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kiwifarms.net
This isn't insane. A lot of projects do this. The idea is that if everyone can see your code, they can find all of the vulnerabilities themselves. Its often better than a than a closed source model for very high security applications.
It's also a pipe dream. Modern software development is inherently flawed, closed or open source. Making software open source only removes a legal hurdle to code auditing, it doesn't magically create an army of free auditors.