Open/close is an important principle in the world of crypto and blockchain. This principle is an important foundation in the crypto and blockchain ecosystem. So, what is the open/close principle? You can find out in this article!
Cryptocurrency and blockchain are two technologies that are attracting the attention of many people. However, behind both of them there is a very important programming principle, namely the open/close principle.
This principle is the foundation that allows cryptocurrencies and blockchains to continue to develop and innovate without sacrificing security and consistency.
What is the open/close principle and how does it apply in the crypto world? Let's look at the explanation below.
What is the Open/Close Principle?
The open/close principle is one of the basic principles in object-oriented programming, which is the most popular programming paradigm today. This principle was first proposed by Bertrand Meyer, a computer scientist and founder of Eiffel Software, in 1988. This principle states that:
Software entities (classes, modules, functions, etc.) should be open to extension, but closed to modification.
What does it mean? This principle says that we should create code that can be easily extended, that is, can add new features or functions without having to change existing code.
On the other hand, we must also create code that is closed to modification, that is, it does not allow changes to existing code, except to fix bugs or errors.
The goal of this principle is to create code that is more stable, flexible, and easy to maintain. By applying this principle, we can avoid problems such as:
- Changing existing code can cause bugs or errors in other parts that depend on that code.
- Changing existing code may result in inconsistencies or nonconformities with the original specifications or requirements.
- Changing existing code can introduce unnecessary complications or complexities to the code.
An example of applying the open/close principle is by using existing design patterns, such as polymorphism, abstraction, or strategy. These design patterns allow us to create code that can adapt to various situations or conditions without having to change existing code.
How Does the Open/Close Principle Relate to Cryptocurrency and Blockchain?
Crypto And blockchain is a technology based on cryptography, namely the science of studying ways to secure information or communication. Cryptography utilizes mathematical concepts, such as hash functions, encryption, and digital signatures, to create secure, transparent, and decentralized systems.
One of the most important cryptographic concepts in cryptocurrency and blockchain is open/close, but in a different context.
Open/close, in this context, refers to the price at which a cryptocurrency opens in a period of time, for example, at the start of the day; and the price at which the cryptocurrency closes at a certain time period, for example at the end of the day.
Why is that? Because cryptocurrency and blockchain are technologies that operate continuously, without any rest or holidays. This means that cryptocurrency prices can change at any time, depending on supply and demand in the market.
Therefore, open/close is an indicator that can be used to analyze cryptocurrency price trends or patterns.
Apart from that, open/close is also related to the same programming principle, namely the open/close principle that we discussed previously.
This principle becomes very important in the development of software related to cryptocurrency and blockchain, because it cannot be changed once implemented.
Any changes to the cryptocurrency or blockchain source code must be approved by all nodes and network participants. Therefore, blockchain platforms and decentralized applications can generally only be changed through a hard fork, which means starting a new chain.
However, hard fork is a troublesome procedure and quite risky for users. Therefore, in blockchain programming, the open/close principle is key, providing room to expand capabilities without causing drastic changes.
This is the basis that supports the ability of blockchain and crypto to develop without having to face significant challenges.
Examples of Blockchain and Crypto Projects that Apply the Open/Close Principle
The following are some examples of blockchain and crypto projects that apply the open/close principle, both in the context of pricing and programming:
Bitcoin
Bitcoin is the world's first and most popular cryptocurrency, created by Satoshi Nakamoto in 2009. Bitcoin uses blockchain technology to record transactions made by users. Bitcoin has an open/close price that can be seen on a daily, weekly, monthly or yearly price chart.
Ethereum
Ethereum is a blockchain platform that allows users to create and run decentralized applications (dApps) using smart contracts. Ethereum uses a cryptocurrency called Ether (ETH) as fuel to run smart contracts.
Just like Bitcoin, Ethereum also has open/close prices which can be seen on daily, weekly, monthly or yearly price charts.
Binance Coin
Binance Coin is a cryptocurrency issued by Binance, one of the largest crypto exchanges in the world. Binance Coin has an open/close price that can be seen on the daily, weekly, monthly or yearly price chart.
Binance Coin also has a feature called Binance Chain, which is a special blockchain created by Binance to support other crypto projects.
So, that is an explanation of the open/close principle in crypto fromI'm done.Hopefully this article is useful!
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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