Bitfinex Subsidiary Hybrid Crypto Exchange Ethfinex Trustless Launches Decentralized OTC

Bitfinex-owned hybrid cryptocurrency exchange Ethfinex Trustless announced the launch of its on-chain decentralized over-the-counter (OTC) service in a press release shared with Cointelegraph on June 3. The system allegedly has no centralized order book or matching engine, and only financial instruments are restricted from the platform. Furthermore, the press release claims: “Customers can trade any ERC20 token, and even specify custom Ethereum addresses for tokens which are not currently listed on any exchanges.” Per the release, the new system uses blockchain to enforce an OTC transaction as an atomic swap.…

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Blockchain’s Promise of a Trustless System Is False, Wired Author Argues

An opinion piece published by American online magazine Wired on Feb. 6 has leveled criticisms at the promise of new blockchain-based architectures of trust. The article’s central argument is that trust is not eliminated, but rather displaced, in blockchain systems — principally from institutions and social conventions onto technology. The article’s author, Bruce Schneier, alleges that this techno-maximalism overlooks both the residual trust in tech systems whose governance remains irreducibly human, as well as the frequent — and often opaque — fallibility of the technology itself. Schneier’s take on trust…

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