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Open Source is a term coined by the software industry referring to Open Source Software ; projects that allow anyone to access, develop, and inspect it with the aim of transparency and community engagement by developing the best software where no entity or individual has legal rights to the product/service.
Open Source truly allows the community to be able to inspect the coding and development behind the project they are using, as well as allow the community to engage and help further its development. Open-Source Software aims to provide the software and further its development in a decentralized and community-oriented manner. It allows the community to engage and support the software by providing insight and modifying the code as they see fit.
Contrasted to Closed Source Software , the code is usually not publicly accessible and the development is maintained by a single entity or individual. Closed Source software is far more expensive than its counterpart and does not allow the community to have a voice to further the progress and development of said software. Users are also forbidden to modify the code or even access it unless using simply for its intended legal purposes.
Open Source allows software to be sustained and developed by the community rather than a single entity or individual. It allows the software to grow and maintain itself through the help of a community truly engaged and enveloped into the project.
Blender is a great example of Open Source Software.
Ensuring that the blockchain and the technology is available for all users to inspect and visualize for themselves is crucial for all blockchains and the cryptocurrencies they operate.
The true purpose of the blockchain is to allow a decentralized and community governed platform enabling the community to sustain itself in the long run, and transparency is the only manner in which cryptocurrencies can survive.
Investor speculation; although still a dominant factor in price fluctuations, does not truly allow blockchains to prosper in the long-term future. The blockchain must be self-sustainable with the innovation and assistance of the entire community.
Open Source software is the key differentiation between decentralized authority between the community and a centralized authority given to a single entity or individual. It allows the community to truly trust the blockchain by accessing its code and visualizing how the project is developed and maintained. It is the first step in decentralization and providing true democratic power to the people rather than providing power to the elites of the blockchain.
If cryptocurrencies do not provide transparency and decentralization; the governance system becomes nothing more than an oligarchy, a system in which the elites and developers get to decide of the blockchain with the alleged aim to disrupt the financial industry. Cryptocurrencies maintained by single entities rather than the community are doomed to fail one way or another, and it is ultimately why many of them already have.
Open-Source blockchains allow any user to access its source code, (in many cases), the founders and developers are doxed and verified individuals with real physical identities, and the blockchain has some system in place to allow the community to govern the direction in which the blockchain progresses. Although many start out with some form of centralized authority, the ultimate aim is transparency on their progress with the blockchain and enabling the community to use their democratic right to help sustain and grow the blockchain.
Closed Source blockchains typically hide the source code from users, hide their identities, and maintain a centralized authority over all users and the blockchain itself. This can be defines as more of a dictatorship/oligarchy as the centralized authority will have all the power and say-so on the direction of the project. They often do not provide frequent updates, transparency, and a system in which the community is enabled through democracy to build the blockchain one vote at a time.
The Cardano Blockchain has dominated the sector with its decentralized community governance and transparency behind their progress, technology, and their research. Even the Cardano Foundation has not once pursued securing patents and/or IPs (intellectual property) for the technology behind the blockchain as well as the ecosystem. All cryptocurrencies aims to provide transparency as well as increase community engagement and trust in the projects themselves.
Input Output Hong Kong as well as Input Output Global have also been truly transparent with their proprietary peer-to-peer review mechanism in the development of the blockchain through a decentralized network of experts in this industry. From college professors, to blockchain developers, this review system allows rigorous criticism of the development as well as the most efficient solution to the problems at hand. They offer the entirety of their research to be fully and publicly accessible to all users of the blockchain.
Project Catalyst is also a leading community governance and funding platform that allows users of the Cardano Blockchain to allocate funding recieved by the community as well as fees accumulated from transactions on the blockchain how they see fit. Using a democratic voting mechanism, users can both propose and vote on ideas to approve whether or not they deserve funding and can provide growth to the Cardano blockchain.
To learn more about Project Catalyst, check out our article about the funding platform to learn more about this revolutionary decentralized and democratic vision to allow the community to dictate the future of the blockchain rather than the elite. Check out the article below!
Cardano’s future will be eternally dictated by the people rather than a single centralized authority, and enables the true vision of decentralization and democracy that will revolutionize the legacy financial system. Enabling the people to voice their opinions and propose their ideas and solutions is the only manner in which a blockchain can sustain itself and grow over the long term. Democracy is at the core of cryptocurrency, and it most certainly is the foundation in which Cardano is built upon. Cardano has always been for the community, by the community; and that is democracy in its truest fashion.
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Founder of The Cardano Times