In common parlance, a [public] ledger recording digital transactions


Distributed ledger technology [DLT] is ‘a consensus of replicated, shared and synchronized digital data geographically spread across multiple sites, countries and or institutions’ [6]

This is a kind of public, decentralized ever-growing list of communications used for digital interactions [7] TOF® also likes to refer to DLT as decentralized ledger technologies which equally captures the concept. DLT may or may not incorporate a blockchain [8] Blockchain is ‘a type of distributed ledger, comprised of unchangeable, digitally recorded data in packages called blocks’ [6]

Any blockchain may be further divided into ‘permissioned’ or ‘permission-less’ ledgers. The former perhaps used internally for contained commercial accounting [9] with the latter for exchanges of blockchain-based currencies also referred to as cryptocurrencies, such as Bitcoin [10]


As an intangible digital asset, cryptocurrency exists by virtue of ownership records. Visually picturing these discrete lines of code as physical coins, cryptocurrency and utility token minting results from performed computational work. Its movements also being recorded by additional computational work [11]

Multiple decentralized data processing sources, through a consensus of action, permit the existence and exchange of ‘block’ entries



Coins as well as their transfer thereby necessitatesproof of work[13] There would be no coin to record (proof), if an investment of time and resources (work), had not already been allocated

Continuing traditional money analogies over to software, retaining a coin’s private or ownership keys is done in digital wallets [14] Cryptocurrencies are neither held in one repository [15] nor issued by a central authority [16]

Two preliminarily distinguishing features against other currency forms rest in liquidity protection [17] alongside collateralization [18] absent such centralized control


'smart' contracts

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