Definition ∞ Trustless systems are designed such that participants do not need to place confidence in any single intermediary or counterparty to conduct transactions. Instead, the system’s rules, enforced by code and cryptography, guarantee the outcome. This characteristic is central to the appeal of decentralized technologies.
Context ∞ The ongoing discourse around trustless systems frequently addresses the practical challenges of achieving true decentralization and the potential for emergent forms of trust to arise. A key debate involves the distinction between cryptographic guarantees and the reliance on external oracles or governance mechanisms. Future developments to watch include the refinement of smart contract security and the development of more robust decentralized governance models.
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