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Crypto Terms:  Letter O
Jun 19, 2023 |
updated Apr 02, 2024

What is Open/Close?

Open/Close Meaning:
Open/Close - is the price where a cryptocurrency opens at a specific time period.
2 minutes

Let's find out Open/Close meaning, definition in crypto, what is Open/Close, and all other detailed facts.

Open/close is a term used to describe the price at which a cryptocurrency opens at a specific time period. For instance, it opens at the start of the day and closes at the end of the day. Overall, these terms were more useful in traditional financial markets as there are fixed hours of the day in which trading occurs.

Once implemented, blockchain and its settings are difficult to change. This is because each modification must be consented to by all network nodes and members thus creating consensus, which isn't always simple. As a result, blockchain platforms and decentralized apps (dApps) are often only modifiable via a hard fork, which requires establishing a new chain.

Moreover, hard forks are considered to be risky for users as well as inconvenient. In other words, it’s not useful for projects to hard fork every time they require to carry out adjustments and add functionalities. 

Therefore, blockchain programming depends mostly on the open/close concept, which indicates leaving room for increasing abilities without taking drastic measures.

When it comes to software development, open/close describes the programming approach of extending software portions, without permitting any changes to the source code. 

The code itself allows for flexibility while limiting the ability to modify its essential components. This avoids the need to totally rewrite the software whenever new standards emerge. Bertrand Meyer initially articulated it, and it is part of the SOLID concept of object-oriented programming. Because of the immutability of blockchain and crypto projects, open/close is very critical in their architecture.