Code reviews by XC lead developer Dan Metcalf are in high demand, creating a phenomenon known as the “Metcalf bump”.
Halcyon Coin, like any new entrant into the world of cryptocurrencies, faces the difficulty of persuading the altcoin community that its code is secure and capably written. The lack of verifiability of these facts cause many a coin to suffer at the hands of doubters who quickly mount a speculative case against it. Thus arises the need for a code review.
Dan Metcalf’s reputation precedes him. As the founder and lead developer of XCurrency, he is one of the few developers of a privacy-centric coin to have made his identity public. As XCurrency has emerged as a technology leader, Metcalf’s credentials and public identity have resulted in numerous requests by new altcoins for code reviews.
As might be expected, reviewing coins’ codes has served to bolster Metcalf’s and XC’s reputation as a technology leader, and has resulted in XC becoming the de facto standard of legitimacy for emerging cryptocurrencies. After all, if legitimacy is acquired through Metcalf, then the legitimacy is relative to XC’s legitimacy, thus making the latter a benchmark against which others are measured.
The influence of XC’s benchmark status can be measured by what is becoming known as the “Metcalf bump” – the spike in value of a currency following the announcement that Metcalf deems a project worthy of review. As a case in point, the image above shows the effect of the announcement upon Halcyon Coin’s value. A similar degree of influence is evident in the value of Stealthcoin following the announcement of its review.
Code reviews serve an indispensable purpose: they assist cryptocurrency enthusiasts in distinguishing between legitimate projects and those that lack genuine innovation. Thus, through code reviews, XCurrency is able to use its position as a tech leader to enrich the entire cryptocurrency space and help to create a more trustworthy environment. From inception, XC has acted with a spirit of mutual respect and openness, and code reviews add a further way in which it hopes to move cryptocurrency forward.