Welcome to Bankless, where we explore the frontier of internet money and internet finance.

This is how to get started, how to get better,

how to front run the opportunity. This is Ryan Sean Adams. I'm here with David Hoffman,

and we're here to help you become more bankless. David, we have an excellent episode today.

I'm super excited about it. The defy trust spectrum. Give us a tease of what we're going to talk about today.

Ethereum is an agnostic platform that allows anyone to come and build anything on it.

Depending on how you build that thing, you can place it on a different part of the trustless spectrum.

So some applications on Ethereum are very trustless and some applications on

Ethereum are completely trusted. The trustlessness or trustedness of an application on

Ethereum is a way of illustrating how much human responsibility there is in the operation of the

application. Why Bitcoin is so powerful is because of how

it is a very human-free application on the internet. It is this thing that is internet native and does not

need humans really to maintain it. The power of Bitcoin is its lack of human maintainers of the system.

The system perpetuates. And so therefore, Bitcoin is a very trustless system because its operation is entirely computer run.

And that same illustration is found on Ethereum applications.

Ethereum applications can be completely trustless and completely unmaintained by humans.

Ethereum itself is unmaintained by humans. However, some applications can be trusted or human maintained.

And that means that when you use these things, that you are trusting the people that maintain each application to some degree.

And so that's why you can lay these things out in a spectrum of trustlessness,

where some applications are more trusted than others.

And sometimes you can actually get completely trustless applications.

And so, for example, Uniswap is the example that everyone uses to talk about

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