Open/Close: Tracking Crypto Market Dynamics
Open/Close is the price at which a cryptocurrency is opened in a certain period of time, or the programming principle by which parts of the software can be extended.
What is Open/Close?
Open/close can mean the price at which a cryptocurrency opens at a certain period of time, such as the beginning of the day; the price at which a cryptocurrency closes at a certain period of time, such as the end of the day. Basically, these terms were more in demand in traditional financial markets because there are fixed hours of the day in which trading takes place.
This principle was first proposed by Bertrand Meyer and is part of the SOLID principle of object-oriented programming. Open/Close is especially important for the design of blockchain and crypto projects because of their immutable nature.
Blockchain and its parameters are not easily changed after implementation. This is because any change must be agreed upon by all nodes and participants in the network and a consensus must be formed, which is not easy. For this reason, blockchain platforms and decentralized applications can usually only be changed through a hardfork, which involves launching a new chain.
Hardforces are an inconvenient procedure and quite risky for users. It is impractical for projects to hardfork every time they need to make changes and add/modify functionality. Therefore, blockchain programming relies heavily on the “Open/Close” principle, which means leaving room to expand functionality without radical changes.