After discovering we were victims of an exploit, we’ve decided to share our plans to open-source our code and make it accessible to external developers. Our aims in so doing are simple; through leveraging a wider pool of minds, we will be better positioned to avoid potential faults and bugs that may arise in the future.
Open-sourcing code has become increasingly popular in recent years, with many companies and organizations embracing these principles as a way to enhance innovation, reduce costs, and improve transparency. It involves allowing the public to access and contribute to software code development.
Often the principle of open sourcing is intertwined with decentralized decision-making, so this approach fits perfectly with our current development plans for the protocol’s governance. Just over a year ago, MinSwap open-sourced their code, and the team at WingRiders managed to help them avoid a potential exploit. We aim to reduce the risk of future exploits by following the same path.
The benefit of decentralized governance is that it promotes innovation by allowing a wider range of perspectives and voices to be heard. In traditional organizations, decision-making is often limited to a small group of individuals who may have a limited range of knowledge and expertise needed to make informed decisions. Decentralized governance allows for a wider range of perspectives to be considered, leading to more innovative suggestions.
Similarly, open-source code allows a wider range of developers to contribute to securing the protocol, often leading to better and more creative solutions. By making our code openly available, we’ll encourage collaboration and peer review. This process also helps to identify and fix bugs and vulnerabilities faster, helping to make the platform more secure.
In addition to these benefits, both decentralization and open-source code have broader societal benefits. Decentralization can lead to more democratic decision-making, as power is distributed across various individuals or groups.
This helps ensure that decisions are made in the best interests of all stakeholders rather than just a few. Open source code can also promote a more open and transparent society, as it’s available for anyone to inspect and audit.
One of the fundamental promises of blockchain technology has always been democratization, redistributing the power of authority from the hands of the few to the many. Our goal has always been to open-source our code and decentralize the protocol’s governance. While this week’s events are unfortunate, they only speed up the timeframe for our existing development aims.
An open-source approach has always been critical to the success of blockchain technology. Bitcoin and Ethereum have been built on open-source code, which, aside from helping to increase their security, also leads to faster innovation.
Crypto develops at such a breathtaking pace because of the space’s open source and collaborative nature. This always has to be balanced with innovations that give teams a competitive advantage, so the timing of when to release code is always difficult.
Although this approach means that people can help to develop and secure a protocol, it also opens the door to people copying the developers’ hard work. We wanted to release our code a little later in the year; however, the security benefits of this greatly outweigh these considerations now.
Those familiar with our development process will be aware that we constantly prioritize security over all other aspects of development. In fact, we specifically delayed the launch of our Mainnet v1 to run an additional security audit with Hacken and only launched when we had a sufficiently high score from them.
Despite our commitment to security, our bug bounty program, our extensive testnet deployment, and multiple audits, it’s become clear that the safest path forward is to be found in the fundamental tenets of blockchain — decentralization, and open-sourcing.
We thank every single member of our community that has stood by us through all of the trials and tribulations of our journey so far and can assure everyone that this moment heralds a new beginning for our approach to growing and developing Paribus.