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.