Why Vitalik Buterin Suggests Reference of Public Goods Funding as Open Source?

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Why Vitalik Buterin Suggests Reference of Public Goods Funding as Open Source？

• Vitalik Buterin has published a new article recently discussing public goods projects.
• The Ethereum co-founder believes that the term ‘public goods’ is problematic.

As we enter another weekend of bearish prices, investors contemplate buying the dip or selling for a loss. Bitcoin has dipped to the $83K level, just two days after testing $88,000. This has caused the overall market also to descend downwards with significant drops seen in leading altcoins.

Meanwhile, Ethereum co-founder and prominent crypto personality, Vitalik Buterin recently published an article. In the article, he discussed how public goods funding should be called open-source funding and outlined several reasons for it.

Buterin begins by discussing the importance of public goods funding in decentralized financial ecosystems. Projects related to public goods are often of the nature that they work towards benefiting large amounts of people. Due to the sheer population, however, the benefactors receive minimum benefits.

Subsequently, this results in investors losing interest in funding such projects. Additionally, the term ‘public goods’ is also problematic due to its holding a ‘social desirability bias’. By this Vitalik Buterin means that members might suspect insiders of being biased and playing a social game.

How Does Vitalik Buterin See Open Source Funding Resolving Issues？

On the other hand, the Ethereum co-founder believes that the usage of Open Source funding sends a clear message to the receiver. In decentralization, this gets translated to “Open Standards” which further helps investors comprehension of projects.

Furthermore, Vitalik Buterin discusses how many public goods projects are often open source. He highlights examples such as academic blockchain projects, cryptography, and so on. Then he moves on to discuss physical public goods projects. In this category, he outlines sectors such as national defense and its not fitting into the open-source category.

Meanwhile, as aforementioned, the crypto market has seen cryptocurrencies such as Bitcoin and Cardano showing significant drops in the last 24 hours.