What does permissionless network or protocol mean? 💭

A permissionless protocol, in the context of #blockchain and #cryptocurrencies, is a type of decentralized network protocol that allows anyone to participate without needing to seek permission from a central authority or comply with a set of predefined requirements. In a permissionless blockchain, anyone can do the following👇

🤝Join and participate in the network: They can download the protocol, verify transactions, and create new blocks if it's a Proof of Work (PoW) or Proof of Stake (PoS) system.

📑Execute smart contracts: In networks that support smart contracts, like #Ethereum, anyone can deploy and interact with them.

🔁Transact with others: Anyone can send and receive tokens or interact with the #blockchain in other ways. There's no central authority to block transactions or blacklist addresses. #Bitcoin and #Ethereum are examples of permissionless blockchains. The opposite of a permissionless #blockchain is a permissioned blockchain, where participation requires invitation or validation from a controlling party. These are typically used in private, enterprise, or consortium contexts.