DLT or Distributed Ledger Technology allows you to store data across a network of computers securely. Data is stored in small blocks, with each block containing information such as transactions or other data. These blocks are stored in a decentralized manner on the network, meaning no single computer has complete control over the data, and all network members can access it.
DLT can be public or private. In a public DLT, anyone can connect to the network and read or write data. However, in a private DLT, access to the network is restricted and controlled, with only specific members having access.
DLT is used for various applications, including cryptocurrencies, supply chain tracking, data security, and many others.
Types of Distributed Ledger Technology (DLT):
Blockchain:
Blockchain is one of the most popular and widely recognized forms of DLT, storing data in consecutive blocks, forming a chain.
Example: Bitcoin and Ethereum, both utilize blockchain technology.
Directed Acyclic Graph (DAG):
DAG is a non-linear structure that stores data in a directed acyclic graph, facilitating efficient transaction processing.
Example: IOTA and FTM, both cryptocurrency that uses DAG for transaction processing.
Hashgraph:
Hashgraph is a Distributed Ledger Technology utilizing the hashgraph algorithm to record transactions and data.
Example: Hedera Hashgraph, a decentralized platform utilizing Hashgraph technology.
Holochain:
Holochain is a Distributed Ledger Technology employing a peer-to-peer social model, allowing each user to store data independently.
Example: Holochain itself, a decentralized social network built on Holochain technology.
