Trustless
By CoinGecko | Updated on Mar 03, 2020
A defining aspect of cryptocurrencies is that is it now possible to complete a monetary transaction without need to assume trust in a third party. In traditional finance, a monetary transaction on the internet requires trust in a facilitator such as central banks, commecial banks, agents, or financial service provider without the universal access to audit their ability to faciliate the transaction. Sending money online is more akin to writing a cheque than paying in cash as the issue of decentralization without double spending remains unsolved until the emergence of bitcoin.
When a party makes a transaction with cryptocurrencies, they can verify publically and mathematically that a transaction has been completed. This is in contrast to taking the "transaction completed" notification from a facilitator at face value.
Related Terms
Composability
Composability refers to the ability to combine different components of a software stack.
Frontrun
To intercept a particularly large AMM buy order for the purpose of purchasing an reselling the assets back to the buyer before the order transaction is mind on the blockchain.
Super Staker
A Qtum Core wallet (full node) providing Proof of Stake for delegated addresses, and keeping a small part of each block reward as their fee for providing the staking services.
Pump and Dump Scheme
A market manipulation method to drive up the price of an asset before profiting by driving it back down.
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