Crypto Terms:
Letter O
What is Open Source?
Meaning:
Open Source -
is a type of belief among developers where sharing information freely and openly is a way to benefit everyone’s interests.
Let's find out Open Source meaning, definition in crypto, what is Open Source, and all other detailed facts.
The term Open Source is used to describe code that is made accessible to the public.
In essence, open source means that anyone has access to the source code and the right to use it for any purpose without any legal repercussions from the actual developer team such as a lawsuit. End-users are allowed to overview, modify and redistribute the source code freely.
Nonetheless, open source software might not be available for free. Sometimes developers charge fees for additional services such as help with troubleshooting, consulting services, and others.
Open source enthusiasts praise this type of code as it allows anyone to study the code, find issues that the initial developers overlooked, and even provide new ways to solve problems.
The fact that the majority of crypto projects are open source is extremely valuable to the entire crypto sector. Innovation is the main benefit of open source as it allows any and all developers to analyze the databases, add new functions, and introduce industry-changing ideas. Often times it’s the users themselves who take advantage of the open source code to brainstorm and create new projects.
The most successful examples of this are Bitcoin Cash (BCH) and Bitcoin SV (BSV) developed from Bitcoin’s source code, DeFi, and stablecoins among many others.
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}"
:prev-section="{"id":561,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Online_storage","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-10T10:42:51.000000Z","slug":"what-is-online-storage","title":"What is Online Storage?","section":"O","keyword":"Online Storage","content":"<p><strong>Online storage (or online wallet) is a device that is constantly connected to the internet.<\/strong> It is used to store cryptocurrencies and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-private-key-secret-key/">private keys<\/strong><\/a> of crypto accounts. Online storage devices are convenient and easily accessible. However, this also means that they are easy to access by attackers, giving them the potential to steal vital and sensitive data.<\/p>\n<p>Therefore, while online storage is really convenient, <strong>it is definitely less secure than<\/strong> <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-offline-storage/">offline (or cold) storage<\/strong><\/a>. With offline storage, data is stored on devices such as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hardware-wallet/">hardware wallets<\/strong><\/a> that aren't connected to the internet and thus can’t be hacked remotely.<\/p>\n<p>Online storage devices, on the other hand, <strong>stay connected to the internet most of the time<\/strong> (not only when a transaction needs to be delivered to the network). This extends the time frame for attackers to get access. Though when a user turns off their internet connection or shuts the device down, online storage gets offline.<\/p>\n<p>Luckily, encryption and other security techniques are used to secure internet storage devices and servers. This includes <strong>browser-based wallets<\/strong> (such as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-metamask/">MetaMask), <strong>mobile-based wallets<\/strong> (such as Enjin and Trust Wallet), and <strong>PC\/laptop-based wallets<\/strong> such as (Coinomi and Coinspot).<\/p>","definition":"an internet-connected device or system that is used to store cryptocurrencies and the private keys for crypto accounts.","status":"published","meta_title":"What is Online Storage? Definition & Meaning | Crypto Wiki","meta_description":"Online Storage meaning: Online Storage - device or system that is connected to the internet and used for storing cryptocurrencies and private keys of crypto accounts.","meta_keywords":null}"
:model="{"id":622,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Open_Source","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-07T20:32:44.000000Z","slug":"what-is-open-source","title":"What is Open Source?","section":"O","keyword":"Open Source","content":"<p>The term <strong>Open Source<\/strong> is used to describe <strong>code that is made accessible to the public<\/strong>. <\/p>\n<p>In essence, open source means that <strong>anyone has access to the source code and the right to use it for any purpose without any legal repercussions from the actual developer team<\/strong> such as a lawsuit. End-users are allowed to overview, modify and redistribute the source code freely.<\/p>\n<p>Nonetheless, open source software might not be available for free. Sometimes developers charge fees for additional services such as help with troubleshooting, consulting services, and others. <\/p>\n<p>Open source enthusiasts praise this type of code as it allows anyone to study the code, find issues that the initial developers overlooked, and even provide new ways to solve problems.