One of the characteristics of blockchain networks in which users don’t have to know or trust one another for the network to work.

Trustless is a definitive characteristic of the decentralized model of finance that derives system authority from algorithms rather than human beings. These algorithms serve as unbiased mediators during transactions between and among users, such that the users don’t have to know or trust themselves to engage in transactions. As a consequence, blockchain networks are reliable and not subject to user bias and partiality.

The main characteristic of a trustless system is the replacement of a central authority in the form of human agents with algorithms. This is not the case with centralized systems but are the defining attributes of decentralized systems.

The modern-day expectations of a Turing computer capable of solving all computational problems.

Turing Complete is the term used to describe still-futuristic machines or algorithms that can solve all computational problems, regardless of their levels of complexity. Such machines only require time and sufficient processing power. In blockchain, these machines are used to determine the level of network complexity and operation, which also indicates the efficiency of the blockchain for carrying out tasks.

Turing Complete is not necessarily sought-after in blockchain applications since it also has limitations. Thus, Bitcoin, for example, is Turing Incomplete, thereby keeping the blockchain somewhat straightforward. On the other hand, Ethereum uses Turing Complete mostly because it requires higher accuracy and complexity for its smart contracts.

The maximum number of transactions that a blockchain network can process per second.

Transactions per second (TPS) refers to the total possible number of transactions that any blockchain network can process in a second. This number is often used to measure the efficiency of a blockchain so that networks with higher TPS are said to have greater efficiency than those with lower TPS. However, it should be noted that blockchain networks are certainly capable of processing more transactions than the usual TPS, but not when adhering to the decentralized model for transaction validation. Thus, TPS does not directly measure network efficiency but scaling proficiency.

Different blockchains have different TPSes. Bitcoin is usually estimated to have a TPS of between 3 and 7, while Ethereum can handle 20 TPS. Many newer blockchains boast of TPS in the hundreds and thousands.

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