"Trustless" refers to systems, particularly in blockchain technology, where transactions or interactions do not require trust in any single entity or intermediary. Instead, trust is placed in the system's code, like smart contracts on a blockchain, which automatically execute and enforce agreements without human intervention. Companies like TrustlessPay are working on verification and security infrastructures that embody this principle, ensuring transactions are secure and transparent without needing to trust third parties. This approach aims to minimize fraud risk by leveraging cryptographic methods and consensus mechanisms inherent in blockchain technology.
by Cepheusxyz November 9, 2024
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