trust

Author: Thomas Zander 2015-08-08 12:37:02
Published on: 2015-08-08T12:37:02+00:00

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Summary:

On August 8th, 2015, Adam Back and Thomas Zander had a discussion about on-chain and off-chain transactions. Thomas Zander gave an example of an on-chain use case with a trusted middleman, but Adam Back argued that it was basically the definition of off-chain. He explained that when MtGox or Coinbase acted as a middleman, they held the private keys to the coins and gave users an IOU. However, Thomas Zander maintained that sending something to another Bitcoin user on-chain was really on-chain. He apologized for any misunderstanding.

Updated on: 2023-06-10T18:54:37.168403+00:00