Crypto Terms:
Letter O
What is Open/Close?
Meaning:
Open/Close -
is the price where a cryptocurrency opens at a specific time period.
Let's find out Open/Close meaning, definition in crypto, what is Open/Close, and all other detailed facts.
Open/close is a term used to describe the price at which a cryptocurrency opens at a specific time period. For instance, it opens at the start of the day and closes at the end of the day. Overall, these terms were more useful in traditional financial markets as there are fixed hours of the day in which trading occurs.
Once implemented, blockchain and its settings are difficult to change. This is because each modification must be consented to by all network nodes and members thus creating consensus, which isn't always simple. As a result, blockchain platforms and decentralized apps (dApps) are often only modifiable via a hard fork, which requires establishing a new chain.
Moreover, hard forks are considered to be risky for users as well as inconvenient. In other words, it’s not useful for projects to hard fork every time they require to carry out adjustments and add functionalities.
Therefore, blockchain programming depends mostly on the open/close concept, which indicates leaving room for increasing abilities without taking drastic measures.
When it comes to software development, open/close describes the programming approach of extending software portions, without permitting any changes to the source code.
The code itself allows for flexibility while limiting the ability to modify its essential components. This avoids the need to totally rewrite the software whenever new standards emerge. Bertrand Meyer initially articulated it, and it is part of the SOLID concept of object-oriented programming. Because of the immutability of blockchain and crypto projects, open/close is very critical in their architecture.
peer-to-peer (P2P)<\/strong><\/a> interactions and runs on <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum’s blockchain. <\/p>\n<p>There are over 200 categories of these digital goods including exclusive in-game items, virtual worlds, digital art, trading cards, collectibles, decentralized domain names, or other virtual assets in the form of a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-non-fungible-token-nft/">non-fungible token (NFT)<\/strong><\/a>.<\/p>\n<p>It’s important to keep in mind that these rare digital goods listed on OpenSea do not belong to the marketplace itself. The OpenSea marketplace allows its users to buy and sell through the use of smart contracts. <\/p>\n<p>Whenever a trade happens between a buyer and seller, the purchased NFTs are sent straight to the buyer’s wallet of choice.<\/p>\n<p>Moreover, anyone can sell on the OpenSea platform. In situations where the seller also trades on other marketplaces, OpenSea allows the seller to continue to trade on its platform only if the digital goods are in their wallet.<\/p>\n<p>The platform accepts over 200 different payment options, although the default payment options are Ether (ETH), USD Coin (USDC), and Dai (DAI).<\/p>\n<p>Additionally, the OpenSea platform allegedly takes <strong>the lowest fee on the market at the moment which is 2.5% of every purchase<\/strong>.<\/p>\n<p>Cryptopunks, Axie Infinity, CryptoKitties, Bored Ape Yacht Club, and many other well-established NFT projects are available on the OpenSea marketplace.<\/p>","definition":"is a decentralized marketplace for trading non-fungible tokens (NFTs) based on a peer-to-peer (P2P) network.","status":"published","meta_title":"What is OpenSea? Definition & Meaning | Crypto Wiki","meta_description":"OpenSea meaning: OpenSea - is a decentralized marketplace for trading non-fungible tokens (NFTs) based on a peer-to-peer (P2P) network.","meta_keywords":null}"
:prev-section="{"id":998,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Open-source_software","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:01.000000Z","updated_at":"2023-12-07T20:34:37.000000Z","slug":"what-is-open-source-software-oss","title":"What is Open-Source Software (OSS)?","section":"O","keyword":"Open-Source Software (OSS)","content":"<p>Usually, open-source software (OSS) is produced in an <strong>open and collaborative manner<\/strong> by a large number of people. Such projects are driven by the following principles:<\/p>\n<ul>\n<li>Transparency<\/li>\n<li>Free participation<\/li>\n<li>Open exchange<\/li>\n<li>Community-oriented development<\/li>\n<li>Rapid prototyping<\/li>\n<\/ul>\n<p>The <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-source-code/">source code<\/strong><\/a> in OOS is accessible to be analyzed, edited, and redistributed by anyone. However, some OOS licenses require the original source code to be displayed next to the modified source code.