Michael GrawThe majority of the major cryptocurrencies are open source software. That is, no one company or developer owns the code underlying these digital currencies, and that code is available for anyone to see.
The open source nature of blockchains is a key aspect of cryptocurrency. In this guide, we’ll explain everything you need to know about open source cryptocurrency and highlight the best open source tokens and crypto wallets for 2023.
Open Source Crypto Explained
Most software people are familiar with is developed and owned by a single company. Take Microsoft Windows, for example. It’s built and maintained by Microsoft, and Microsoft owns the code that Windows runs on and the intellectual property around that code. Microsoft also reaps all the profits from selling Windows to PC users.
Open source software, on the other hand, isn’t owned by any one company or developer. Instead, it’s created and then put out into the world for anyone to use as they wish. Open source code is available for anyone to view and it can be copied and modified by developers who want to build on it.
Most cryptocurrencies, including Bitcoin and Ethereum, are open source software. These cryptocurrencies were created by collaborative groups of developers, but those developers don’t own or control the cryptocurrencies. Instead, the code is available for anyone to see.
In fact, many developers have created modified copies of the open-source code for Bitcoin. That’s where Bitcoin Cash, Dogecoin, and BitcoinSV come from.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
How Does Open Source Crypto Work?
Making a cryptocurrency open source is relatively straightforward. All a developer needs to do is make the code behind their cryptocurrency freely available for anyone to view. The majority of popular crypto projects today are open source.
Open source cryptocurrencies have several major advantages over cryptocurrencies and software platforms that aren’t open source.
First, the code for a cryptocurrency that’s open source can be audited. Developers can inspect the code to make sure there are no bugs or flaws that could allow money to be stolen or one person to take control of a blockchain.
In the world of cryptocurrency, this is incredibly important because the success of cryptocurrencies depends on earning the trust of users. Users are far more likely to trust a blockchain that thousands of developers have looked closely at, compared to a blockchain that doesn’t share its code and only a few people know the inner workings of it.
Another important advantage to open source cryptocurrencies is that they can be forked. If there’s a major incident, like the 2016 hack on Ethereum, a blockchain’s original code can be copied and modified. Ethereum, as we know it today, is actually a fork of the original open source Ethereum blockchain, which continues to operate as Ethereum Classic.
Forking also enables innovation. Forks of Bitcoin like Bitcoin Cash and BitcoinSV offer faster transaction speeds for peer-to-peer payments than Bitcoin itself, for example. There are many more forks that developers have used to test out new projects, but which haven’t achieved widespread success.
Open Source Blockchains
Cryptocurrencies rely on blockchains, digital ledgers that keep track of every transaction happening with a digital currency. While cryptocurrencies get most of the investors’ attention, blockchains are what enable the crypto world to spin.
When new blockchains are created, they often come with their own cryptocurrencies. For example, the Bitcoin blockchain has BTC, the Ethereum blockchain has ETH, and the Avalanche blockchain has AVAX.
However, there can also be other cryptocurrencies built on top of these blockchains. ERC20 tokens like TAMA, LBLOCK, and LINK are built on top of the Ethereum blockchain.
This development is enabled by the fact that these are open source blockchains. Developers can see the code of an open source blockchain, so they know how to create new projects on top of it that will work seamlessly with the underlying chain.
Old & New Open Source Blockchain Projects
Want to know more about open source cryptocurrencies? We’ll take a closer look at some of the best open source blockchain projects for 2023, including new crypto projects:
1. Tamadoge (TAMA) – Open Source Play-to-Earn Crypto Game
Tamadoge is a hot new play-to-earn crypto game that builds on the popular doge meme. In Tamadoge, players can purchase NFT pets that they nurture on their way to adulthood. Each pet starts with random stats, strengths, and weaknesses, but the way players care for their pets also impacts how they develop.
