Open Source Vs. The 1%
The beauty of open source development is that anyone can participate, improve on and idea, and fix problems with the existing status quo. If you've ever used Google Chrome, Firefox, any version of linux, including Mac OSX, and a myriad of other programs, you've benefited from open source development.Blockchain technologies that are the foundation of Bitcoin and other coins, are so strong and resilient because of open source development and participation. For all the talk of cryptocurrencies being backed by nothing, cryptocurrencies actually are backed by a lot of different things, they're just intangible. We'll get into that in later articles. The point is that if Blockchain were the work of a corporation that had sole access to the code and development, problems like high fees and slow transactions would not have innovative solutions that are mitigating and likely to eventually solve these issues entirely. With traditional currencies like the dollar, you have to pray to God for an act of congress or Presidential decree to fix an issue or change policy. With payment solutions like PayPal, you have to hope they side in your favor, don't arbitrarily freeze accounts, etc.
Here, everyone can participate and generally they come to a consensus or they go their own way, as with some forks of Bitcoin and other coins. Then we have two competing solutions to a problem, and that much better chance of eventually winding up with a currency that hasn't got these problems.
What's more, if there's a really big catastrophic failure, the chances are likely that it's not the doing of a central entity like a banker or chairman running off with the money, printing so many it becomes worthless etc. This takes out a large element of risk that is inherent in other economic systems. It takes much of the risk of manipulation and fraud, and trades it for the possibly inherent risks/vulnerabilities of a system we can fix without relying on 3rd parties or government intervention.
Issues like the Mt. Gox hack have at times been catastrophic to those affected, but ultimately will result in solutions like cross-chain technology and decentralized exchanges that are more resilient and resistant to fraud, abuse, and whatever challenge. In coming posts I intend to discuss these new and exciting innovations so stay tuned!
I hope you enjoyed reading and feel free to leave feedback in the comments below, and/or send a cryptocurrency tip to one of my wallet addresses below.
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