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FUTO License, an alternative to Closed Source
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I definitely agree with you on this IF the company is claiming to be Open Source™, but then uses a source available license.
However, FUTO is NOT claiming to be Open Source™.
I think about it this way: either a business releases the app as close source and users can't see anything OR the app is released as source available and users can see what's going on. Contributions are not expected and may not even be allowed. Open Source™ wouldn't even be considered as an option.