Value of Open source

[casey15]

Hello Bitcointalk

I think all of us should be familiar with the mobile banking system and how they work.. if not, then you should know that they use what is known as a closed source software..which means you just have to hold the bank to their word that the code for the app are secure... Same thing with operating systems like windows..
Bitcoin however is very different from this. Even though it is a computer code create by someone, it is open source. This is very important for it's security.

For example, if Bitcoin core was closed source, a developer or a black hat can insert a backdoor and it will take a considerable amount of time to discover but because the code is public there are thousands of developers globally that are constantly reviewing it and any malicious input will be detected on time..
Anybody can download the entire source code and verify that it does what it claims and that it follows the consensus rules and also follow the 21 million limited supply.
Another example is that it makes forking possible because the code is not owned by one person but is shared among everyone.

All these are what makes Bitcoin secured and decentralized as no central authority have  control over the source codes and it is open source...

Having stated all these, outside if the Bitcoin core, is there risk for platforms or wallets that opt to used open source for their platforms??

[Hypnotizer]

Having stated all these, outside if the Bitcoin core, is there risk for platforms or wallets that opt to used open source for their platforms??

Well, everything in this world has its risks but come to think of it, I don’t see the risks for platforms or wallet that opt to use open source code as a practical risk but rather a theoretical risk and the theoretical risk often associated with these are:

• Maintenance and slower innovations: many people think that without a single entity having full control over a code, the innovative updates tend to be slower compared to closed source code.
• Security vulnerabilities: also some people have a feeling that because the code is open for everyone, bad people can find weaknesses in the code and use it the bad way.

Let’s take a Look at the other part of this, did you know that those so called `risks’ are the greatest strength of an open source code. Let me explain..

• Transparency: an open source code, means everybody can audit it..thousands of people or even millions of them are out there looking for the bugs and vulnerabilities of the code not just some small group of bad individuals, meaning the security vulnerabilities risks associated with an open source code isn’t a risks rather it is a big strength that keep the system working perfectly and critical flaws and bugs get found and repaired more faster in open source code than in closed source code.

• Community driven progress: open source codes often draws the attention of passionate communities full of dedicated developers and users that contribute seamlessly to its  maintenance and progress and that also the same case as for bitcoin.

[Charles-Tim]

Having stated all these, outside if the Bitcoin core, is there risk for platforms or wallets that opt to used open source for their platforms??

Some hackers can easily use the source code to clone the wallet to be able to deceive some people after a little modification of it. But do not be surprised that there are fake close source wallets also.

Some business prefer close source because they do not want their competitors to use what their developers developed for them.

But what I like about bitcoin is that there are still many reputed open source wallets.

[Pathsofglory38]

For example, if Bitcoin core was closed source, a developer or a black hat can insert a backdoor and it will take a considerable amount of time to discover but because the code is public there are thousands of developers globally that are constantly reviewing it and any malicious input will be detected on time..
Anybody can download the entire source code and verify that it does what it claims and that it follows the consensus rules and also follow the 21 million limited supply.
Another example is that it makes forking possible because the code is not owned by one person but is shared among everyone.

[/quote]

That is why they say bitcoin is using the blockchain system it’s is like a record book which contains everything transactions data.
And it uses cryptographical keys to secure identities and also uses hash function to to make blockchain immutable.
That is why they say blockchain is a public distributed ledger in which the digital data is recorded and verified by each node to prevent tempering or manipulation of data.

[Mia Chloe]

~snip

These days people no longer value open source any more and they fail to see the fact that open source developers really don't profit directly from the software they create instead they give us transparency and liberty to mod the codes to our liking. There are a couple of other open source softwares out there but people don't even notice most times.

Some hackers can easily use the source code to clone the wallet to be able to deceive some people after a little modification of it. But do not be surprised that there are fake close source wallets also.

This is why it's important to know how to verify fingerprints of software we download to avoid taking the risk of installing a hacked and cloned version.

[Charles-Tim]

These days people no longer value open source any more and they fail to see the fact that open source developers really don't profit directly from the software they create instead they give us transparency and liberty to mod the codes to our liking. There are a couple of other open source softwares out there but people don't even notice most times.

That is what people are before and not just kow, only just few among us value what open source is. If not for this forum, I will not even value it. I will not even know what open and close source softwares are if not this forum that I saw it.

[MD0706]

Hello Bitcointalk

I think all of us should be familiar with the mobile banking system and how they work.. if not, then you should know that they use what is known as a closed source software..which means you just have to hold the bank to their word that the code for the app are secure... Same thing with operating systems like windows..
Bitcoin however is very different from this. Even though it is a computer code create by someone, it is open source. This is very important for it's security.

