The cryptocurrency ecosystem underwent a turbulent year in 2022.
A number of losses have been recorded from these events.
Given this, Brody believes that auditors, regulators and mathematical proofs will play a critical role in building trust with transparency within the crypto sector: “I think we can look forward to a future where not only will code be published, but firms will publicly appoint external auditors and welcome regulatory inspections.
Chris Castig, co-founder of Console.xyz — a Web3 chat platform — told Cointelegraph that Web3 principles focused on trust must ensure a minimum impact that any one human, group, or institution can have on the users of the app.
While regular audits, data reporting and transparent privacy measures may become the norm for many crypto projects moving forward, some could be wondering if this will impact the trustless nature of cryptocurrency.
Although this is a legitimate concern, Brody explained that the trustless nature of crypto is no longer feasible. “
Source: Cointelegraph
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