Should one trust a trustless environment of a blockchain and crypto assets?

Over the last few years we have seen a rapid development of various blockchain-based ecosystems and exponential growth of cryptoasset value. However, all that glitters is not gold. To shed light on the shadowy world of blockchains and cryptoassets, the article briefly describes the technology behind the blockchain, explores its strengths, its weaknesses and its possible use. As today blockchains are predominantly used to issue various cryptoassets, the article describes fundamental characteristics of various classes of cryptoassets, explores their current and discusses their possible future legal status. Furthermore, as cryptoassets are usually issued through the so-called “initial coin offerings” and as they are traded on the so-called crypto exchanges, we argue that any regulation should encompass those as well.