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Generally "public permissioned" means anyone can see what's happening on the network but only authorized participants can do certain things.The project is a sign of a renewed interest in blockchain technology among institutions, as prices for various cryptocurrencies reach all-time highs.
It also echoes the private enterprise blockchains that were in vogue nearlya decade ago.
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(Regulated institutions have to know who they are dealing with, which is hard in completely open networks like the main Ethereum chain).
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