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The Dev Migration — Leaving Web2 for Web3

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Omatech Web3

25/11/2022

An interview with Varsha Mahadevan, Director of Software Engineering, to understand the Dev migration — leaving Web2 for Web3

 

Web3 development

 

In the past six months, searches for ‘Web3’ on Google have increased over 33 times as people consider the movement towards decentralization. The term has become synonymous with a more transparent and equitable way for individuals to participate in building the next generation of apps and platforms that will shape the way we live, work, and interact with each other. To better understand what’s happening behind the scenes, we spoke with Varsha Mahadevan to find out why developers leave Web2 for Web3 projects.

 

Varsha spent the past 20 years working as a developer building high-quality products at Microsoft and BankBazaar.com before joining Coinbase as the Director of Software Engineering.

 

Developers are leaving Web2 in favor of mass Web3. Why do you think that?

 

VARSHA: The data shared in a recent Electric Capital report indicates that most developers currently building on Web3 joined the space last year. One key reason we’re seeing this massive migration of Web2 developers to Web3 is that developers love to be at the forefront of every innovation.

Web3 is shaping to be a brave new world with possibilities that no one would have imagined would exist just a few years ago. The ecosystem of protocols, tools, and services that support Web3 development is still in its infancy. Naturally, Web3 attracts the brightest minds looking to shape this future.

 

What are the biggest differences and similarities that you see between Web2 and Web3?

 

VARSHA: Regarding Web2 versus Web3 architecture, the concept of using distributed systems is familiar and revolutionary. The primary difference between Web2 and Web3 is the values.

 

Web1 is a global web consisting of most content consumers and only a few content creators. At the same time, Web2 opens the door to user-generated content and places a heavy emphasis on usability and interactive ability. However, this comes at the cost of relinquishing control of the user’s identity and data and giving that power and authority to a select few.

 

Web3 is an evolution of the world wide web defined as read, write, and own, and aims to allow users to take ownership of the content they create — and the projects they build. In Web3, no single entity controls the network, and everyone can participate in a trustless environment governed by a set of consensus protocols. Instead, users are empowered with a transparent and verifiable guarantee of the data they receive and send without trusting any central authority. These foundational values ​​make Web3 a fairer internet for participants and builders alike.

 

What does it mean for developers to have ownership of their products in the Web3 world?

 

VARSHA: There is a paradigm shift in how developers think and design products in a decentralized world. Products are built to be self-sustaining without ownership and authority. In Ethereum, products built as smart contracts are deployed as immutable transactions. The traditional concept of product versioning doesn’t exist. Newer and better smart contracts can be built as new products.

 

What perks and advantages are there for Web2 developers to join a Web3 company?

 

The company is at the forefront of innovation in all core Web3 product areas. Cryptocurrency, Defi, NFT, DAO. It believes in making these things easy, secure, and accessible across borders and geographies. While pursuing these noble goals is deeply rooted in investments in engineering, infrastructure, and machine learning. This is a perfect and irresistible blend for individuals who crave a challenge.
Companies like Omatech Web3 also provide developers with a great place to learn and strengthen their skills in a professional environment with the best and brightest builders in Web3. Omatech is still providing services to many customers in all countries and is constantly innovating to give customers the best experience.
>>>>>> Check out our services at Omatech.asia

 

What does the Web3 technology stack look like?

 

For Web2 developers, it is essential to understand the current Web3 technology stack, which includes:
  • Layer 1 blockchain (Ethereum, Solana, Cosmos, NEAR, Tezos, Fantom, Polkadot)
  • Layer 2 & sidechains (ZK Sync, Polygon, Arbitrum, Optimism)
  • Developer environments (Hardhat, Truffle, Foundry, Anchor)
  • File Storage (IPFS, ARweave, FIlecoin),
  • API (indexing & querying),
  • Identification (Wallet connection, self-ceramic ID)
  • Client (web3.js, Ethers.js, Anchor)
This technology group currently offers a two hundred billion dollar market capitalization, led by two main categories: decentralized finance (Defi) and non-fungible tokens (NFT).
Across DeFi and NFT, protocols and smart contracts are the backbones that make it all work, and many of them are built using programming languages ​​like Solidity, Rust, and Web.js.
Simply put, Web2’s ‘backend technology’ is Web3’s protocol.

The trend of moving from Web2 to Web3 of developers

 

Electric Capital, a leading venture capital fund focused on Web3 projects, recently published a report on the situation of developers in the Crypto space in 2021. Let’s go through the points. Important in this report.

