Roman Snitko is the CTO of Hodl Hodl and during the Baltic Honeybadger 2019 in Riga he made a remarkable statement. Hodl Hodl will offer the code of their exchange open source. This was received with loud applause. During the two-day event, several speakers spoke positively about this development.
Why does Hodl Hodl open source?
Hodl Hodl is one of the driving forces behind the Baltic Honeybadger 2019 event. Many big names from the bitcoin world flew to Riga in Latvia to talk about their work and passion: bitcoin. A perfect opportunity for Hodl Hodl to embellish their decision.
Snitko gave several reasons why the source code of the exchange is publicly shared. The most important thing is to keep the code. He makes a reference to the past:
“Many exchanges went bankrupt due to a lack of customers. Exchanges have also been hacked and there are also trade fairs that had to close due to government interference. Many programmers have worked for years on all this code but now all that code is lost. And we don’t want that to happen with our code. “
There are indeed enough examples. Think of Mt. Gox, the virtually bankrupt Canadian stock exchange QuadrigaCX and the hacked New Zealand exchange Cryptopia.
The moment the software is publicly shared, everyone can set up a peer-to-peer exchange with that code, but it is not yet that far. The code must be more secure and cleaned up. Snitko expects the code to be available at the end of the year.
No KYC
Hodl Hodl does not manage any bitcoin on their platform. Users can offer bitcoin and interested parties can buy directly from these providers. The advantage of this is that as a platform you do not need KYC / AML (at this moment). This means that customers do not have to identify themselves.
Should Hodl Hodl still fall under these regulations, then other parties can stand up to offer a similar service, based on the code released. The idea is that a company can be stopped by regulations, but open source code cannot.
In addition to the exchange, Hodl Hodl also has other open source projects. A good example is a light variant of a bitcoin block explorer.
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