trustless
Toshio Yamagishi, "Net Reputation Society.
Maghrib Merchant
To solve the agent problem, the Maghreb merchants would hire only their own people as agents, and they would spread the reputation of the agents who betrayed them among their own people, and would not hire anyone who was passed around as an agent who had a reputation for betraying their own people. They used this method.
The way they (Genoese merchants) took was to develop institutions such as laws and courts. The reason why the Maghrib merchants did not take the way of life of the Genoese merchants is because it is expensive to establish courts and judicial systems.
Maghrib merchants paid an opportunity cost by limiting their transactions to their associates. Internet
Platform Concentration of Power
decentralization (of power)
Mechanisms that do not require the presence of a trusted third party
→Trustless.
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