What it means
Open to anyone, with no account to open and no one who can approve or refuse you.
Anyone can use a permissionless protocol, build on it or check its records.
How it works
Bank transfers are different: they need an identity check by a regulated provider.
Related terms
| Term | What it means |
|---|---|
| DeFi | Decentralised finance: lending, borrowing and exchanging that runs on public smart contracts instead of through a bank. |
| Blockchain | A shared record of who owns what, kept by many computers at once, that no single company can change on its own. |
| KYC | Know your customer: the identity check a regulated company must do before it can move money between you and your bank. |
This glossary explains terms in general. It isn't investment, tax or legal advice.