Open-source

Open-source, from a software perspective, describes software code that is publicly accessible, meaning that anyone can view, modify and redistribute the code.

Open-source software is generally developed in a collaborative way by many people getting involved to lend a hand.

The mission of open-source software is to promote openness, transparency, collaboration, and participation by anyone in the development of the software.

It’s thought that open-source software benefits from this philosophy through better quality code, faster and lower cost to fix issues because of the number of people involved in the development, and better cooperation between participants working with other like-minded individuals.

Open-source software is often voluntarily written for the project.

In relation to blockchains, many of the top blockchains are developed using open source software, with no central bank, government, or institution controlling the software.

The open-source nature of the foundational software allows developers to create the blockchains in a decentralized manner, leading to the benefits of safety, security, and verifiability of blockchain transactions.

Related Terms

Polkadot (DOT)

Polkadot (DOT) is an open-source blockchain protocol for cryptocurrencies, dubbed the “blockchain of blockchains”, that allows different, incompatible networks to communicate with each other and share data, using a multichain design.

Blockchain

Blockchain networks are at the heart of cryptocurrencies. A blockchain is a database, or digital ledger, made up of a series of interconnected blocks containing transaction data created on the network over some period of time. Each block in a blockchain also contains a unique identifier unlike any other block in the chain called a hash. Think of the hash as a fingerprint identifying that block for all other blocks. Distributed ledger technology (DLT) is another name frequently used in relation to blockchains.

Fork

When developers make changes to a blockchain, such as adding new blockchain functionality, correcting security issues, creating entirely new coins, or even changing the consensus protocol that governs how blocks are created and validated on a blockchain.

Public Blockchain

A network that is globally accessible by anyone anywhere in the world. Another name for a public blockchain is a permissionless blockchain. Bitcoin and Ethereum are the most popular decentralized public blockchains in the world.

Soft Fork

In relation to blockchain technology, a soft fork involves introducing changes to a blockchain’s underlining protocol or software that are minor in nature. These software updates can take the form of new blockchain functionality, upgrades to network performance, enhancements that correct security issues, or even changes to the consensus rules that govern how blocks are created and validated on a blockchain. Forks are necessary for providing decentralized blockchains a way to make changes to the blockchain since there isn’t a central authority governing all aspects of blockchain development and evolution.