Once NFT pets reach adulthood, players can battle them against other players’ pets in the Tamadoge virtual arena. Winners climb the game’s leaderboards and earn TAMA crypto tokens as a reward.
TAMA is an open source ERC20 token that forms the basis of Tamadoge’s in-game economy. Players can use TAMA to purchase more NFT pets (there’s no limit on how many NFTs can be minted) or to buy in-game upgrades that can help their pets in battle.
What makes TAMA so interesting is that it’s a deflationary token. With every purchase in the Tamadoge marketplace, 5% of the TAMA used for the transaction is removed from circulation and burned. That means that the supply of TAMA is constantly decreasing. Moreover, the supply of TAMA decreases more quickly the more people that play Tamadoge and the more demand for the coin rises.
Investors can get in early on this open source cryptocurrency through Tamadoge’s crypto crowdsale. TAMA is available at a discounted rate only until the crowdsale’s cap has been reached.
Here’s how investors can buy TAMA during the crowdsale:
Step 1: Download Metamask
Download the Metamask crypto wallet for a browser.
Step 2: Visit Tamadoge’s Presale
Head to Tamadoge’s website and connect the Metamask wallet.
Step 3: Buy TAMA
Enter the amount of TAMA to purchase and choose a payment method. Tamadoge accepts credit cards, so investors don’t need to own crypto in order to purchase TAMA. The platform also accepts Ethereum and USDT.
Step 4: Claim TAMA
All purchased TAMA will be released to investors at the end of the presale. Investors must claim their TAMA and transfer it to their wallet.
| Min Investment | 1,000 TAMA (∼$10 + gas fee) |
| Max Investment | N/A |
| Purchase Methods | ETH, USDT, Debit / Credit Card (via Transak) |
| Chain | Ethereum |
| Beta Sale Ends | 2nd September 2022 |
| Presale Ends | Q4 2022 |
2. Battle Infinity (IBAT) – Best Open Source Metaverse for 2023
Battle Infinity is a new open source crypto project that has crypto enthusiasts excited. This is a new metaverse NFT project where developers will be able to create their own mini-games alongside games built by the Battle Infinity team. Users within the Battle Infinity ecosystem will be able to choose their own virtual experiences and even create custom games.
The team behind Battle Infinity is kicking off metaverse gaming with a fantasy sports game called IBAT Premier League. This is modeled on India’s highly popular Indian Premier League for cricket. Players will be able to assemble their teams and then see who scores the most points over the course of the season.
Winners of IBAT Premier League will earn IBAT, the native cryptocurrency of the Battle Infinity metaverse. IBAT can be used to purchase NFT passes that are required to play IBAT Premier League as well as accessories and upgrades from the Battle Infinity marketplace. Players can also stake IBAT to earn interest on crypto and developers can use it to build new mini-games in the Battle Infinity metaverse.
Battle Infinity is finishing up phase 3 of its 7-phase roadmap and is preparing for a launch in the near future. The Battle Infinity presale sold out completely within 24 days since its launch. IBAT’s high demand has prompted the developers to list it earlier than expected on exchanges such as PancakeSwap.
For a limited time only, investors could purchase IBAT at a rate of 1 BNB to 166,666 IBAT. That was a significantly discounted relative to the price at which Battle Infinity plans to hold an ICO when the platform fully launches.
3. Cardano (ADA) – Open Source Blockchain Built to Rival Ethereum
Cardano is an open source blockchain project that’s designed to compete with Ethereum. Whereas Ethereum uses a proof of work algorithm to validate transactions, Cardano uses a proof of stake algorithm. That enables this blockchain to process transactions much more quickly than the Ethereum blockchain, resulting in lower fees and better experiences for users.
Cardano’s development has been completely open source, incorporating a wide range of developers. The team behind the project recently rolled out support for smart contracts and made Cardano backwards-compatible with decentralized apps built on Ethereum, dramatically increasing the capabilities of this blockchain.
