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What is the difference between open source and closed source in computing?

Kross

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One of the concepts that I hear often in computing is always open source. I don't hear closed source much often. I rather hear proprietary software. What is the real difference between the two and what are the pros and cons of each of them?
 
The major difference is that the source code for open source apps are public and the source code for closed source apps are a top secret. Programmers can modify open source apps and possibly improve it while they can't do that with closed source apps.
 
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