Mark Mason
Well-known member
Trustlessness Is Effectively a Myth
One of the key “blockchain buzzwords” is “trustless.” For many, the entire point of using a blockchain-based digital currency was to eliminate the need to trust actors with control over your wealth and how it may be used. It’s a noble goal, for sure, and one that I support wholeheartedly. However, at the end of the day, true trustlessness doesn’t really exist, even (especially?) in the world of peer-to-peer digital currency.
A truly trustless life does not exist
While the concept of trustlessness holds true, its practice in purity remains elusive. Even with a completely open source peer-to-peer digital currency, you have to trust developers to create an airtight system, and you probably have to trust someone else’s review of the code for you (since it’s unrealistic to think each and every user will be able to do this themselves). You have to trust developers to maintain their previous standards, and trust reviewers to quickly let you know if any of that changes. Wallets, merchant services, exchanges, and any number of other services in the greater ecosystem of a cryptocurrency upon which we rely, all require an element of trust, even if that amounts merely to trusting someone else to tell you they’re trustless. A significant degree of trust is simply inescapable.
Read more: https://www.dashforcenews.com/trustlessness-effectively-myth/
One of the key “blockchain buzzwords” is “trustless.” For many, the entire point of using a blockchain-based digital currency was to eliminate the need to trust actors with control over your wealth and how it may be used. It’s a noble goal, for sure, and one that I support wholeheartedly. However, at the end of the day, true trustlessness doesn’t really exist, even (especially?) in the world of peer-to-peer digital currency.
A truly trustless life does not exist
While the concept of trustlessness holds true, its practice in purity remains elusive. Even with a completely open source peer-to-peer digital currency, you have to trust developers to create an airtight system, and you probably have to trust someone else’s review of the code for you (since it’s unrealistic to think each and every user will be able to do this themselves). You have to trust developers to maintain their previous standards, and trust reviewers to quickly let you know if any of that changes. Wallets, merchant services, exchanges, and any number of other services in the greater ecosystem of a cryptocurrency upon which we rely, all require an element of trust, even if that amounts merely to trusting someone else to tell you they’re trustless. A significant degree of trust is simply inescapable.
Read more: https://www.dashforcenews.com/trustlessness-effectively-myth/