<\/p>\n<p><strong>Closed-source software<\/strong> is the opposite of OOS. It doesn’t make its source code available to anyone. Therefore, only a specific person, team, or organization that produced it has the authority to alter and allocate it.<\/p>\n<p>Open-source software has a number of benefits compared to proprietary software. Some of the benefits include:<\/p>\n<ul>\n<li>OOS principle of open collaboration that leads to<strong> a<\/strong> <strong>higher-quality product<\/strong> as a result of the open call for participation. This brings in a diverse group of specialists from many sectors.<\/li>\n<li><strong>Fixing faults can be faster and cheaper<\/strong> with OOS than with closed-source software. This is the case because a large number of people can address them and have the skill to resolve them.<\/li>\n<\/ul>\n<p>However, it can take a long time for various participants to agree on strategic decisions. This is because open-source software is produced in a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decentralization/">decentralized way, without a single organization guiding the process. Though to deal with this problem, open-source projects use <strong>unique <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-governance/">governance methods.<\/strong><\/p>\n<p>Besides, there’s even a movement aimed at making the majority of software available under an open-source license. The movement is called <strong>the open-source software movement.<\/strong><\/p>\n<p>It also aims to <strong>advance open-source technology<\/strong> through the collaborative creation of high-quality code. Supporters of the open-source software movement produce and share code voluntarily. They do that because voluntary work is as part of the ideology of open cooperation.<\/p>","definition":"a software that allows anyone to see, alter or distribute its source code.","status":"published","meta_title":"What is Open-Source Software (OSS)? Definition & Meaning | Crypto Wiki","meta_description":"Open-Source Software (OSS) meaning: Open-Source Software (OSS) - a software that allows anyone to see, alter or distribute its source code.","meta_keywords":null}"
:model="{"id":574,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-07T20:31:55.000000Z","slug":"what-is-open-close","title":"What is Open\/Close?","section":"O","keyword":"Open\/Close","content":"<p><strong>Open\/close<\/strong> is a term used to describe the price at which a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptocurrency/">cryptocurrency opens at a specific time period. For instance, it opens at the start of the day and closes at the end of the day. Overall, these terms were more useful in traditional financial markets as there are fixed hours of the day in which trading occurs.<\/p>\n<p>Once implemented, <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchain and its settings are difficult to change. This is because each modification must be consented to by all network <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-node/">nodes and members thus creating consensus, which isn't always simple. As a result, blockchain platforms and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-decentralized-applications-dapps/">decentralized apps (dApps)<\/strong><\/strong><\/a> are often only modifiable via a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hard-fork-blockchain/">hard fork<\/strong><\/a>, which requires establishing a new chain.<\/p>\n<p>Moreover, hard forks are considered to be risky for users as well as inconvenient. In other words, it’s not useful for projects to hard fork every time they require to carry out adjustments and add functionalities. <\/p>\n<p>Therefore, blockchain programming depends mostly on the open\/close concept, which indicates leaving room for increasing abilities without taking drastic measures.<\/p>\n<p>When it comes to software development, open\/close describes the programming approach of extending software portions, without permitting any changes to the source code. <\/p>\n<p>The code itself allows for flexibility while limiting the ability to modify its essential components. <strong>This avoids the need to totally rewrite the software whenever new standards emerge<\/strong>. Bertrand Meyer initially articulated it, and it is part of the SOLID concept of object-oriented programming. Because of the immutability of blockchain and crypto projects, open\/close is very critical in their architecture.<\/p>","definition":"is the price where a cryptocurrency opens at a specific time period.","status":"published","meta_title":"What is Open\/Close? Definition & Meaning | Crypto Wiki","meta_description":"Open\/Close meaning: Open\/Close - is the price where a cryptocurrency opens at a specific time period.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
:chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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current-chapter="O"
current-section="what-is-open-close">
