Open Protocol Standards are publicly available specifications that define how different software components or systems communicate and interact. These standards are not controlled by a single entity, promoting interoperability and collaborative development. In the blockchain space, they enable various decentralized applications and networks to function together seamlessly. Adherence to open standards fosters innovation and prevents vendor lock-in.
Context
Open Protocol Standards are fundamental to the vision of a decentralized, interconnected internet, often referred to as Web3. The adoption of these standards allows for permissionless innovation and the creation of a composable ecosystem of services. Efforts continue to refine existing standards and develop new ones that address the evolving needs of blockchain technology and digital assets.
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