- Cryptocurrencies and blockchain technology are representing a significant trust in math and logics
- To succeed in this generation, individuals should trust the blockchain technology
- Though cryptos have shifted the trust from human behaviour to math and logic, still everything is about human behaviour only
- Individuals do not lack trust in the cryptography or protocol, but they don’t trust the tokens itself
In a decade, the adoption of cryptocurrencies and blockchain technology has brought a generational shift in the world. Without hampering any traditional policy, these technologies have eased economic, legal, and political systems. However, blockchain technology has changed the nature of trust. In a recent tweet, Brendan Blumer, the co-founder and CEO of “Block One” mentioned that virtual currencies had brought a significant shift from the trust in human behaviour to trust in maths and logic.
To succeed everyone should trust the blockchain technology
According to Bruce Schneier, a lecturer at the Harvard Kennedy School, blockchain technology has to be trusted by everyone to succeed, as in return it can help them succeed. When it comes to the most crucial question of whether to trust the human legal system or the computer codes, Schneier mentioned that trusting technology is challenging. Schneier also highlighted that institutional trust is still a required factor because always someone must be responsible for these systems to work without flows.
In the end, cryptos are all about human behaviour
Replying to the tweet of Blumer, EOS Amsterdam mentioned that, if observed, then human behaviour is everywhere in this sector.
To prove the statement, the user also stated several examples, including, the adoption of cryptos is based on human behaviour. If we observe the backdoors of cryptocurrency, the back end is entirely dependent on human behaviour. To conclude proving the statement, the user also highlighted that Satoshi Nakamoto, the creator of the flagship crypto-token, is also a human.
Bitcoin is not trusted based on distributed trust
There is a fallacious theory in the cryptosphere that the leading crypto token is based on distributed trust. If we go deep and observe how everything is working, it is found that the leading trust is required on the wallets, exchanges, software, and operating systems. It can be concluded that computers need to be trusted at the most, as on such systems only the whole blockchain technology works.
If we are concerned about the attacks on Bitcoin, it is revealed that those attacks were not against the math and logic of the network, but the computer science. According to Schneier, there is always a need for governance outside the system, because it is required to override the rules and make necessary changes. He also highlighted that many people still don’t use BTC, but the reason is not that they don’t trust the cryptography or the protocol, but lack trust in the token itself.
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