Preethi Kasireddy: What do we mean by “blockchains are trustless”? Many of us are guilty of describing blockchains as “trustless” systems. However, the term “trustless” is ambiguous, confusing, and most importantly, inaccurate.
Blockchains don’t actually eliminate trust. What they do is minimize the amount of trust required from any single actor in the system. They do this by distributing trust among different actors in the system via an economic game that incentivizes actors to cooperate with the rules defined by the protocol.