It is developed as a community rather than a business, it is produced collaboratively, it is shared easily, and it is published transparently. As a result, there is no bottleneck in the cryptocurrency development process when the project is open-source. Like Bitcoin, there is no business that powers the network, and there is no one company that develops the software for Internet-connected computers. Technology production is decentralized, but can be challenging to hold for those unfamiliar with software development.
One of the largest and most prevalent examples of the open-source model is Linux, but there are many others. There are plenty of open blockchain projects and major cryptocurrencies being launched every day. A cryptocurrency or token project creates a computer network that allows connected participants to reach an agreement over a blockchain network. This client software is an open source development that makes it possible for any participant to access the network.
It is the result of more than 15,000 unique contributions from more than 450 unaffiliated developers. One can utilize the software for free and access its full history within a public software repository hosted by Github. Basically, it is a cloud-based service that allows anyone to sign up, upload code, and track those changes. You do not have to pay for a Github account if the code repository you create is open to the public for viewing, commenting, and modification.
The repository also keeps track of forks of the code in the reference client. By cloning original software, a 'fork' creates a copy that can be modified for some specific purpose without affecting the original repository. Forks enable developers to either build purpose-specific Bitcoin applications or create new crypto-currencies that are not compatible with Bitcoin, and so create a new cryptocurrency network.
Blockchain networks and cryptocurrencies may offer functionality that would need to be regulated if they were provided by one company.
The same functionality can be achieved, however, with a cryptocurrency like Bitcoin that uses an open network rather than a corporation at its core. By joining these networks and using open source software, users align incentives toward cooperation and, ultimately, agreement over every scrap of data required to build a currency.
There are two components of decentralization: open consensus mechanisms and open source software. In the absence of open source code, how could participants trust the system they are interested in joining? A token project based upon proprietary code is merely a centralized service provider hidden behind the blockchain.
For genuine projects, the code that builds the decentralized network establishes trust among participants and aligns incentives. The goal of open source cryptocurrency exchange development is to develop the exchange in an open, free environment.
