Also known as the "2-clause" BSD license, this is a simplified version of an open source license created at the University of California Berkley.
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Pro Can be used with proprietary software
BSD licensed software can be used with proprietary software.
Pro Short and simple text
This license has one requirement with 2 clauses, both of whcih are related to the distribution of the license itself.
Pro Protects the author
The author of the software avoids any risk for how the software may be used by others.
Pro Prevents lock-in
The license basically allows anyone to do whatever they want with the code as long as the original copyright and license notice is included along with the copy of the code. The code can be used for commercially, it can be modified and it can be distributed.
Con Nothing prevents someone else from making money off of your software
The 2-clause BSD license is permissive enough that anyone can take your code, rebrand it and sell it.