One of the key aspects of Bitcoin and other projects in the cryptocurrency space is the fact that their development takes place in a transparent manner by independent entities.
- The basic idea behind the term “Open Source” refers to scientists and researchers freely sharing information, including findings on certain topics, in perpetuity
- The source code of a specific software is made available to developers and users to modify as they see fit
- Open Source is a goal-driven and highly pragmatic approach to software development
In this lesson, you will learn the basics on the concept of Open Source.
Watch this Bitpanda Academy lesson as videoWatch on YouTube
Ready to receive free BEST? Test your knowledge here!Beginners' Quiz
The idea of collaboratively developed and freely distributed software gained traction again with the popularisation of the internet during the 1990s.
The fundamental idea behind Open Source is as old as computing itself. A fairly small community of scientists and engineers share their progress and knowledge freely and openly with each other. However, with the rise of commercial software during the 1970s and 1980s this aspect lost some of its importance.
Still, the idea of collaboratively developed and freely distributed software gained traction again with the popularisation of the internet during the 1990s. These developments led to the
Open Source Initiative, which was founded in 1998 as a non-profit organisation dedicated to promoting open-source software and principles.
Among other things, these principles include free distribution and public access to an application’s source code. This means that anyone is allowed to download, modify and redistribute software.
Open Source is one of the reasons why projects, which incorporate peer production – like Wikipedia, TEDx and also Bitcoin – are as successful and popular as they are.
What is Open Collaboration?
The success and prominence of the Open Source movement opened the door for a whole new concept of working together. Open Source is one of the reasons why projects which incorporate peer production – like Wikipedia, TEDx and also Bitcoin – are as successful and popular as they are.
While there are usually few hierarchies and only loose ties between the different collaborators in Open Source projects, this kind of work organisation enforces goal-driven and usually very pragmatic approaches.
Thanks to the fact that anyone is allowed to contribute, open collaboration software projects also attract talented people from all over the world, yielding creativity, innovation and diversity that commercial software cannot.
Another additional key difference is that people who contribute to open source software projects usually do this in their spare time, out of interest and passion about the topic or project they are working on.
Are you ready to buy cryptocurrencies?Get started now
- Eric S. Raymond - The Cathedral & the Bazaar: Musings on Linux and Open Source by an Accidental Revolutionary
- Karl Vogel - Producing Open Source Software: How to Run a Successful Free Software Project
This article does not constitute investment advice, nor is it an offer or invitation to purchase any crypto assets.
This article is for general purposes of information only and no representation or warranty, either expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this article or opinions contained herein.
Some statements contained in this article may be of future expectations that are based on our current views and assumptions and involve uncertainties that could cause actual results, performance or events which differ from those statements.
None of the Bitpanda GmbH nor any of its affiliates, advisors or representatives shall have any liability whatsoever arising in connection with this article.
Please note that an investment in crypto assets carries risks in addition to the opportunities described above.