Glossary - ChicksX

Permissionless Blockchain is a decentralized network allowing anyone to join, validate, and transact without needing approval or central authority.

Permissionless Blockchain is a type of decentralized network where anyone can participate as a node or validator without requiring permission from a central authority. It relies on consensus mechanisms like Proof of Work or Proof of Stake to validate transactions, ensuring transparency and security. This openness fosters innovation and inclusivity, allowing users worldwide to interact and transact freely. It contrasts with permissioned blockchains, which restrict access and control. Permissionless blockchains are foundational to cryptocurrencies like Bitcoin and Ethereum, promoting a trustless and decentralized financial ecosystem.