Open Source Technology

The nature of decentralisation, in which there is no central authority in the network and all participants are created equal, is the most distinguishing feature of any cryptocurrency. The invention of Bitcoin, the first decentralised cryptocurrency, is regarded as a pioneering technological achievement that ignited the growth of a flourishing ecosystem encompassing thousands of coins and tokens, each with its own collection of uses. Open source software is at the core of cryptocurrencies, allowing all of the benefits of decentralisation, such as openness, security, and immutability.

Open Source

Open source is described as "anything that is publicly available and free to use," with software development being the most common example. To put it another way, everyone may examine, distribute, and change the programme. Open source software is often created collaboratively for the greater good, and it is freely shared and transparently distributed for everyone to profit from. The programme is not controlled by any single agency, corporation, or person. As cryptocurrencies show, decentralisation has major advantages that are reshaping our environment.

How common is open source technology?

The cryptocurrency industry isn't the only one that uses open source software. Many innovations depend on open source software, which has become an essential part of our daily lives.

When you visit places like Google, Facebook, or Wikipedia, you can rest assured that the servers that provide you with the knowledge you need are Linux-based computers. And if you're using an Android phone or a laptop, the Linux operating system is almost certainly in use.

Linux is a popular operating system that is known for its speed and performance, and it is increasing at a much faster pace than other computer systems. The great thing about Linux is that it is free and open source. It was not created by a single organisation or person, but rather by thousands of people who contributed their experience, knowledge, and skills to build a powerful piece of software.

The Pros of Open Source Technology

• Collective Innovation

Anyone from anywhere on the planet will contribute to the software's underlying code, promoting creativity.

It's easy to see how a group of people united by a shared goal and interest will be highly motivated to continuously develop the software's technological features and ensure its security. Furthermore, open source software developers will be end-users who would be better suited to consider the user interface and elements that should be included in the software. The source code guide for Bitcoin core contains over 15,000 unique contributions from over 450 different developers.

It may also be argued that the occurrence of several different types of hard forks of a single currency – such as Bitcoin – is an example of crowd creativity. Bitcoin's comparison client has been forked over 10,000 times so far! Since the underlying software codes are available and open, anybody can build a different version of a cryptocurrency. For example, Bitcoin Cash was developed by a large portion of the Bitcoin community in order to fix the network's scalability problem.

• Security

The crowd's collective influence significantly improves the security of open source applications.

Since open source software allows everyone to test the code, there are a lot of chances of finding a mistake (or, in programming terms, a bug) and fixing it before it is exploited. In other words, thousands of people have a better chance of finding something wrong with the codes than a small number of people in a closed, commercial area.

When a bug is fixed, an update is needed to ensure that the latest version of the programme is no longer vulnerable to the flaw. There have been approximately 48 updates or code revisions for Bitcoin alone. So far, 61 improvements (called Ethereum Enhancement Proposals or EIP) have been suggested for Ethereum, the second largest cryptocurrency. Any software update enhances the software's protection and stability.

• Free

The fact that users can participate in the Bitcoin – or any other cryptocurrency – network for free is maybe the best thing for them. All they have to do is download the cryptocurrency's open source programme to become a full node, allowing them to validate transactions and have total control over their cryptocurrency.

You must put your confidence in the service providers if you are not a complete node (e.g. your exchange or crypto wallet). One of the most powerful features of blockchain technology is that the entire network is designed to be trustless; you have total control over your cryptocurrencies and how they're handled without having to rely on any third parties.

• Synergies and Interaction

An open system allows for the organic growth of synergies and interactions among the network's many applications, which would otherwise be impossible in a closed, proprietary system.

Final Thoughts

The aim of open source software is to build and advance a much-needed, open, free, and easily accessible solution to current problems. The creation of a highly robust and versatile codebase is assured by a broad community of like-minded individuals' relentless pursuit of excellence. This is exemplified by the emergence of cryptocurrencies, which began with the development of Bitcoin, a decentralised currency.

Bitcoin was developed to resolve the shortcomings in the existing financial system as the embodiment of a new ideological, political, and economic system. The open source nature of Bitcoin and cryptocurrencies in general allowed for true decentralisation, allowing for the creation of a fair and transparent value transfer system. This groundbreaking concept has now been turned into a thriving cryptocurrency economy with thousands of applications and use cases that are poised to change the world.