A database replicated across many nodes where participants share a synchronized, append-only record of transactions or state.
Distributed ledger technology (DLT) encompasses blockchains and other replicated databases. Each participant maintains a copy of the ledger; consensus protocols ensure all honest nodes converge on the same state.
Public blockchains like Bitcoin Cash are permissionless DLTs, while some enterprises use permissioned DLTs for inter-company settlement with known validators.
Key properties include immutability, transparency, and fault tolerance. Tradeoffs vary between permissionless and permissioned designs.
A permissioned DLT might achieve higher throughput by limiting validators, whereas a public chain prioritizes openness and censorship resistance.
All terms and definitions may update as the Cryptionary improves.