Open/Close

November 21, 2023 - Around 2 mins mins to read

Understanding the Concept of Open/Close

The concept of open/close refers to the prices at the beginning and end of a specific time period for a cryptocurrency. In traditional financial markets, these terms are important because of fixed trading hours. The open price is determined at the start of the day, while the close price is established at the end of the day.

In the field of software development, open/close is a principle that allows software parts, such as functions and modules, to be extended without changing the source code. This principle, introduced by Bertrand Meyer, is a crucial aspect of the SOLID principle in object-oriented programming. By implementing open/close, software remains flexible while preserving its core elements. This approach eliminates the need for complete software overhauls whenever new requirements arise. In the context of blockchain and cryptocurrency projects, open/close is particularly important due to their immutable nature.

Once implemented, blockchain technology and its parameters are not easily modifiable. Any changes require consensus from all network nodes and participants, making the process challenging and time-consuming. As a result, blockchain platforms and decentralized applications (DApps) often undergo changes through a hard fork, which involves starting a new chain.

However, hard forks are inconvenient and risky for users. It is impractical for projects to initiate a hard fork every time they need to implement changes or enhance functionalities. Therefore, blockchain programming heavily relies on the open/close principle, which allows for the extension of capabilities without causing significant disruptions.