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29 November 2020

Researchers question what 'trustless' actually means for blockchain

Researchers question what 'trustless' actually means for blockchain


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The desire to dispense with the need to trust third-party actors is a mainstay with many cryptocurrency creators and users.

Instead, the paper proposes to understand blockchain as a "confidence-machine": a technology designed to maximize the degree of confidence in the system as a means to, only indirectly, reduce the need for interpersonal trust.

They make their case by exploring the real asymmetries in resources and knowledge — and therefore power — among the various actors in blockchain networks, uncovering the mixture of confidence, trust, and even faith, that is involved in their everyday operations. 

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cointelegraph.com
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