The presence of digital / virtual money or cryptocurrencies is increasingly influential in the world economy. Its appearance dates from 2009, because it was not known of its existence. There are currently over a thousand different cryptocurrencies, the most prominent being Bitcoin, Ethereum, Dash and Ripple among others, reaching a capitalization of more than 250,000 billion dollars.

What does open source mean?

Open source is the term with which software distributed and developed freely is known. It is said that open source belongs to everyone and belongs to nobody. Programmers make commitments for their own interest in order to contribute to the development of projects of this type. The public Blockchain and cryptocurrency initiative is usually based on this model.

The programming code on which a blockchain is based or built (especially in the most important cryptocurrencies), is called open source. This open source software is produced by the collaboration of many people, since it is freely shared and its publication is transparent, it is also developed to be “from a community” instead of being owned by an entity, business, company or company .

Just as there is not a single business provider of the Bitcoin network infrastructure, likewise, there is not a single company behind the software that operates the cryptocurrency nodes, wallets and transactions. This decentralization of technology has its own benefits (which sometimes becomes difficult for people with limited knowledge in the world of software development). A successful case of “open source” is the Linux operating system, which is a system that is present and runs on the vast majority of Internet servers, such as Facebook, Google, Wikipedia and many other portals and websites.

Open Source Advantages

It is said that open source represents the new way of technological production. Cryptocurrencies, like Linux, follow the open source model. One of the main advantages offered by open source is that it facilitates joint work and that it does not have “legal obstacles” regarding privacy, commercial rights or intellectual property, which allows projects to be more transparent and productive.

Another point to highlight is the personal interest of the developer, that is, there is a clear interest of the developer in making use of the tool that he designs or builds, this is a great incentive that involves him in what he does (good programmers are aware of what they should write, rewrite and reuse). By developing projects in an open and transparent manner, redundancy is avoided, in addition to identifying and simplifying complicated, problematic or redundant code.

This work system treats its users as “co-developers”, which provides an improvement in code and effective debugging. In this way, people who use open source software have the possibility to identify problems and mark them, the result is a cleaner and highly resistant code, which was created by users to serve other users. Due to all the points mentioned above, open source can reach high levels of quality, allowing its good reputation to increase over time.

What do you think about this topic? Did you know what open source is?

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