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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.

Depeg

A depeg is a phenomenon that occurs when a stablecoin, which is a cryptocurrency whose value is pegged to another currency, decreases or increases in value relative to the asset it is pegged to.

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EIP-4844

EIP-4844 is a proposed Ethereum network upgrade intended to boost the network’s scalability while reducing costs.

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Rekt

Rekt is crypto slang that means “to lose most or all of your funds due to a bad investment or trade.”

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