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ChronoBank’s open-source contracts gain adoption

ChronoBank’s open-source contracts gain adoption

Use by other high-profile projects constitutes a huge vote of confidence in the quality of our smart contracts and other source code.

You may have heard about Blackmoon, a compliant investment fund that combines the traditional investment world with the cryptocurrency market. Blackmoon recently held an extremely successful ICO in which they collected $30 million in BTC, ETH and LTC. Interest in the project was such that the ICO hit its hard cap in just one day, and the majority of the investment took place in Ether — a total of 73,175 ETH, or the equivalent of almost $20 million at the time.

What you may not know is that Blackmoon is one of the first initiatives to use ChronoBank’s source code — most notably its smart contracts. As you will have read in an earlier blog post, we are strong advocates of open source software, and we have made our source code available for others to use.

This is not just an ideological decision — although, in keeping with the fundamental ethos of crypto, we believe that it’s the right approach. ‘Information wants to be free’, as the writer Stewart Brand put it. We’re making this software for public benefit rather than narrowly to promote our own business, and open-sourcing it is a part of that.

Good software should benefit everyone. People are still used to the zero-sum thinking of the traditional economic paradigm and often have the idea that if you make something freely available, you are actually making it less valuable. Often the reverse is true. Bitcoin itself is a good example: its open source nature is what makes it work and gives it the value it has. Closed-source crypto is practically an oxymoron.

Security

On the practical level, though, open-sourcing our software allows it to be adopted and battle-tested by all kinds of other projects. Blackmoon was one of the first but there will be many more. They will continue to develop our c...

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