<\/p>\n<p>The fact that the majority of crypto projects are open source is extremely valuable to the entire crypto sector. Innovation is the main benefit of open source as it allows any and all developers to analyze the databases, add new functions, and introduce industry-changing ideas. Often times it’s the users themselves who take advantage of the open source code to brainstorm and create new projects. <\/p>\n<p>The most successful examples of this are Bitcoin Cash (BCH) and Bitcoin SV (BSV) developed from Bitcoin’s source code, <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-defi/">DeFi, and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-stablecoin/">stablecoins among many others.<\/p>","definition":"is a type of belief among developers where sharing information freely and openly is a way to benefit everyone\u2019s interests.","status":"published","meta_title":"What is Open Source? Definition & Meaning | Crypto Wiki","meta_description":"Open Source meaning: Open Source - is a type of belief among developers where sharing information freely and openly is a way to benefit everyone\u2019s interests.","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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Crypto","status":"published","modified_content":null}]},{"id":3,"title":"Crypto Exchanges","slug":"crypto-exchanges","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-exchanges.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-exchanges-101.jpg","rating":80,"sections":[{"chapter_id":3,"order":1,"slug":"how-do-cryptocurrency-exchanges-work","title":"How do Cryptocurrency Exchanges Work?","status":"published","modified_content":null},{"chapter_id":3,"order":2,"slug":"dex-vs-cex","title":"DEX VS CEX: Two Sides of the Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":3,"order":3,"slug":"crypto-day-trading","title":"Crypto Day Trading: The Difference Between Buying, Trading, and Swapping","status":"published","modified_content":null},{"chapter_id":3,"order":4,"slug":"kyc-crypto","title":"KYC & AML: The Key to Complying With Legal Industry Standards","status":"published","modified_content":null},{"chapter_id":3,"order":5,"slug":"how-to-buy-crypto","title":"From Fiat to Crypto: How to Buy Crypto for the First Time","status":"published","modified_content":null},{"chapter_id":3,"order":6,"slug":"fiat-to-crypto","title":"Taking Profits: Turning Crypto Into Fiat","status":"published","modified_content":null},{"chapter_id":3,"order":7,"slug":"how-to-use-crypto","title":"You\u2019ve Got Crypto: What Can You Do With It?","status":"published","modified_content":null}]},{"id":4,"title":"Crypto Wallets","slug":"crypto-wallets","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-wallets.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-wallets-101.jpg","rating":80,"sections":[{"chapter_id":4,"order":1,"slug":"what-is-a-crypto-wallet","title":"What is a Crypto Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: 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Techniques","status":"published","modified_content":null},{"chapter_id":6,"order":12,"slug":"what-is-an-oracle-in-crypto","title":"Crypto Oracles: The Link Between Blockchain and Outside World Data","status":"published","modified_content":null},{"chapter_id":6,"order":13,"slug":"crypto-gambling","title":"The Peculiarities of Decentralized Crypto Gambling","status":"published","modified_content":null},{"chapter_id":6,"order":14,"slug":"what-is-the-metaverse","title":"Metaverse: A New Perception of Reality","status":"published","modified_content":null}]},{"id":7,"title":"Trading & Investing","slug":"trading-and-investing","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-trading.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-trading-101.jpg","rating":80,"sections":[{"chapter_id":7,"order":1,"slug":"where-to-trade-crypto","title":"Where Can You Trade Cryptocurrencies?","status":"published","modified_content":null},{"chapter_id":7,"order":2,"slug":"how-to-invest-in-crypto","title":"Investing in Crypto: What Investing Options Do You Have?","status":"published","modified_content":null},{"chapter_id":7,"order":3,"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the One?","status":"published","modified_content":null},{"chapter_id":7,"order":4,"slug":"what-is-an-airdrop","title":"What are Crypto Airdrops and How to Get Them?","status":"published","modified_content":null},{"chapter_id":7,"order":5,"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","status":"published","modified_content":null},{"chapter_id":7,"order":6,"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","status":"published","modified_content":null},{"chapter_id":7,"order":7,"slug":"what-is-a-perpetual-contract","title":"Perpetual Contracts: Futures Contracts Without an Expiration 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Mining?","status":"published","modified_content":null},{"chapter_id":9,"order":3,"slug":"what-is-staking-crypto","title":"An Advanced Look into What is Staking Crypto","status":"published","modified_content":null},{"chapter_id":9,"order":4,"slug":"what-is-proof-of-stake-vs-proof-of-work","title":"Proof-of-Work VS Proof-of-Stake: The Differences That Matter","status":"published","modified_content":null},{"chapter_id":9,"order":5,"slug":"what-is-crypto-mining-rig","title":"Crypto Mining Rig: What It is and How to Build One?","status":"published","modified_content":null}]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/crypto-101-glossary.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}]"
current-chapter="O"
current-section="what-is-open-source">
