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In centralized, closed-source programs and applications, only those granted access by the central authority can inspect the code to see exactly how it works. When using closed-source applications, the user is forced to trust that the code is free of vulnerabilities, backdoors and other potentially harmful functions.

By contrast, cryptocurrency networks are described as trustless because all code is freely available and open-source. Anyone can inspect the software’s code and know for certain all its functions. Developers can also build their own software implementations based on open standards and already-published code for additional peace of mind.

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.