Almost every major open blockchain and cryptocurrency project is built using an open-source system. Cryptocurrency policymakers and regulators who don’t know about open source software will likely have a different picture in mind. They may think that the software-based system is developed by one or more companies for profit-making.
Although many projects get developed this way such as Oracle’s RDBMS or Microsoft’s Windows, open source projects are distinct, and that distinction can shape public policy. Rather than being the property or business of a single individual or company, open source software is freely distributed, developed collaboratively, and published transparently.
When projects are open sourced, at no point will there be a single bottleneck because the business or individual making the project, don’t own, and can’t sell the software. As similar to how no company can power the Blockchain network, no company can also make the software that runs on an internet-connected computer to create an open-sourced network.
Despite its great benefits, this decentralization in technology products can be challenging to comprehend for those unfamiliar with software development. To better explain how open source works in cryptocurrency, let us examine one product of the open source system.
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Example of an open source system
LINUX is the open source system, we will consider. Linux is used more frequently than can be counted during the day. The majority of servers on the internet are running Linux as their operating system.
Whenever you visit a majority of these internet websites, you’re getting most of the site’s services from a computer, which is probably running Linux. From these sites, you might get services that include, search results, social networking, encyclopedic articles or photography.
You probably have Linux on your desktop or laptop as well, not only in your web browser. Android phones use Linux as their operating system. Chromebooks run Linux also, so you are using a Linux laptop. Furthermore, Linux is increasingly embedded into our thermostats, televisions, cars, airline entertainment systems, and more.
What is the reason for this? It’s because Linux isn’t the product of one person or a few individuals, nor has it been developed by just one company (unlike Microsoft’s Windows or Apple’s macOS). As opposed to this, Linux has many different individual co-authors
Benefits of Open Source
In his book, Raymond describes how open source has revolutionized the way technology is produced. Linux exemplifies the open-source model, as it is developed by thousands of developers without affiliation. Cryptocurrencies are also based on this model.
The open source model has several advantages, according to Raymond. Here are the key points for your reading purposes.
They enable cryptocurrency users to easily share their technology software
Computer networks created by cryptocurrency projects enable participants to agree on data through shared data which are the blockchains of cryptocurrency. The software then allows all users to connect to the network of the project. This software is now developed and released open source.
Cryptocurrency platform is developed by users
Each participant’s connectivity to the network is controlled by software called a client, and the client software is publicly available and open source. Many times, these clients are designed by different participants not connected as a soft version of the software upon which the wallet, specific mining, exchange, or other compatible systems may be set up.
Cryptocurrency platforms can be easily modified by developers
The main reference client for many of these crypto platforms has been worked on by different developers. Developers can access some of the software within a public repository hosted by Github under the MIT copyright license. With the code repository open to public view, comments and suggested modification, you wouldn’t need to pay for a Github account.
Open blockchain networks and cryptocurrencies may provide functionalities that would make them be regulated if operated by a single corporation. In contrast to a single corporation, technologies like Bitcoin create the same functional results via an open, unowned network rather than through one source. Open source software aligns users with incentives toward cooperation and, agreement over every speck of data that defines their currency.