One thing the world of cryptocurrency seemingly lacks is a solid and fair reputation system. Users have no idea of the person they are dealing with is reputable or not. Several cryptocurrency-related platforms embedded a reputation system, yet it is still overseen by a central authority. This is where the web of trust comes into the picture, as it is an independent and decentralized reputation system.

The Web of Trust Is A Powerful System

Ethereum developers have been looking for ways to introduce a reputation system without centralized authority. That has proven to be quite a monumental task, as it should be impossible to game the system or gain any other form of unfair advantage. Using traditional solutions will not work in this regard. Instead, a decentralized approach is absolutely necessary, although creating one will not be easy.

This is where the Web of Trust comes into the picture. This particular reputation-based concept leverages a decentralized model that does not involve a centralized regulation authority. Instead, users can directly bestow trust upon one another, and also mark other individuals in the ecosystem as trustworthy. This allows for all participants to accumulate and distribute trust in a perfectly

Read more ... source: TheBitcoinNews

Advertise on the Bitcoin News