The native cryptocurrency of the Cardano blockchain is ADA, one of the largest cryptos by market cap in 2023. Interestingly, new cryptocurrencies can be launched on the blockchain using the same code as ADA, meaning that this cryptocurrency could have peers in the future as more developers build on Cardano.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
4. Waves (WAVES) – Open Source Platform for Building New Cryptos
Waves is a unique open source blockchain platform that’s designed to make it as easy as possible for non-developers to launch crypto projects. With Waves, anyone can launch a new cryptocurrency, NFT collection, or decentralized app using tools that are familiar to any traditional web developer. While Waves supports smart contracts, the platform also offers simple scripts that can run on the Waves blockchain.
There are many popular projects now running on the open-source Waves blockchain. Some of the best-known include Neutrino, Puzzle Swap, and Swap.fi. In addition, Waves itself has a decentralized exchange that users can take advantage of to increase the interoperability of their blockchain projects.
The WAVES token is the native cryptocurrency of the Waves blockchain. It’s used to pay for transactions and account fees on Waves. In addition, WAVES holders are entitled to a portion of the fees the platform collects.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
5. Tether (USDT) – Leading Stablecoin Pegged to the US Dollar
Tether is the world’s largest stablecoin by market cap, and it’s completely open source. The goal behind USDT is to create digital cash. Each USDT is equivalent to 1 US dollar. Investors can hold USDT just like they would hold dollars, but they can also quickly swap USDT for any other ERC20 token whenever an investment opportunity presents itself.
The code behind this stablecoin shows exactly how each USDT can be redeemed for one actual US dollar and reveals the mechanisms for minting and burning new USDT.
Interestingly, while the code behind USDT is open source, this is a case where there is a company behind the code. Tether Limited, Inc. is responsible for making sure that every USDT is backed by dollars somewhere in the real world. The company uses a combination of different assets to accomplish this, including dollars, treasury bills, other currencies, and more.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Open Source Crypto Wallets
Users need to have just as much trust in their crypto wallets as they do in the blockchain that a cryptocurrency runs on. After all, if a wallet has a bug that allows hackers to access it, an investor could lose some or all of their hard-earned cryptocurrency.
That’s why many crypto wallets are open source. Developers around the world can look at the code of an open source crypto wallet and call attention to any issues with the code that could endanger users’ funds. Some open source crypto wallets even offer bounties to developers who spot bugs and alert the team behind the wallet software.
Of course, there are also many crypto wallets that aren’t open source. Some wallet developers publish only parts of their source code to offer transparency without giving up their intellectual property. This is especially the case for paid crypto wallets.
If you’re looking for the best open source cryptocurrency wallet, there are many options. Here are several top open source crypto wallets:
- Metamask
- Electrum
- Mycelium
- AlphaWallet
- MyEtherWallet
Conclusion
Open source cryptocurrency enables anyone to inspect the digital currency’s code, increasing trust and opening new avenues for innovation. For investors in search of the best open source cryptocurrency in 2023, we recommend Tamadoge and Battle Infinity.
Battle Infinity is developing an open source metaverse, while Tamadoge is building an open source play-to-earn crypto game. TAMA is available on presale for a limited time only.
Tamadoge - The Play to Earn Dogecoin
- '10x - 50x Potential' - CNBC Report
- Deflationary, Low Supply - 2 Billion
- Listed on OKX, Bitmart, LBank, MEXC, Uniswap
- Move to Earn, Metaverse Integration on Roadmap
- NFT Doge Pets - Potential for Mass Adoption
Battle Infinity - New Metaverse Game
- Listed on PancakeSwap and LBank - battleinfinity.io
- Fantasy Sports Themed Games
- Play to Earn Utility - IBAT Rewards Token
- Powered By Unreal Engine
- Solid Proof Audited, CoinSniper Verified
FAQs
What does open source mean in crypto?
Is ETH open source?
Is Dogecoin open source?
This article was written for Business 2 Community by Michael Graw.
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