‘Permissionless Blockchains’ are distributed ledger technologies that allow any individual or entity to participate in the network without requiring prior authorization. Anyone can read the ledger, submit transactions, and, in many cases, become a validator or miner. This open access characteristic is fundamental to the decentralized nature of many cryptocurrencies.
Context
The ongoing development and adoption of ‘Permissionless Blockchains’ continue to shape the digital asset landscape. Discussions often revolve around their scalability, security, and energy consumption, particularly in contrast to permissioned or private blockchain alternatives. The growth of decentralized applications (dApps) and decentralized finance (DeFi) relies heavily on the open and accessible nature of these networks.
Hong Kong's new draft guidance offers banks a strategic pathway to reduced capital requirements for permissionless digital assets, contingent on robust risk management.
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