What does Open Source mean?
The source code is made publicly available; in other words, it is not kept secret.
Open Source Code is the equivalent to showing your work. There are many advantages of using open source code for users and developers and, if blockchain-based applications are to be adopted widely, then the means through which the data have been derived must be clear to all involved.
To quote Linus Torvalds, the original developer of Linux, one of the main strengths of open source software is “Given enough eyeballs, all bugs are shallow.” When other programmers can see the source code, someone is likely to spot, and even fix, any bugs or problems in the software.
If a user reports a problem to a public forum, any programmer or maintainer with the time to spare can look directly at the problem area and either deal with the issue himself, or pass it on to someone who can.
Therefore, open source is an efficient way for a community of developers to build and improve with feedback from their colleagues, supporters, and customers. By making the mechanical relationships in a blockchain ecosystem clear, the depth and scope of talent in an unfettered community are unleashed: to create, learn, collaborate, and reap the rewards of their efforts in their own time.
Open source software is also the only way for users to know exactly what that program is doing. If a program is spying on your browser history or using your computer to relay spam, the evidence will be clear in its source code.
When source code is kept secret, users have to trust the program does only what it promises and nothing more. At the market level, closed source code gives the originator a competitive advantage in writing applications that optimize its code. This economic advantage can lead to tremendous market power over the choice of options made available to their consumers.
Open source blockchain is a technology capable of underpinning a network of networks that provides a wide open field for permissionless, competitive markets.
Open Source Business Models:
The rights to open source code may be retained and licensed. In fact, there is a long track record of doing so with UNIX. IBM’s UNIX OS was originally produced by IBM employees and was open source, with the beneficial result that many people outside of IBM have contributed to the code. However, IBM retained the rights in a business model called Proprietary Open Source Code (POSS).
There is evidence in all aspects of life that an economy cannot rely on altruism alone. New business models for a decentralized economy must find ways to align incentives of entrepreneurs to support, maintain, and improve open source code. Geeq has taken this approach as an incentive to build the technical infrastructure as well as supply the first set of tools to support the successes of those who wish to participate in a decentralized open economy that is robust, sustainable, and capable of generating and distributing so much value.
Used in a Sentence:
The underlying protocols to validate blockchain must be open source.
Last Updated: March 21, 2021