Build Cryptocurrency Applications

Understanding opensource is important for anyone getting into cryptocurrency - whether it's developers mining crypto, policymakers regulating laws around crypto, or the public transacting with crypto. The backbone of many major Cryptocurrencies (like Bitcoin) and Blockchain is open-source software. While this is a concept anyone in the tech industry will already understand, the rest of the audience may not fully grasp its relevance.

Bitcoin, a peer-to-peer decentralized digital currency and probably the most popular cryptocurrency today, is open source. The design is open to the community and anyone can contribute towards making the platform better. Developers can also use Bitcoin's source code to build their own services or software. How would this differ from a privately owned cryptocurrency? Firstly, as long as crypto transactions are happening over a blockchain network the transactions are decentralized. This means there is no need for a central clearing authority and transactions happen peer-to-peer.

Even with this setup, however, the body owning the cryptocurrency can apply policies and regulations to the platform. They can control the value of the currency, they can restrict its daily usage, they can limit its use to selective products/services, they can control the supply, etc. This setup can quickly become tantamount to a regulatory body like the government that maintains authority over currency and transactions, and in a sense becomes a centralized (controlled) form of currency.

Open source prevents this from happening. The cryptocurrency delivers all required functionality - users can perform transactions using crypto, and no element in the network, neither the platform nor the transactions, is controlled by a central body. When you use open source crypto for applications, you own the underlying software and no entity can claim stake or influence its functionality.

Build Gaming Applications

The market size of Global Game Development Software was around USD 957.27 Million in 2020, and research suggests that it would be worth over USD 1,691.82 Million by 2026. The growing game development industry is giving rise to an increase in open-source software in the gaming domain. With the growing competition and the increasing cost of development in the fields of computer games and mobile application development, it is no wonder that open source software is gaining so much popularity.

The open-source software is the one in which the source code is available for the public. Instead of paying the license fee to the developers, you can use the open-source software for free. This, in turn, means that the users can modify the system and release the updated version of the software. 
Open-source software also runs faster and more efficiently, making it a viable alternative for those who can't afford the proprietary alternatives. It is also less likely to cause problems when it's hosted on multiple platforms, which is something to think about if you're going to provide your users with several options for accessing your software.

One of the main reasons developers use open-source while game development is that development costs are significantly reduced. In the year 2018, it was found that as many as 96% of applications have an open source component in them. When it comes to game development, where the ideas are plenty, and many people are consuming it, open-source is a boon. It saves the developer a significant amount of time, and they can focus on the idea rather than the coding part of the game. 

There are some other important aspects that open-source brings to the table, like the stability of the code, knowledge sharing, to name a few. The developers usually ensure that codes are updated and stable in nature so that when other developers choose to build on this, they have a stable code in place. Knowledge sharing is also a key aspect of the open-source gaming industry.

Build DeFi Applications

Decentralized Finance, better known as DeFi, has become a groundbreaking concept today, with a market size of about $93.5 billion as of October 2021. That is a huge number, considering the value in decentralized assets owned by people in May 2020 was a mere $1 billion. The fact that DeFi is making a pathbreaking entry into the financial systems of the world can be largely attributed to blockchain technology. There is a definite opportunity for the developers to incorporate blockchain networks and systems on their apps for DeFi operations, looking at the trends in the adoption of this digital finance alternative to traditional banking. 
By nature, DeFi is built to be open source so as to allow developers to build on top of its existing protocol if they need it. This is a way for the decentralized finance platform to:

1. Enhance transparency through the use of highly traceable and immutable blockchains
2. Encourage permission-less, democratized access to transactional information
3. Keep records decentralized for further protection against tampering or fraud
Let’s see how open-source resources can prove to be helpful in developing decentralized finance applications.

Some of the best-known projects that developers can build on top of using open source libraries are:

* Marble and Airswap (for developing exchanges-based applications)
* Polymath and Harbor for investments
* Argent and Metamask for wallets
* Salt and ETHLend for crediting and lending
* Omisego and Groundhog for payments
* Ox and Settle for infrastructure

Open-source libraries that contain essential coding components such as frontend codes and adapters for other open-source projects can be easily found on Kandi.

Open Weaver – Develop Applications Faster with Open Source

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