Daily Crypto, Finance, and Tech News Summary – October 30, 2023

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Welcome, and thank you for being part of the MyZucoins community! Let’s get into an interesting piece of crypto, finance, or tech news to stay ahead.

Lots of engineers working on the same giant piece of paper on a huge table

What Are Open-Source Protocols And How Do They Work?

Open-source protocols, publically accessible and modifiable code, are increasingly prominent in the tech industry.

Their benefits include transparency, accessibility, and peer evaluations, setting them apart from proprietary alternatives.

Notable examples include Linux and Android operating systems, Firefox browser, and blockchain protocols like Bitcoin and Ethereum.

Open-source and proprietary protocols often have different development approaches to normal software, each with unique processes and principles to keep the project on track.

Open-source protocol development involves conceptualization, prototyping, beta testing, and continuous updating based on public feedback.

Despite being public, these protocols can still be copyrighted with set guidelines for usage and distribution, typically covered by either permissive or copyleft licenses.

A permissive license, like the MIT License, imposes minimal restrictions, allowing anyone to use, modify, and distribute the code.

In contrast, “copyleft” licenses, like the GNU General Public License, have more restrictions, especially on the distribution of modified versions, to ensure the software remains open and free.

Proprietary protocols, however, impose strict limitations, including restrictions on code modification, extension or reverse engineering.

Open-source can also be handy for improving security, as more people viewing the code tends to help the process of finding bugs.

The downside of course is that those who get access to the code and find the bugs, don’t always have the best intentions.

There are many cases where flaws aren’t disclosed for a while.

The people who discovered them use those flaws to their advantage before the issue gets fixed.

Another potential downside is the community of software developers who contribute has to be carefully managed to avoid unnecessary complexity and “feature creep”.

It’s a situation where if everybody’s wishes are granted, over time, the software becomes hard to manage, buggy, slow and is eventually eclipsed by a competitor or collapses from the weight of the complexity.

This is true for all systems, even biological ones that occur in nature.

So there is a clear tradeoff and balance to achieve.

The benefit is, that when it comes to open-source platforms, different systems and apps know how to talk to each other more easily.

This is handy as more services can compound their efforts, once established, without having to reinvent the wheel.

There is also a growing trend towards developing peer-to-peer internet protocols, which facilitate direct communication between systems, eliminating the need for centralized intermediaries. Read more here.

More On This Topic:

Blockchain is a way of thinking.

Honest state of the traditional crypto industry.

Why crypto? What is the point? What’s the nature of “trust”?

Amplifying the crypto effect: Various forces.

Cryptocurrency’s evolution mirrors the early automobile era.

How Is Open-Source A Key Factor To Splitchain’s Future Abilities?

“The secret of change is to concentrate all of your energy, not on opposing the old, but on constructing the new.” —Socrates

Open-source protocols have surfaced as the pillar of the tech industry, promoting clarity and accessibility.

Zucoin, much like Linux and Android, is adopting this trend, working towards an open-source model.

This technological revolution isn’t just about disclosure; it’s about iterative, user-driven advancement.

The ongoing evolution of Zucoin’s wallet app, currently in beta, showcases this, as it continuously adapts based on user feedback.

Liberty is the core of open-source.

Zucoin’s goal to transition to open-source mirrors this sentiment, calling on the public to join as nodes and contribute to progress.

There are four main factors to open-source and in this case, it relates to decentralization efforts.

The Splitchain network, the app, the peer transactions and the governance structure all need to be decentralized, which will be complemented by open-source efforts.

Open-source’s true worth lies in encouraging compatibility between various systems and applications.

A lot of work is being done within the Splitchain network to prepare it for smoothly blending with other systems.

The internet was built on peer-to-peer protocols as servers and web browsers talk to each other.

When Sir Tim Berners-Lee’s concept of the web came along in 1989, then a working prototype in 1990, it connected the dots and made the internet easier to work with for everyday tasks such as digital documents on web pages.

He created the World Wide Web (“www”) protocol, revolutionizing communication and commerce for billions of people around the world, further leveling the playing field.

Zucoins is aiming to further push this trend.

Open-sourcing components like Zucoins’ wallet app and Splitchain will help others to build on top of them, adding even more capabilities than we could ever dream up.

That’s where things really get interesting.

To see all of the potential innovations that others build on top of Splitchain.

That’s why we believe in Web3—the real next-generation of the web, not the nonsense that we have seen during the recent crypto hype cycle, that damaged the industry’s reputation (it’s improved since as institutions have moved in) and caused regulators to clamp down.

It’s also why Zucoins is taking careful steps towards more transparency, innovation, and sustainability.

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All the best,
Peter & Rob

Disclaimer: Of course, this is not advice, financial or otherwise. It’s also important to consider the risks and challenges associated with any potential benefits.