 

Across Defi and NFT, protocols and smart contracts are the backbones that make it all work, and many of them are built using programming languages like Solidity, Rust, and Web.js.

 

Simply put, Web2’s ‘backend technology’ is Web3’s protocol.

 

The trend of moving from Web2 to Web3 of developers

 

Electric Capital, a leading venture capital fund focused on Web3 projects, recently published a report on the situation of developers in the Crypto space in 2021. Let’s go through the points. Important in this report.

Dev Web3

2021 is an awe-inspiring year for the Crypto market, with new milestones in the price of Bitcoin and the size of this market. In 2021 alone, 34,391 developers have just started building Web3 projects. This is the highest number ever, 1.5 times the figure of 2020 and 14% more than the peak figure of 2018.

Dev Web3

As the market value rises, the number of new developers entering each month goes along with that upward trend.

Dev Web3

As the market value declines, new developers can still be seen entering, but this number has dwindled.

Dev Web3

There is a massive growth in the number of active developers per month, from 10,525 in January to 18,416 by the end of 2021. This 75% growth can be attributed to improvements in Blockchain technology. 2021 makes developers more excited to continuously work on and build the Web3 ecosystem.

Dev Web3

The chart above shows the market value and monthly active developers, with no apparent correlation between the two. At the end of 2017, after the market value plummeted 83% from the peak, the number of monthly active developers continued their upward momentum for the next year before stalling for a long time along with the price. Market value. This means that after being in the market for a while since the bull run of 2017, developers are slowly leaving this space as the market shows signs of cooling down. Because new developers continue to jump in every month, the number of monthly active developers between mid-2018 and mid-2020 is flat.
Since the end of 2020, when we started to see a new wave, the number of developers has continued to increase even though the market has decreased by 50% in value in May 2021. This growth will probably will continue in the future when Web3 projects become more and more popular and widely applied.

Dev Web3

Dev Web3

Notably, 60% of monthly active developers and 45% of full-time developers in 2021 are new entrants. This is an imposing number, so what attracted them to this market and made them willing to devote all their working time to Web3 projects?

 

Innovation

The 4.0 revolution has opened up a future with endless possibilities to improve our lives. The people who hold this mission are the developers, the creators of the applications, and the algorithms. , technology… for people to use. They love being at the forefront of innovation, so the gradual shift of developers’ focus to Web3 is not too much to explain. Web3 is slowly taking shape to become a new world with possibilities that no one could have imagined would exist in just a few years of construction. The ecosystem of protocols, tools, and services that support the development of Web3 is still in its infancy. It’s only natural that Web3 attracts the brightest minds looking to shape this future.

 

The difference in nature

Regarding the architecture of Web2 and Web3, the concept of using a distributed system is familiar and revolutionary. The fundamental difference between Web2 and Web3 is the aggregation of values.
Web1 is a worldwide web consisting of most content users and only a few content creators. Web2 has improved further, opening the door for any user to create content and placing a heavy emphasis on usability and interoperability. However, this comes at the expense of relinquishing control of identity and personal data and putting that power and control in the hands of a select few individuals or organizations instead.
Web3 is an evolution of the web that has been defined as read, write, and own, and aims to allow users to take ownership of the content they create – and the projects they build. In Web3, no single entity controls the network, and everyone can participate in a trustless environment governed by a set of consensus protocols. Instead, users are empowered with transparency and verifiable assurance about the data they receive and send without trusting any central authority. These foundational values ​​make Web3 a fairer internet for participants and builders.
In a decentralized world, there is a shift in the way developers think and design products. The product is built to be self-sufficient with no ownership or authority required. In Ethereum, for example, products produced as smart contracts are deployed as immutable, immutable transactions. The traditional concept of products with successive versions does not exist at all. Newer and better intelligent contracts can be built as brand-new products and rolled out to users.

 

Conclusion

 

If we put Web3 developers on the scale compared to ordinary developers, we can see that this is a very lame comparison. Amazon alone has 36,000 developers, double the monthly active Web3 developers. This number becomes even smaller compared to 27 million developers worldwide. However, Web3 is just beginning a long race with contemporary technologies.
Web3 can be considered an entirely new industry or technology, and there is still much room for creativity. Considering the range of possible applications, there’s much to be excited about. Web3 is not only about cryptocurrencies and profitable trading; many developers are attracted by the ability to create innovations on new platforms. As of now, we have yet to be able to fully exploit the potential around NFT, gaming, Defi, or DAO, and it will be a while until more talent joins and builds the Web3 world.

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