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Why is cryptocurrency open source? This paper from 1999 explains

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OSS
Security
Sci/Tech

Cryptocurrency's roots go back further than bitcoin. In fact, bitcoin was just the first cryptocurrency to use the blockchain rather than the first cryptocurrency ever.

Other early cryptocurrencies include now venerable names like World of Warcraft (WoW) gold, a digital currency designed for use as a store of value and a transfer medium in the gaming universe of World of Warcraft. It used a proof-of-work mining algorithm in which users would engage with the WoW ecosystem via their computer's graphical interface and complete various digital tasks to be rewarded with gold.

As the fiat currency value of WoW gold increased, it attracted more miners without any corresponding difficulty adjustment, eventually leading to substantial inflation and a collapsing economy.

Today's cryptocurrencies seem to have learned from the problems of the past. For example, bitcoin and many others will adjust mining difficulty to prevent massive inflation when mining power increases.

It's no surprise that almost everything cryptocurrency, from the coins to the exchanges to the wallets, are built on open-source software. This paper from 1999 might be more relevant than ever, especially with a few wallets and coins still being partly or entirely closed source.

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