Cryptocurrency

Published on October 12th, 2020 | by Luke Fitzpatrick

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What You Should Know About Open-Source Crypto Exchange Software

The use of open-source software is one of the main trends in the information technology sector nowadays. When discussing this specific subject, the most famous example is perhaps the Linux operating system, which competes with the traditional Microsoft Windows on computers.

But this is not a unique example, as there are also document editing suites, such as LibreOffice, and programming languages, such as Perl and Python. This shows that companies from different branches have replaced proprietary solutions with open-source software, giving their programmers flexibility.

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Linux is then the biggest and most important example of the open-source model, but there are indeed several others and in distinct industries. In truth, among these examples are all major cryptocurrencies and open blockchain projects, which create computer networks that allow connected participants to agree on shared data (the cryptocurrency blockchain).

Just like in other industries, the use of open-source software brings many added benefits, with the most important maybe being the possibility to know how the software is built and, therefore, being able to quickly identify any coding issues or security vulnerabilities.

By having the source code being available for everyone to see, bugs can be exploited for nefarious purposes, but the tendency is for the software community to come together in order to report and fix those issues as soon as possible.

Open-source software tends to be more associated with startups and small companies, as these products are often not as mature and evolved as alternatives. Because of this, open-source crypto solutions may not suit all types of companies in the same way.

If your company happens to fall on the aforementioned categories, then an open-source software may fit like a glove, as such software is the perfect way to create your own exchange, making it easy to simply get started and then build and grow gradually, as required.

Such an example is bitHolla’s HollaEx, a crypto exchange software that has its source code available for everyone to see on GitHub. One of the greatest advantages of HollaEx’s solution is that it is easy for anyone to use, as it ships with great onboarding tools that make the initial steps of building your own crypto exchange a breeze.

With all this in mind, it is easy to see that open-source crypto exchange software options are a much valid solution, as they are tried, tested, and super functional from the get-go. With this type of software, you get what you see, and you know what you are getting because everything is open. If you employ a great technical team to manage and build on the existing product, the possibilities are nearly unlimited.

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About the Author

Luke Fitzpatrick has been published in Forbes, Yahoo News, and Influencive. He is also a guest lecturer at the University of Sydney, lecturing in Cross-Cultural Management and the Pre-MBA Program. You can connect with him on LinkedIn.



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