I'm preparing my own version, truly open source (though with a premium component), with the following improvements over W3W:
•Length-optimized. If one character sufficiently describes your location, you don't need to tack on extras. A 12-character code with the last two lopped off will be imperceptibly close to the original.
•Precision optimized. Every additional character, no matter the value, will result in a location not identical to the absence of that character.
•Precision-focused. When a location is precise to the nearest 100km, km, m, or µm, the browser tools make that clear.
•Logic-optimized. With pencil and paper, you'll be able to figure out how to go N, E, S, W by X distance by adjusting a particular character.
•Spheroid-optimized. The Mercator projection is often held to be an imperialist distortion of the globe, and that's what traditional latitudes and longitudes use. Half the "namespace" of nearly every coordinate system is biased toward the poles. The distance between 89° N, 10°W, and 89°N, 10°E is 38km, but at 1°N, it's 2226km. My system has a simple and clever way to equally represent the dense equatorial regions and the sparse arctic and antarctic regions, and that equals shorter codes.
Watch this space.