Open protocols are publicly available sets of rules that allow different computer systems to communicate and interact freely. These are standardized, non-proprietary sets of rules and procedures that govern how data is formatted, transmitted, and received across networks. Their specifications are publicly accessible, permitting any developer or entity to build compatible applications and services without requiring special permissions or licenses. Open protocols foster interoperability, innovation, and decentralized network participation.
Context
In the digital asset space, open protocols form the backbone of many decentralized finance (DeFi) applications and blockchain networks. Examples include the ERC-20 token standard or the various lending protocols that allow for permissionless interaction. News frequently highlights the development and adoption of new open protocols, recognizing their role in expanding the functionality and connectivity of the crypto ecosystem.
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