The Satoshi Revolution, chapter 1

by Wendy McElroy

"A trustless system is one that does not depend upon the intentions of its participants, who may be honorable or malicious. The system functions in the same manner regardless of intentions. The blockchain, with a peer-to-peer protocol that is also transparent and immutable, is trustless. Intentions become important only when there is an intermediary who must be trusted. The third party’s good or bad motives become a determining aspect of the transaction and place the other parties at the mercy of his honesty." (09/30/17)