Trustless

Oleh CoinGecko | Diperbarui pada 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.

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Persyaratan Terkait

Mnemonic Phrase
A mnemonic phrase (also known as mnemonic seed, or seed phrase) is a list of words used in sequence to access or restore your cryptocurrency assets.
Protocol
The set of rules in a network in which participating members comply to allow proper communication.
State Channel
Secondary payment channel occuring off-chain
Block Confirmation
Refers to the number of confirmation a particular block has. Each block ahead of the referenced block adds one block confirmation to it.
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