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The article says that the trust is being shifted from humans to code, ("in code we trust"), However, that's NOT true with blockchains. For public blockchains,
by bouncycastle 4y ago
The article says that the trust is being shifted from humans to code, ("in code we trust"),
However, that's NOT true with blockchains.
For public blockchains, the trust is still with humans. The only difference is that there are many more humans who are looking after the open-sourced code, verifying the databases, checking the transactions. Participation is opt-in, and anyone can look in, and since there are many humans participating in it, it is very hard to change something.
Therefore, we do not simply trust the code. We put trust in decentralization, and make sure that power is not concentrated by just a few humans.
In contrast, our legacy financial system is mostly digital now, and it's a giant back box. All of the code is closed source, we can never review it, yet we are forced to participate in it. The data of our legacy financial system is stored in centralized databases that only a few unelected officials control and gate-keep.
Decentralization is the main feature.