This tempts us to say that besides its GUI and billing service, Skype doesn't own much of its application. Secondly, an open source Skype will nurture potentially serious security issues. With thousands of hands able to make surgery into the app, the prejudice to Skype might potentially stem from simple network attacks to stealing calling credit. In the best case, it's going to be harder for Skype to manage the application.
On the bright side, that is the users' side, open source Skype will be most welcome, especially by Linux users. The app would be far richer that what it is now, with a worldwide cohort of developers free to add any options and features they want to the app. This will also make it more accessible to platforms other than Windows - the actual Linux version of Skype severely lags behind the Windows version.

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