What Is LTO Network (LTO)?
LTO Network has established itself as Europe’s leading blockchain with strong real-world usage. It was founded on B2B enterprise solutions such as decentralized workflows, data & document verification and authentication. In 2021, LTO Network’s COBALT mainnet update expanded this solid base with the addition of Decentralized Identifiers (DID) and Verifiable Credentials (VC), putting LTO Network on the road of becoming a true layer-1 blockchain. In turn, Decentralized Identities and Verifiable Credentials are at the core of LTO Network’s newest focus; NFT2.0 technology, where people truly own and manage their NFTs in a decentralized way.
By utilizing its hybrid (2-layer) approach, LTO Network is natively GDPR compliant. This ensures easy compliance for companies around the world with ever-increasing privacy laws. Because of this, LTO Network enables developers and businesses to build Privacy Aware Decentralized Apps (PADA) and offers many unique opportunities for projects to explore.
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Immediate plans for LTO Network include NFT2.0, decentralized identities/verifiable credentials driving KYC, expansions on already established projects and much more.
LTO Network Tech
LTO Network launched their mainnet in January 2019. It is a hybrid blockchain platform with a public permissionless layer and a private layer acting as private miniature blockchains for the parties involved in the process. Originally a fork from WAVES, LTO Network has been heavily modified and expanded upon for decentralized workflows and business process automatization. It continues to evolve and develop solutions to bridge observed gaps between the real world and the cryptospace, aiming to be a cross-chain base layer for distributed and collaboration dApps like Chainlink, origin trail, the graph, etc..
LTO Network has always prioritized integration with existing applications, which requires flexibility. Typically, blockchains support one cryptographic algorithm (“cipher”) for signing. LTO Network utilizes the ED25519 standard.
While ED25519 is a common and well-supported standard, there are other algorithms that are also commonly used. Decentralized Identities allow for a whole range of ciphers, but often only a single one can be used due to limitation of the underlying layer.
Not LTO Network. In addition to the ED25519 standard, LTO Network also supports ECDSA with two curves. 1. secp256r1: a NIST standard, commonly used in applications, as well as SSL certificates. 2. secp256k1: a curve that is commonly used by blockchains, notably Bitcoin and Ethereum, but rarely used outside the world of cryptocurrencies.
With multi-cipher support people can now use an Ethereum public / private key set to sign transactions on LTO Network, or as a Decentralized Identity verification method.
Significant updates to LTO Network Mainnet
The following updates have been introduced to LTO Network:- 2019 Update – Smart Accounts- 2020 Update – Associations- 2021 Update – Cobalt
How Is the LTO Network Secured?
The LTO Network is fully compliant with the European Union’s GDPR data protection law. The hybrid LTO framework allows private blockchains to be as scalable as possible while still having the security characteristics of the already widespread public blockchains. LTO Network is secured by the proof-of-stake (PoS) consensus algorithm.
Who Are the Founders of LTO Network?
Firm24 initially began developing LTO Network as LegalThings One in 2014. In 2017, it decided to add blockchain to the product and rebrand it to LTO Network.
CEO: Rick Schmitz is an experienced entrepreneur and co-founder of LTO Network. Prior to that, he worked in private equity and mergers & acquisitions at Deloitte and PwC.
CFO: Martijn Migchelsen is CFO, COO and co-founder of LTO Network. Previously, he worked as a corporate finance consultant at PwC.
Lead Architect: Arnold Daniels is co-founder and lead architect of the project. Arnold has extensive experience in open-source development and leads the core development team that is focused on building the platform that is LTO Network. Before LTO Network, Daniels worked as a lead software engineer at Cloud9.
CTO: Sven Stam is the CTO of LTO Network. He has a master’s degree in artificial intelligence and has been in the industry for over 15 years.
What Makes LTO Network (LTO) Unique?
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The two key features of LTO Network are easy-to-use live contracts and the implementation of the hybrid blockchain mechanism with anchorage.
The live contracts allow parties to create mutually beneficial agreements in real-time. When the parties come to an agreement and launch a live contract, the LTO parent system creates a special private blockchain in order to record the history of events and the contract’s current state.
When the agreement is fulfilled, one of the parties sends a response to the blockchain, and the other signs it, allowing the node to confirm that the action has taken place. All contract data is available only to its parties.
Live contracts allow users to register actions, add/remove participants and record discussions on the blockchain. They also make it possible to resolve conflicts and insert sub-processes within the framework of an existing agreement.
The blockchain functionality is divided into two layers: public and private. The private layer is designed for efficient collaboration, data exchange and process automation. In turn, the public layer provides high-level security, thanks to distributed nodes and a reward system.
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How Many LTO Network (LTO) Coins Are There in Circulation?
LTO tokens, based on Ethereum’s ERC-20 standard, provide liquidity and serve as a bridge for LTO Network customers. LTO can be used as placement on the network, to pay for transactions, or be passively retained for speculative purposes. Its circulating supply is 291,959,255 tokens as of November 2021.
There are four types of token holders: integrators and partners who keep the network operational and receive project coins as a reward; clients who use the chain and/or live contracts for transactions; passive stakers — private users who provide their technical capabilities to confirm transactions on the blockchain; inactive holders who are not part of the community and invest in the token for the purpose of future earnings.
Where Can You Buy LTO Network (LTO)?
LTO can be traded on the following exchanges and more:- Binance- Kucoin- AscendEX- Bitrue- Uniswap (V2)- nftgamef.com- PancakeSwap- Bitvavo- Omgfin
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