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Why is Bitcoin a Code (Is Bitcoin Code Open Source?)

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Why is Bitcoin a code? What exactly is Bitcoin? Why is it a code? In the world

Why is Bitcoin a Code (Is Bitcoin Code Open Source?)

Why is Bitcoin a code? What exactly is Bitcoin? Why is it a code?

In the world of encryption, anything can be called digital currency. We can understand it as a network composed of a blockchain system supported by a certain mechanism (computer program), which is immutable or has built-in functions. It is as simple and easy to learn as a database and a readable storage medium. However, you cannot see them as part of a separate ledger—a technology framework that is the only one able to provide integrity and lay the foundation for future transactions.”

In order to make it easier for people to understand what “code” is, this concept can be explained from the beginning. “Code” refers to a specific code that is written and uses cryptographic techniques to generate a dataset as a file. When these contents are backed up and uploaded to the network, this method becomes an important step to achieve this goal.

So, why is Bitcoin considered a way of distributed application? This is the question that developers want to know. But the key question is whether the code itself is complex enough, or what impact its existence will have on users.

For many people, “code” (i.e., open-source software) generally refers to data structures required to build smart contracts, such as a new term defined in protocols like Ethereum. And blockchain technology is similar to traditional internet services.

Because everyone is operating with their own wallets, nobody is willing to trust private keys. However, if you have a server, you have to create a new account. Once a problem occurs, your funds will be lost. Therefore, all these things need to address some common underlying issues: how to protect personal information and how to protect them from malicious actors, and so on.

There are also many other factors that determine that our financial system will not disappear. The most important is that if we don’t do this, we will hardly see any opportunities in the economic field. Therefore, although I am not very interested in the solution of this problem, I do think that we have seen a new trust model. By using various tools (including artificial intelligence) and cloud-based computing platforms to establish the ability to store value, we can now complete all business activities without centralized institutions.

Is Bitcoin Code Open Source?

Editor’s note: This article is from Cointelegraph China (ID:cointelegraphChina), author: JOSEPHYOUNG, translated & proofread by: Min Min & Ajian, reproduced with authorization by Odaily Planet Daily.

Is open-source code an important part of blockchain technology? Bitcoin developers have been paying attention to this issue in the past few years and have proposed reasons for solutions, because these tools have proven to be secure and interoperable. This may lead many people to doubt whether the technology behind Bitcoin is capable of providing sufficient support to build a decentralized system for future versions. Why use open-source software to support transactions and smart contracts on the Bitcoin network? According to data from the cryptocurrency company Blockchain Foundation, over $10 billion worth of funds has been received from the Bitcoin community since January 2018. Barry Silbert, CEO of the Bitcoin Foundation, said, “I think the Bitcoin protocol should be operated by non-profit organizations.” Bitcoin Core team member Chris Larsen once said, “If it’s not because it can help people create better financial products, then there is nothing that will make Bitcoin more susceptible to fraudulent attacks.” He pointed out, “this is unacceptable when it comes to complexity and high costs,” but also raised another reason, that the security of the Bitcoin core needs attention. “If you want to know what the code itself is, you must have a set of verified security measures to believe in its existence. We hope that everyone involved can ensure that they will not violate your privacy, freedom or personal property. This is our top priority—to protect you from malicious actors.” In addition to open-source, there is other public information about the Bitcoin ecosystem. For example, the code on GitHub is released by the cryptographer Cobra. There are two open-source libraries on GitHub, Go Language and Zcash. Most of the code in the GitHub repository belongs to one of the most active projects in the GitHub repository. In addition, a new finding related to Bitcoin is that open-source code is usually submitted to third-party service providers for free and does not need to disclose the original files to any third parties. Therefore, this is also disturbing news for those who want to access open-source libraries.

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