Open Source Is King — 3 ICO Projects That Are Fully Open Sourced

Open source blockchains are the safest and most well rounded. There are several reasons for this, but right now we are going to go over the most important ones. First and foremost among them is safety.

Why Open Source Is King

Open source software is a prerequisite for ensuring trust and safety in a blockchain project. This doesn’t mean that open sourced software will be perfect; there are still plenty of risks. What it does say is that certain calamities, such as the one that affected Bitconnect can be spotted and avoided.

The issue that caused people to lose their money in Bitconnect was only spotted by those that had real cryptocurrency experience. These individuals could see the potential for a Ponzi scheme. Everyone else put their money into a closed source algorithm in order to purchase some BCC tokens. For them, it was a surprise when they found out that their investment was gone forever.

Open source allows you to see the code. This enables you to confirm whether or not your coins are in line with their expressed features. It also means that the software is freely shared and transparent to any interested party. There is no single centralized body overseeing or powering any operations. This transparency and openness do concede a few security weaknesses (look at the Ethereum blockchain hacks), but it all but throws away the chance of a scam. Furthermore, open source software does not leave room for anyone specific weakness. So, while attacks are indeed possible, they are quite rare and require a particular skill set. Beyond security, open source offers several other significant benefits.

Open source fosters an ecosystem where skilled coders can collaborate to ensure a bug-free, transparent, efficient, and highly profitable project. When it comes to token projects, all of the major successful ones are open source. So, here are a few examples of FULLY open source ICO projects.

Three Great Examples:

Bitcoin
First, let’s take a look at the basics. There is more than one reason that Bitcoin has been such a successful project, inspiring awe around the world. However, a critical component in the recipe of Bitcoin’s success is its open source nature.

Because Bitcoin was the first real cryptocurrency, it had to offer something impressive to gain traction. This is where the open source component plays a critical role. Unlike traditional currencies, Bitcoin’s design is public. Everyone can take part in it, without anyone controlling it.

This framework paved the way for all the cryptocurrencies that you know of today. The open source framework, in particular, has been critical to all the successful projects since.

NXT
The NXT project is not a typical cryptocurrency project. It is, rather, a platform dedicated to improving on blockchain technology. It is at heart a blockchain platform built for financial services and applications.

The use in the NXT project’s service is its ability to enable anyone or any institution to develop their own blockchain applications. The platform also comes with its own marketplace and messaging system.

The rise of NXT has also been quite astounding. The price of each NXT token rose incredibly fast since the company’s ICO in September 2013. Some early investors netted a return of almost 600,000%.

DACSEE
DACSEE is an open source, blockchain based ride-sharing service. The company holds its open source technology as a cornerstone to its success. DACSEE allows any member of the public to audit, review or extend the codebase of its application. Their focus on security in their application adds even more promise to the company’s performance. This will continue to be a critical factor as DACSEE expands their market.

DACSEE, as a ride-sharing service, also offers greater security to passengers than its competition. The company also boasts a myriad of benefits for drivers and passengers alike. This, when combined with their decentralized and transparent outlook, has fostered the conditions that are causing DACSEE to thrive.

Conclusion
Open source should be one of the primary necessities when you are considering an ICO. Open source codes like Linux can also be used to mine Bitcoin.

There are some great projects out there. You will need to do your due diligence to find them. But remember, open source is king.