"Having smaller currencies survive, and plugged into a global economic infrastructure, means smaller communities can define their own values."
Bancor Co-Founder Galia Benartzi talks about trust, trustlessness and the democratization of liquidity with Udacity:
https://ban.cr/udacityThat is interesting interview I just read this and like the approach of the team. They have crystal clear vision how to make it more valuable this project. I believe this will play very important role in tokenized economy in future.
Thanks for sharing your thoughts Odeoke! This is one of my favorite interviews as well, as Galia has a true flair for breaking down concepts in a way that is easy to understand. This Q&A in particular is great:
Can you elaborate on what you mean by the trust is actually in the trustlessness?
Meaning, we trust the system because weve programmed it and designed it in a way that means we need not trust every user of the system in order to trust the system. And what does that mean? You dont need to know every user of a dollar in order to trust that the dollar will buy a dollars worth of goods at the store, and the same with cryptocurrencies. Youre not going to know every person that uses BitCoin or Ether or Bancor or any other currency that youre using. You can trust the system itself to behave in the way that its claimed to behave.