What is open source?

Open source is software where the original source code has been made freely available to others to use, redistribute, and modify.

This way of providing technology typically refers to software, but it is now often used to identify a set of values, the ‘open source way’.

The open source way refers to a set of values such as an open exchange of work, collaborative participation, rapid prototyping, transparency, and community development.

What are the advantages of using open source?