Open-source, from a software perspective, describes software code that is publicly accessible, meaning that anyone can view, modify and redistribute the code.
Open-source software is generally developed in a collaborative way by many people getting involved to lend a hand.
The mission of open-source software is to promote openness, transparency, collaboration, and participation by anyone in the development of the software.
It’s thought that open-source software benefits from this philosophy through better quality code, faster and lower cost to fix issues because of the number of people involved in the development, and better cooperation between participants working with other like-minded individuals.
Open-source software is often voluntarily written for the project.
In relation to blockchains, many of the top blockchains are developed using open source software, with no central bank, government, or institution controlling the software.
The open-source nature of the foundational software allows developers to create the blockchains in a decentralized manner, leading to the benefits of safety, security, and verifiability of blockchain transactions.