What is a Ledger in Crypto?

In the context of crypto, a ledger is a record-keeping system that tracks transactions in a distinctive order so that a viewer can view any information in the system. Traditional finance systems like banks use internal ledgers to track bank transactions within a period.

Blockchains are digital ledgers that validate and store crypto transactions within their network. For example, the Ethereum blockchain records all transactions involving Ether using blocks secured by cryptography and verified by the Proof of Stake (PoS) consensus mechanism. 

Blockchain technology is an effective and efficient ledger system because it uses an immutable and autonomous record-keeping network, meaning you can’t alter any data once it is stored on the blockchain.

What is a Public Ledger In Crypto?

A public ledger is a ledger that is accessible to anyone at any time. The public ledger is entirely decentralized, and no single entity controls the blockchain network. The BNB Chain and Ethereum blockchains are both public ledgers. 

Public ledgers are also very secure blockchains; they maintain a pseudo-anonymous system to protect your identity. While all transactions are recorded publicly, your identity remains private.

This means that while anyone can view wallet addresses and see wallet balance and transaction records, they cannot access the owner’s identity unless revealed by the owner.

Why do we need a crypto ledger?

A crypto ledger keeps an anonymous and immutable record of all transactions on a crypto network. This system protects people’s identities while maintaining an accurate history of transactions within the blockchain network.