For example, if Bitcoin core was closed source, a developer or a black hat can insert a backdoor and it will take a considerable amount of time to discover but because the code is public there are thousands of developers globally that are constantly reviewing it and any malicious input will be detected on time..
Anybody can download the entire source code and verify that it does what it claims and that it follows the consensus rules and also follow the 21 million limited supply.
Another example is that it makes forking possible because the code is not owned by one person but is shared among everyone.

All these are what makes Bitcoin secured and decentralized as no central authority have  control over the source codes and it is open source...

Having stated all these, outside if the Bitcoin core, is there risk for platforms or wallets that opt to used open source for their platforms??

Value of an open source in this generation is very for to be carry alone with the global standard is talking about general global mobile  banking system like wise to bitcoin world investment and trading system which is open source is what transforms global wide

[7juju]

Since most businesses and apps are centralised I don't see any need for them to operate an open source, because if their code gets cloned and people get scammed they will lose so much. Companies shouldn't make it easy for attackers to attack them by operating an open source. I see the open source as someone handing a gun without bullets to robbers. It won't take time for the robbers to find bullets on their own and use it against you.

[Obim34]

These days people no longer value open source any more and they fail to see the fact that open source developers really don't profit directly from the software they create instead they give us transparency and liberty to mod the codes to our liking. There are a couple of other open source softwares out there but people don't even notice most times.

Most of the open source wallet/project often earn from donation, like in Electrum. A completely free and safe software yet people will prefer holding unto closed source wallets or exchanges to hold their coins.

Having stated all these, outside if the Bitcoin core, is there risk for platforms or wallets that opt to used open source for their platforms??

For new platforms or wallets deciding on open source codes, will require different volunteers for different purpose like detecting of bugs, attacks, maintenance. The beginning always require lots of money or volunteers to help protect the codes, either you have a team of developers willingly or pay them from donations or personal funds which can be a big challenge following softwares that the creator isn't expecting returns.

[Felicity_Tide]

These days people no longer value open source any more and they fail to see the fact that open source developers really don't profit directly from the software they create instead they give us transparency and liberty to mod the codes to our liking.

~snip

That's because this same people don't want to get their hands dirty, by confirming and interacting with what they're using. What do we see today?, as long as it works, don't ask questions... just use it. Morever, most people are used to the Centralized thing, so they won't really show their concern for transparency and innovation.
But one interest part that I like so much, is the room for innovation that opens source provides.

Most of the open source wallet/project often earn from donation, like in Electrum. A completely free and safe software yet people will prefer holding unto closed source wallets or exchanges to hold their coins.

People make their choices, but the craziest choice ever is when you know what's best, but still choose to do the otherwise. People are still very loyal to centralization and every other thing that is restricted to a central authority.

[nelson4lov]

Open source projects are public and very difficult to bootstrap. That's why I'm not surprised if a team takes the closed-source route, because at the end of the day, getting funding and long-term volunteers for open-source projects is one of the biggest hurdles to overcome. However, when it works, it just works, and it goes a long way. Perfect examples are Bitcoin, Ethereum and a few other ones that are crypto-centric. I love open source softwares but they don't often get long term support due to reasons already mentioned above.

[Nathrixxx]

An open source wallet allows other developers to vet on their source code as they are being made openly for the public, while a close source does not allows for this, that is why we can't accept all non custodial wallet to be open source, we ha e a good number of them and I can sat an example here, we have the trust wallet, which is a closed source non custodial crypto wallet.

[Slimzeee]

I believe I have mentioned earlier on a thread that the publicity and openness of Bitcoin is one of its greatest weapons for success. People like the fact that their long-term investment can be verified and that the ledger hasn’t been tampered with. This also gives you a certain level of confidence and security.

A bank can debit you and not give you the money from an ATM, while it is still confirmed and recorded in their proof of transaction. But in a Bitcoin system, if the transaction is not confirmed, it stays in the mempool or gets dropped, and it is not added to the blocks because there is no proof of work.

[Cryptomultiplier]

In my opinion, a platform can become more successful and efficient in their implementations, if they focus more on the quality of service delivery, if they focus more on the quality of the developers they use, if they engage in strict auditing process regularly and if they can effectively communicate and engage with its user base or community.

Open source or closed source is not really as important when it comes to maintaining the integrity and security of a platform alone. The platform must try to focus more on what I mentioned above to be secure and last longer while growing stronger among competitions.