Thursday, May 15, 2014

"Bitcoin is a techno tour de force" Reason 1: Open Source Technology

A recent quote from Bill Gates (source) seemed like the perfect title for my first post about Bitcoin. I first heard about Bitcoin in 2011, but it took a couple of years for me to grasp its importance. In 2013 I started to study Bitcoin and develop with the technology. This is the first post of many where I intend to detail the reasons why Bitcoin is significant.

Open Source Technology

Bitcoin is nothing more than a pile of computer source code running on hundreds of thousands of computing devices around the world connected by the internet. That code is all open source. What does that mean? It means you can read the code yourself and you can modify it yourself. (link to source) Bitcoin purports to be a secure system for money storage and transfer. We can trust it because we can read the code ourselves and see how it works. If you personally cannot understand the code, you can trust any number of qualified people who have read the code including myself who will tell you that the core architecture is sound. In fact, the design is completely genius; "A techno tour de force" according to Bill Gates. If Bitcoin were closed source we could not easily know how it works and it would be extremely difficult to know how secure it is. Furthermore, since the code is available, Bitcoin can and is evolving. What that means is that even if there are inevitably bugs in the Bitcoin code, those issues can be resolved over time as they are found. Bitcoin can also be modified in the future to be better than it is today. For example, changes could be put in to make Bitcoin transactions happen faster, or allow the protocol to handle more transactions per second than it currently does.

If Bitcoin had been released as a closed source application instead, it would have been nearly worthless. The fact that it is open source is definitely a large part of the technology value proposition.

2 comments:

  1. Positive site, where did u come up with the information on this posting? I'm pleased I discovered it though, ill be checking back soon to find out what additional posts you include.

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  2. It’s an apt metaphor for a generation that’s come with large guarantees but suffered setbacks nearly from its inception. final year, hackers stole $60 million well worth of ether, the digital forex connected to Ethereum. The heist become a massive black eye—probabilities are, in case you’ve heard approximately Ethereum, it’s due to the hack. And but it isn’t useless. The motive: in contrast to bitcoin, this blockchain isn’t virtually about forex. Its advocates assume it could be a universally reachable system for walking corporations. “Ethereum gives you a new manner for the laptop to interact with the actual international and the way money actions,” says Emin Gun Sirer, an associate professor of computer science at Cornell college. “It’s potentially a massive recreation changer whose fee has yet to be tapped.” coin-banks review

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