https://github.com/zeriontech/zerion-wallet-extension

Zerion's Open Source Shift: Potential Pros, Cons, and Impacts in 2024

Crypto enthusiasts, rejoice! Zerion, a prominent multichain wallet and blockchain explorer, has announced that their browser extension, Zerion Wallet, is now open source. This seismic shift could have significant implications for the company and the entire crypto industry in 2024 and beyond. In this essay, I'm going to explore some potential benefits, drawbacks, and impacts of this decision from the perspective of a passionate libertarian who believes strongly in the values of opensource and decentralization tech.

Full disclosure: I have been actively using the Zerion blockchain explorer and the more recently available Zerion Wallet Extension for as long as I have been in crypto. Let's just say that if there is ever a Zerion Token Generation Event, I am probably on the whitelist.

I'm something of a Genesis collector myself!

Before I get started: A quick primer.

Define Crypto Wallet:

A crypto wallet is a digital or physical device that securely stores cryptocurrency assets. Digital wallets come in several forms, including desktop, mobile, and web-based wallets. Crypto wallets allow users to send, receive, and manage their digital currencies through private keys that provide access to the funds. Some crypto wallets also support multichain functionality, which allows users to interact with multiple blockchain networks from a single interface.

There are a lot of wallets.

Define Block Explorer:

A block explorer is a web application or software program that allows users to view information about transactions and blocks on a particular cryptocurrency network. It provides insights into the network's activity, including balances, addresses, and transaction histories, making it useful for tracking transfers, verifying transactions, and monitoring network health.

This is my Zerion explorer. There are many like it, but this one is mine.

Okay, now that we're all on the same page...

Potential Pros:

Embracing Transparency and Community Involvement: Zerion's Decision to Open Source its Wallet

One of the major advantages of open sourcing the wallet code is increased transparency. By making the code publicly viewable and editable, users can verify for themselves that no malicious behavior is taking place. This helps build trust in the product. Moreover, developers from the community can scrutinize the code for bugs or vulnerabilities and propose fixes or improvements via pull requests. Over time, this could lead to a more secure and robust product. Seriously, it's all here https://github.com/zeriontech/zerion-wallet-extension if you ever wanted to fork your own crypto wallet, this is a great place to start.

Another plus point is that the community's contributions enable faster innovation. Developers can build new features they find useful and submit them back to Zerion. This crowdsourced innovation can help the wallet incorporate new capabilities more quickly in response to user and market demands. The wallet could also become more integrated with other protocols and applications. From my experience with using the Zerion app over the years I can confirm that this has always been Zerion's development strategy. As a user I was able to request features for the app and with enough community votes those features were added almost immediately.

Look, I know they look like Butt Plugs, but I for one can't wait to live in an Open Source Utopia.

Open sourcing the code may also facilitate easier integration for other companies, making it more appealing for projects to collaborate with and recommend Zerion Wallet. Increased integration points could expose the wallet to a larger pool of potential users.

Potential Cons:

Opening Pandora's Box: The Risks of Open Sourcing a Popular Crypto Wallet

While open source brings benefits like transparency and community involvement, it also introduces some risks. With the code now public, malicious actors could analyze it for vulnerabilities to exploit. Zerion must ensure that any security concerns found by white hat hackers are resolved promptly to prevent attacks. The open development process could also potentially lead to feature creep or functionality bloat if not managed carefully.

What's in the Box!?

Moreover, community contributions may introduce bugs or inconsistencies that compromise the wallet's quality and usability. Zerion must implement rigorous code reviews and testing standards to prevent regressions. Managing a large open source project requires ongoing resources for maintenance, support, and issue resolution that could put a strain on Zerion's capabilities.

Open sourcing also means losing some control over the product direction and brand identity. The community may want to take the wallet in new directions that do not align with Zerion's long term vision or business model. There could be forks of the code that create competing products or introduce features seen as detrimental. Zerion must clearly communicate its objectives and establish governance guidelines to avoid splitting the community. Oh wait, what's this? They have a roadmap for 2024?

https://zerion.io/blog/thanks-for-2023-heres-to-2024/

Potential Impact in 2024:

"The Future of Multichain Wallets: Zerion's Roadmap after Open Source"

If managed well, open sourcing the Zerion Wallet could have significant benefits for the project and the wider blockchain community by 2024. By addressing security issues found via public code review, the wallet may see fewer vulnerabilities exploited next year. Increased integration enabled by the open code could lead to wider adoption and more users.

It's bullish. Trust me.

It does.

The community's contributions have potential to rapidly expand the wallet's functionality to meet evolving user needs. However, Zerion must maintain ongoing processes for reviewing changes and ensuring high quality. Clear communication of project objectives and governance guidelines may help the community contribute while staying aligned with Zerion's goals. If implemented correctly, open sourcing could allow Zerion Wallet to build further trust and become an even more robust multichain tool for users in 2024 and beyond.

In summary, Zerion's decision to open source its popular multichain wallet could have significant benefits for the company and the wider crypto community in 2024 and beyond, including increased transparency, faster innovation, easier integration, and enhanced functionality.

However, it also brings some risks that must be carefully managed, such as potential security issues, feature creep, and loss of product direction control. Clear governance guidelines and ongoing code review processes will be critical to maximizing the benefits while mitigating the risks associated with open sourcing a popular crypto wallet like Zerion Wallet.

If you have read this far, I thank you. Here is a picture of cute owl as a reward.

He's so wise!