Wakanda is an open source platform that provides benefits of an open environment including freedom, adaptability, interoperability, portability, reusability, and community. It uses open source libraries and has open source and dual licensing. The Wakanda Studio includes tools like a model designer, GUI designer, and debugger. It supports add-ons, external widgets, and web components. The Wakanda backend integrates technologies like HTTP APIs, modules, and supports accessing external databases and technologies.