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Zucoins and Splitchain: Embracing Open Source
A number of readers asked for further information on open source after last week’s article on Central Bank Digital Currency (CBDC), so the following is my take on this topic.
Zucoins, the native crypto token residing on the innovative Splitchain platform, has shown a steadfast commitment to the philosophy of open source. This commitment, an integral aspect of their identity, forms the foundation of their operational strategy. Today, we unravel why Zucoins, along with Splitchain, chose this path and the inherent benefits it offers.
Open source—and there are many many variants of this, essentially means a piece of software is publicly accessible and can be modified and shared. This ethos encourages collaboration and reciprocal innovation. These are very principles that Zucoins and Splitchain have come to embody.
Choosing to champion open accessibility over conventional patent protection, this will make the Splitchain technology accessible for a wider range of applications. This strategy invites the broader tech community to contribute and add to the technology platform.
While the original Splitlock technology, who’s own journey began over 15 years ago, was patented, the Splitchain project grew out of Splitlock and has since become significantly different. It’s so far evolved out of Splitlock, that this direction can be taken forward to further encourage Splitchain’s future ecosystem growth.
The system is designed to expect Zucoins as a base token, so community extensions will support and be derived from this base token.
The goal here is to encourage an environment filled with great add-ons and busy collaboration to, over time, nurture a dynamic community of contributors, instead of unnecessary competitive duplication of efforts.
As we follow the exciting trajectory of Zucoins, the interaction between Splitchain and the wider web3 industry should be a fascinating thing to watch.
ASIC, the Australian Securities & Investments Commission, has concluded its investigation into Zucoins L.P. and will not be taking enforcement action at this time. The investigation was conducted to examine potential contraventions related to the offer and issuance of Zucoins from January 2016 onwards.
Zucoins L.P. and its legal advisors consider this decision as the closing of the file, but they remain vigilant in upholding the integrity of Zucoins and combating false claims that the cryptocurrency is a scam, so the Zucoins team are continuing their work to combat this haze overshadowing major parts of the fast-emerging and chaotic web3 crypto industry. Throughout the investigation, Zucoins L.P. cooperated fully with ASIC and provided necessary assistance to support the legal and technical basis of Zucoins and Splitchain.
Founder Allan Paul Endresz expressed his delight at ASIC’s “no enforcement action” letter, emphasising the importance of regulatory oversight in maintaining the integrity of Zucoins and the Splitchain Layer 1 native network. Endresz praised the technical expertise and diligent work of Robert Novak, who played a significant role in overcoming regulatory and technical challenges. The team at Zucoins L.P. remains committed to their vision, inspired by Walt Disney’s words, “If you can dream it, you can do it.” Read more here.
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All the best,