Trust is still a must in the trustless world of cryptocurrency
As transformative an innovation as cryptocurrency is, people remain the primary users, and people require trust. As established by Satoshi Nakamoto's Bitcoin (BTC) whitepaper, the core of cryptocurrency is a peer-to-peer electronic cash system that eliminates the need for intermediaries like banks. This spirited independence and scoffing at the hand-holding of traditional banking systems is pervasive across the cryptosphere.Yet, when mass adoption is the goal, some hand-holding becomes necessary in order to bring everyone along on the journey toward truly decentralized finance. We cannot....
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Crypto is often seen as trustless and failproof. But as more regulation, venues and developers come aboard, just how trustless is it really? Blockchain technology is great because it cuts out the middleman, removes the need to trust third parties, and gives users full agency over their finances, or true ownership of their wealth. From Bitcoin (BTC) to decentralized finance, blockchain technology has been delivering on this promise for quite some time now — but just how trustless is crypto really?Cryptocurrencies were created as a result of a lack of trust in the legacy financial system,....
Today, XCurrency has released a brand new trustless mesh network that looks to create revolutionary advancement in privacy, scalability and mobility. This is the final component of the company's Rev 2 privacy solution and is a single protocol with many possibilities for users and enthusiasts. This new service will allow any node to communicate on behalf of others, without having to trust forwarding nodes. The addition of XC's trustless ad hoc mesh networking comes just months after the company announced XMixer, where nodes can earn revenue for the trustless forwarding of transactions. It....
Trust is a component in both gold currency and Bitcoin, although working in two fundamentally different ways. With gold, trust is almost always required, be it in mining, minting, or banking. On the other hand, with Bitcoin, mandatory trust only enters the equation with a centralized mining network. All other trust requirements with Bitcoin occur when an individual voluntarily gives a company or other person control over his or her coins. However, contrary to popular belief, Bitcoin’s trustless nature does not necessarily make it a winner over gold when it comes to trust. If Bitcoin mining....
The race to the moon just got a little more interesting. NXT has announced a decentralized exchange that accepts BTC and LTC and works completely trustless. NXT's decentralized exchange, dubbed Multigateway, has been running for a week now, long enough that the developers feel comfortable inviting the general public in. It allows users to trade BTC, LTC and NXT coins easily and in a trustless, decentralized system, meaning that getting “Goxxed” should be a thing of the past. Working decentralized exchanges have been a bit of a holy grail for crypto developers since the Mt. Gox meltdown.....