Why Open Source Matters for Bitcoin

Bitcoin, an open-source monetary system, can supercharge open-source development projects and vice versa.

"If you can, you should." Never has this phrase been more applicable than in the realm of open source technology. For those not in the know, "open source" refers to any code or blueprint that has been deliberately made available for reproduction-basically, one not subject to copyright restrictions. Bitcoin, of course, is a prime example. It sounds simple, but the effects of open source technology are quite profound. Advocates love to talk about freedom and creativity, but the greatest aspect of the open source community is how efficient it is. Everyone can see exactly how an open source....

The Bitcoin network has been supporting the Open Execution principle for quite some time now, as services owners can’t run away with people’s bitcoins, and no one else can use your coins and send them to somebody else. Moreover, no additional money can be created out of thin air. Open source software is part of the nature of digital currency and blockchain technology, as these solutions belong to everybody in the world who wants to embrace them. But some people have started to look beyond open source, and the term Open Execution is starting to pop up more often. But what does this new term....

One of Bitcoin's most important security features, a crucial property that makes the system trustless, is its open source nature. Because Bitcoin’s code is open source, anyone able to read code can check for themselves whether it does what it's supposed to do. Plus, as per Linus's Law: Given enough eyeballs, all bugs are shallow. But open source code doesn't necessarily eliminate all risk. Users still need to trust that the software they run on their computers actually reflects the open source code as it should. To eliminate this risk, Bitcoin developers have developed a fierce security....

IBM is heading an open source project called the "Open Ledger Project" that is overseen by the Linux Foundation and includes major tech and banking giants. In essence, the Open Ledger Project will ostensibly lead to the creation of a pseudo-private(?) but open-source ledger that is likely to have applications beyond its participants, according to reports. Although details are currently limited to reports by WIRED, Fortune and Bloomberg, IBM has laid the foundation for a new open-source blockchain with the Open Ledger Project that is supported by the likes of Intel and Cisco in the tech....