Accurancy = 98% Speed = 26 WPM Duration = 72 seconds

Distributed ledger systems such as Bitcoin have shown that they can function without legal rules. Instead, the rules that each participant must follow are defined and enforced only by technical code. Each participant in the network runs the same or compatible software that defines what kinds of transactions are permissible. For example, the Bitcoin software allows participants to spend only balances that they can prove they own with cryptographic keys. The Bitcoin software also regulates how new currency is issued, and places an absolute cap on the size of the money pool. There are no bylaws or other legal documents stating these rules, and no humans to enforce them — distributed ledger systems are solely governed by their own technical code.To prevent participants from modifying their copy of the code to issue transactions that are against the rules, each transaction needs to be verified before it enters the ledger. In an ‘unpermissioned’ distributed ledger system like Bitcoin, verifiers (known as miners) are chosen by lottery. The system seeks to assure their integrity through a system of economic incentives, in a process governed by the software. In a ‘permissioned’ distributed ledger system, verifiers are appointed by the system’s proprietor, and their integrity is assured through conventional means, such as a legal contract.

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