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Trust is a two-way sword for crypto. Trustlessness is a foundational principle in this domain. But crypto-powered systems must also be trustworthy enough for users and investors to participate.
Can the two co-exist? Yes, indeed, since trustlessness is a technical feature while trustworthiness is social.
A system is trustless if it can function efficiently without requiring users to trust each other. However, it’s trustworthy if users can rely on it to function transparently, securely and consistently.
Given the series of systemic failures and malpractices witnessed in 2022 – from Terra to FTX – crypto innovators must commit to trustworthiness in 2023. That’s the only sustainable way forward for the industry to regain investor confidence and ensure adequate consumer protection.
It’s easier said
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