Trustless

A trustless network can run even if none of its nodes trusts another.

In the trustless cryptocurrency world, you can still trust the cryptocurrency community and its mechanisms to ensure that the blockchain contains an accurate and immutable—unchangeable—record of cryptocurrency transactions.

This article draws from the extensive academic discussion on the concepts of “trust” and “confidence” to argue that blockchain technology is not a ‘trustless technology’ but rather a ‘confidence machine’.

If it becomes cheaper to use a TTP to verify the transaction than some cryptographic or other automated mechanism, then the benefit of being “trustless” becomes an illusion.

And the system would be “trustless” — that is, it would not rely on a trusted party, such as a bank or government, to arbitrate transactions.

But thinks it not that[…]the voice which the spirit uttereth when he is gone from man[…]is a voice proceeding from the spirit which is in earthly, ignorant, and overclouded man; and therefore a trustles and not to be-believed voice?