Sina M. A. – CEO STUDIO VIVE & Founder of Techie One, 2018.
Traditionally company owned software data was handled as a close guarded digital asset protected by the legal patent system. Open source is an opposite reflection of that system – geared towards efficiency, productivity and development as oppose to the traditional ownership and holding of market fuelling intangible assets.
The recent widespread adoption of cryptocurrencies, since the launch of Bitcoin in 2009, has promoted an alignment of Blockchain technology with an inherit adoption of open source ideology – where the basis of almost all adaptations of blockchain systems are now being run on open source platforms. Allowing any individual with access to the internet and a basic knowledge of coding language C++, to copy, edit and improve on the original software; and then rebrand and release to the open market. This has made way to a new market of cryptocurrencies – referred to as Alt-coins.
The rise of the Alt-coin market has not threatened the superiority of the originator – bitcoin – but has solidified the foundations and served as a significant factor in consolidating the legitimacy of the entire techno-economic field.
Ethereum is one of the cryptocurrencies built on bitcoin’s original blockchain framework. It was created by Russian-Canadian programmer Vitalik Buterin; who built the system as an attempt to improve on all the issues which bitcoin was criticised for. Although Ethereum only occupies under 15% of the entire crypto market; it has a substantially faster transaction time than bitcoin, making it the superior alternative for real-world use cases. However, as of recent times, Ethereum has recorded a comparatively higher congestion due to its scalability problems; thus making room for the next and further improved branded system.
Open source injects exponential competitive growth in the market by granting all participants the same vital tools. This then breeds a rate of development unparalleled by traditional R&D tools; as well as gifting society with the best possible version of any programmable system. Industry-leading companies such as Google, Firefox and WordPress all allow free open access and interpretation of their company-owned data systems.
From an un-informed perspective, criticisms and alternatives to the patent systems in place, as well as the general state of ownership, may seem like a step against capitalism, However this can not be further from the truth.
Open source may run negative against the traditional procedures of intangible asset ownership, but it places the asset in a position which is most favourable to market development as well as open consumerism substantially heightening the competitive levels and removing stagnation in the entire techno-economic environment.