Blockchain & DLT Glossary

Practical definitions for common Web3 terms. For regulation-focused context, see our MiCA guide for Austria.

Distributed Ledger Technology (DLT)

A shared digital record system where data is synchronized across multiple participants instead of one central database.

Blockchain

A form of DLT where transactions are grouped into blocks and linked cryptographically in chronological order.

Smart Contract

Program code on a blockchain that executes predefined rules automatically when conditions are met.

Tokenization

The digital representation of rights or assets on a distributed ledger, for example shares, real estate claims, or memberships.

Proof of Stake

A consensus mechanism where validators secure the network by staking tokens instead of using high energy computation.

CASP

Crypto-Asset Service Provider. Under MiCA, this includes regulated providers for custody, exchange, and related crypto services.