Trust is still a must in the trustless world of cryptocurrency

Trust is still a must in the trustless world of cryptocurrency


As established by Satoshi Nakamoto’s Bitcoin (BTC) whitepaper, the core of cryptocurrency is a peer-to-peer electronic cash system that eliminates the need for intermediaries like banks. This spirited independence and scoffing at the hand-holding of traditional banking systems is pervasive across the cryptosphere.

Yet, when mass adoption is the goal, some hand-holding becomes necessary in order to bring everyone along on the journey toward truly decentralized finance. We cannot expect our grandparents — who have difficulty sending an email — to sort out how to manage private keys, seed phrases and digital wallets and send your birthday gift in Bitcoin without some assistance. Indeed, this transition to decentralized finance is already well beyond sending birthday money and has evolved to include yield farming, liquidity mining and nonfungible token auctions. As such, trusted intermediaries have never been more essential to fulfilling the mainstream aspirations of DeFi and crypto.

Related: Liquidity mining is booming — Will it last, or will it bust?

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