California based decentralized video delivery blockchain Theta Network announced on Thursday that it has released the source code of Theta Web Wallet. In an official statement, the network stated that the primary motto behind releasing the source code is to ensure transparency on the Theta ecosystem. It further added that the reference implementation would also allow users to deploy smart contracts running on the Theta chain.
— Theta Network (@Theta_Network) October 8, 2020
In the Medium post, Theta stated that with the release of the source code, users would be able to verify the code’s security independently. It will also give them the option to create a custom interface for the Theta Wallet. Theta also added that henceforth, all the ecosystem tools would be open-sourced, including the ones that enable interactions with smart contracts on the network.
Transparency is one of the major issues with blockchain ecosystems, causing severe problems for developers and companies. Theta’s initiative to open source the code for its wallet is an initiative that will encourage a better and enhanced community involvement within the ecosystem.
However, Theta is also cautious about the vulnerability this brings. In the official announcement, Theta also added that users must refrain from trusting each wallet built by the community on the Theta ecosystem. It further said that users must scrutinize the source to avoid scammers.