A Distributed Ledger Network is a system of decentralized record keeping that operates across multiple locations or participants, as opposed to being stored in a central, single location. Each participant in the network has access to an identical copy of the ledger, containing a record of all transactions that have occurred.
This distributed nature of the ledger means that there is no need for a central authority to oversee or validate transactions, as all participants have access to the same information and can verify it independently. This helps to increase transparency and reduce the potential for fraud or manipulation.
In the context of cryptocurrency, Distributed Ledger Networks form the backbone of many blockchain-based digital currencies, such as Bitcoin and Ethereum. These networks use encryption and consensus mechanisms to secure transactions and ensure the integrity of the ledger without the need for a central authority.
Overall, Distributed Ledger Networks enable secure and transparent record keeping in a decentralized manner, making them a key technology in the world of cryptocurrency.
