Crypto Terms: Letter O

What is Open Source?

Open Source MEANING:
Open Source - is a type of belief among developers where sharing information freely and openly is a way to benefit everyone’s interests.
1 minute

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

The term Open Source is used to describe code that is made accessible to the public

In essence, open source means that anyone has access to the source code and the right to use it for any purpose without any legal repercussions from the actual developer team such as a lawsuit. End-users are allowed to overview, modify and redistribute the source code freely.

Nonetheless, open source software might not be available for free. Sometimes developers charge fees for additional services such as help with troubleshooting, consulting services, and others. 

Open source enthusiasts praise this type of code as it allows anyone to study the code, find issues that the initial developers overlooked, and even provide new ways to solve problems.

The fact that the majority of crypto projects are open source is extremely valuable to the entire crypto sector. Innovation is the main benefit of open source as it allows any and all developers to analyze the databases, add new functions, and introduce industry-changing ideas. Often times it’s the users themselves who take advantage of the open source code to brainstorm and create new projects. 

The most successful examples of this are Bitcoin Cash (BCH) and Bitcoin SV (BSV) developed from Bitcoin’s source code, DeFi, and stablecoins among many others.