The fact that Bitcoin and other cryptocurrency projects are developed in a transparent manner by independent entities is one of their most attractive aspects.

Bitcoin, for instance, is not run by a private company. It does not have a CEO or other centralized decision-making structure. Bitcoin, on the other hand, is being built collaboratively and publicly.

Open Source is based on a notion that is as ancient as computers themselves. Scientists and engineers in a very small society freely and openly share their work and expertise. During the 1970s and 1980s, however, with the emergence of commercial software, this element lost some of its significance.

Nonetheless, with the rapid growth of the internet in the 1990s, the concept of cooperatively building and giving the rights software gained appeal once more. These developments resulted in the Open Source Initiative, a non-profit organization committed to promoting open-source software and concepts, which was created in 1998.

Free distribution and public access to an application’s source code are among the concepts outlined. Anyone can download, modify, and redistribute the program under this approval.

Open Collaboration, what is that?

The Open Source movement’s popularity and success paved the way for a completely new way of collaborating. One of the reasons that peer-produced initiatives like Wikipedia, TEDx, and Bitcoin have been so successful and popular is because of open source.

Since there are normally few structures and only shaky links between the many partners in Open Source projects, this form of work structure drives motivation and usually incredibly pragmatic ways.

Open collaborative software projects attract talented people from all around the world since anyone may participate, resulting in creativity, innovation, and range that commercial software cannot match.

People who contribute to open source software projects generally do it in their free time, out of enthusiasm and zeal for the idea or task they are focusing on.