Ninjastic
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Board Project Development
Re: Mercury - Fully trustless cryptocurrency exchange - Looking for testers!
by
GingerAle
on 17/03/2015, 16:10:56 UTC
Quote from: olcaytu2005 on March 17, 2015, 04:08:17 PM
Quote from: mappum on March 17, 2015, 05:42:02 AM
Quote from: olcaytu2005 on March 15, 2015, 08:14:09 PM
what it mean trustless? unsafe?

Trustless means you don't have to trust anyone else, so your funds are as safe as possible. When using centralized exchanges, you are trusting the exchange operators with your money so they have the power to do what they want with your money. In a trustless exchange, only you ever hold your money.

thank you but how decentralized exchanges do achieve that?

because no one is holding your coins - the coins are just locked up in algorithmic contracts. Therefore, you never have to send your money to an exchange in order to exchange it. Your money essentially stays in your wallet until the contract is filled, and then the transaction is sent.

(did I get this right?)