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
Solo Staker
A Qtum PoS miner using their own coins for staking. Qtum blockchain launched with Solo Stakers and will continue to have this available after offline staking launches.
Initial Coin Offering (ICO)
Initial Coin Offering (ICO) is the equivalent of Initial Public Offering (IPO), where a company/cryptocurrency venture raises funds through crowd sales.
Cold Storage
Offline storage of cryptocurrencies which is arguably safer as they also require physical access (eg. hardware wallet, paper wallets)
Public Blockchain
An open sourced blockchain where participation is public and permissionless
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