Get up to $90 of BTC for one week only.

Bitcoin boost

Up your Web3 game

Ledger Academy Quests

  • Test your knowledge
  • Earn POK NFTs
Play now See all quests

Open Source Meaning

Jun 15, 2023 | Updated Jul 19, 2023
Open source is a principle between developers who believe in creating, sharing, and modifying data freely for public use. Transparency and free participation are often the goal.

Is Blockchain Open Source?

An open source blockchain is a type of blockchain that has a source code which is available to the public. The source code can be shared, modified, or inspected by anyone. The majority of blockchains in the crypto market are built to be open source in nature. This allows users and developers to modify, use, redevelop, and distribute the blockchain’s software. Users can access and modify the source code, adding new features, fixing bugs, or tailoring the software to their requirements. This flexibility empowers individuals and organizations to adapt the software to their unique use cases, promoting innovation and creativity. 

Ethereum and Bitcoin are two examples of open source blockchains. Ethereum’s source code allows users to create new projects by making modifications to the software. This has led to an explosion in the creation of smart-contracts and decentralized applications (dApps) on the network. For Bitcoin, forks like Bitcoin Cash (BCH) and Bitcoin Gold (BTG) were created from the project’s software. 

What is the Benefit of Open Source Software? 

It promotes collaborations between different developers. This usually leads to the development of a better product as diverse inputs from experts help a project build with more inclusiveness. Bugs are quickly fixed since the software is open to modification and several developers are available to attend to them and improve the code.  

Projects that are open source in nature are transparent and anyone can inspect and verify the integrity of that blockchain. This model model enables rapid evolution and continuous improvement of software. Some forks, known as soft forks, added functionality to the Bitcoin network, such as the Taproot upgrade. The upgrade added smart-contract functionality and faster transaction speeds to Bitcoin.

Fill or Kill Order (FOK)

A Fill or Kill order is an order to buy or sell that must be executed immediately in its entirety at the set price or canceled altogether.

Full definition

Hashed TimeLock Contract (HTLC)

Full definition

Render Network

The Render Network is a decentralized GPU-based network that connects users needing GPU computing services, such as GPU rendering, AI, and machine learning inferences, to GPU providers.

Full definition

Own your crypto future

Stay informed with security tips, updates, and exclusive offers from Ledger

Your email address will only be used to send you our newsletter, as well as updates and offers. You can unsubscribe at any time. Learn more

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.