What means permissionless?

A permissionless blockchain like Electra Protocol, is an open network available to everyone to participate in the consensus process that use the blockchain to validate transactions and data. A permissionless blockchain is fully decentralized across unknown parties. Other names of a permissionless blockchain is trustless blockchain or public blockchain.

The key characteristics of a permissionless blockchain are:

open source development;
full transparency of transactions;
anonymity, with some exceptions;
lack of a central authority; and
heavy use of tokens and other digital assets as incentives to participate.

Permissioned blockchains

In contrast, permissioned blockchains are closed networks in which previously designated parties, sometimes members of a consortium, interact and participate in consensus and data validation.

The key characteristics of permissioned blockchains are:

development by private entities;
controlled transparency based on the goals of participating organizations;
lack of anonymity; and
lack of a central authority, but a private group authorizes decisions.

Permissionless have a variety of benefits over permissioned blockchains, which are important to many market participants:

A high degree of transparency, which speeds reconciliation across unknown parties
Resistance to censorship, thanks to broad accessibility and participation across locations and nationalities
Broader decentralization that extends access across more network participants than in permissioned blockchains
Strong security; attackers can’t target a single repository and it is difficult to corrupt 51% of the network to disrupt consensus mechanisms.

Electra Protocol is a permissionless blockchain, which is secure and fully decentralized. The goal of Electra Protocol is to build a future-proof blockchain ecosystems for payments and beyond.

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What means permissionless?

Permissioned blockchains