptographic platforms are millionaires. Blockchain initiatives and cryptocurrency startups are investing heavily into the crypto space and as the wall street journal puts it, a developer can earn as much as $1 million in bonus offers alone.
Furthermore, the lines between industry and open source projects continue to get thinner going forward and multi-billion conglomerates are continuously looking to invest more in talent so as to build sustainable solutions. Coinbase, for instance, is planning to increase spending on open source Blockchain based projects with products such as the open source fund that is designed to attract the best Blockchain talent.
With the profits made by Blockchain and cryptocurrency based companies like Coinbase, it’s easy to see that a good number of Blockchain companies can easily afford to pay leading Blockchain developers in the range of millions for a single project. Simply put, Blockchain talent is rare and in demand.
Trudging the tough terrains of talent in the industry
However, Blockchain companies are still finding it tough to retain the best talents in the industry. For example, BitGo (a Bitcoin security startup) lost one of its leading developers (Alex Bosworth), who left the company to go work on the implementation of the lightning network.
As it seems, developers in the Blockchain and crypto space find it more fulfilling to work on open source projects that advance the industry as a whole instead of working for individual companies. Could the case be different for open source projects like Ethereum and Stellar?
Stellar’s search for Blockchain talent
Thankfully, Stellar is one of the leading open source Blockchain enterprises that connect banks, to payments systems so as to enable individuals to move money quickly. In fact, Stellar is currently in talks with Chain (a San Francisco based tech company that builds financial industry Blockchain based technologies).
According to Fortune, Stellar is looking to acquire the startup for a sum of $500 million that will be paid in stellar lumens (XLM). Chain has the engineering talent to develop Blockchain technology hence the move by Stellar to acquire this Silicon Valley-based startup makes total sense. Even though Stellar has yet to disclose what it intends to do with Chain once the deal goes through, it is highly likely that Chain’s pool of leading developers will be working to build Stellar’s open source products if the deal becomes successful.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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