The network is still the third party.
With cash, or bottle caps, or any physical token, all you need are two people that agree it has value. Possession is the ledger.
With cash, or bottle caps, or any physical token, all you need are two people that agree it has value. Possession is the ledger.
If only there was a way to timestamp digital transactions without a write-only ledger...
all you need are two people that agree it has value
The entire idea of currency requires a network of people who project a common value in the implemented token/object/hash.