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.