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About LTO Network
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Founded in 2014 as LegalThings One, rebranded to LTO Network in 2017
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Hybrid blockchain with a public permissionless layer and a private layer for decentralized workflows and business process automation
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Secured by proof-of-stake (PoS) consensus algorithm and compliant with European Union’s GDPR data protection law
Key Features
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Live contracts for real-time agreements and contract management
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Hybrid blockchain mechanism with anchorage for scalability and security
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Introducing LTO Network: Pioneering a New Era of Blockchain Innovation
Introducing LTO Network (LTO): A Comprehensive Overview
LTO Network has cemented its position as Europe’s premier blockchain, boasting substantial real-world adoption. Founded on a bedrock of B2B enterprise solutions, including decentralized workflows, data and document verification, and authentication, the network has consistently demonstrated its value proposition. The 2021 COBALT mainnet update marked a significant milestone, as it introduced Decentralized Identifiers (DID) and Verifiable Credentials (VC), effectively paving the way for LTO Network’s evolution into a full-fledged layer-1 blockchain. At the heart of LTO Network’s latest endeavour lies Decentralized Identities and Verifiable Credentials, which form the foundation of its innovative NFT2.0 technology. This groundbreaking innovation enables individuals to truly own and manage their NFTs in a decentralized manner, ushering in a new era of digital ownership.
By leveraging its innovative hybrid (2-layer) architecture, LTO Network inherently adheres to GDPR regulations, thereby facilitating seamless compliance for global companies amidst the increasingly stringent privacy laws. Consequently, LTO Network empowers developers and businesses to craft Privacy-Aware Decentralized Applications (PADA) and unlocks a plethora of unique opportunities for projects to explore.
Immediate plans for LTO Network encompass the introduction of NFT 2.0, the integration of decentralized identities and verifiable credentials to facilitate seamless KYC processes, as well as the expansion of existing projects, among other exciting developments.
The LTO Network’s Security Mechanisms: A Robust Framework
The LTO Network is fully compliant with the stringent data protection regulations of the European Union’s General Data Protection Regulation (GDPR). The innovative hybrid LTO framework enables private blockchains to achieve unparalleled scalability while retaining the robust security features inherent in widely adopted public blockchains. Furthermore, the LTO Network is fortified by the proof-of-stake (PoS) consensus algorithm, ensuring a secure and reliable ecosystem.
The Visionaries Behind LTO Network: Meet the Founders
Firm24 embarked on developing LTO Network, initially known as LegalThings One, in 2014. A pivotal decision was made in 2017 to integrate blockchain technology into the product, subsequently rebranding it as LTO Network.
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Rick Schmitz, CEO, is a seasoned entrepreneur and co-founder of LTO Network, bringing a wealth of experience from his previous roles in private equity and mergers & acquisitions at Deloitte and PwC.
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Martijn Migchelsen, CFO and COO, is a co-founder of LTO Network, leveraging his expertise as a corporate finance consultant at PwC to drive the company’s financial strategy.
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As co-founder and lead architect, Arnold Daniels spearheads the development of LTO Network, drawing on his extensive experience in open-source development and his tenure as a lead software engineer at Cloud9.
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Sven Stam, CTO, brings over 15 years of industry expertise and a master’s degree in artificial intelligence to LTO Network, driving the company’s technical vision forward.
CEO: Rick Schmitz, a seasoned entrepreneur and co-founder of LTO Network, brings a wealth of experience to the table. His impressive background includes stints in private equity and mergers and acquisitions at esteemed firms Deloitte and PwC.
Chief Financial Officer: Martijn Migchelsen, a seasoned executive who serves as CFO, COO, and co-founder of LTO Network, brings a wealth of experience from his previous role as a corporate finance consultant at the esteemed PwC.
Lead Architect: Arnold Daniels, co-founder and lead architect of the project, brings a wealth of experience in open-source development to the table. As the visionary leader of the core development team, he is instrumental in shaping the architecture of the LTO Network platform. Prior to this endeavour, Daniels held the position of lead software engineer at Cloud9, further honing his expertise.
CTO: Sven Stam, a seasoned technologist with a master’s degree in artificial intelligence, brings over 15 years of industry expertise to his role as CTO of LTO Network.
Unveiling the Uniqueness of LTO Network (LTO)
LTO Network boasts two standout features: intuitive live contracts and a pioneering hybrid blockchain mechanism, bolstered by anchorage.
In real-time, live contracts empower parties to forge mutually beneficial agreements. Upon reaching a consensus and initiating a live contract, the LTO parent system generates a bespoke private blockchain, meticulously recording the chronology of events and the contract’s current status.
Upon fulfillment of the agreement, one party submits a response to the blockchain, which is subsequently signed by the other party, thereby enabling the node to verify that the agreed-upon action has been executed. Notably, all contract data remains exclusively accessible to the contracting parties.
Live contracts empower users to register actions, add or remove participants, and chronicle discussions directly on the blockchain. Furthermore, they facilitate the resolution of conflicts and the incorporation of sub-processes within the framework of an existing agreement, thereby ensuring seamless execution and adaptability.
The blockchain architecture is bifurcated into two distinct layers: public and private. The private layer is optimized for seamless collaboration, efficient data exchange, and automated process management. Conversely, the public layer ensures robust security, courtesy of its decentralized node infrastructure and incentivized reward system.
The Circulating Supply of LTO Network (LTO) Coins: An Overview
LTO tokens, built upon Ethereum’s ERC-20 standard, facilitate liquidity and serve as a conduit for LTO Network customers. These tokens can be utilized as collateral on the network, employed to settle transaction fees, or held passively for speculative purposes. As of November 2021, the circulating supply of LTO tokens stands at 291,959,255.
There exist four distinct categories of token holders: integrators and partners who maintain the network’s operational integrity and receive project coins as a form of remuneration; clients who utilize the chain and/or execute live contracts for transactional purposes; passive stakers — private individuals who contribute their technical capabilities to validate transactions on the blockchain; and inactive holders who remain detached from the community, investing in the token with the sole intention of generating future returns.
Acquiring LTO Network (LTO): A Comprehensive Guide to Exchanges and Marketplaces
LTO can be traded on a multitude of prominent exchanges, including but not limited to: Binance, Kucoin, AscendEX, Bitrue, Uniswap (V2), Gate.io, PancakeSwap, Bitvavo, and Omgfin, among others.
LTO Network Technology
LTO Network inaugurated its mainnet in January 2019, introducing a pioneering hybrid blockchain platform that seamlessly integrates a public permissionless layer with private layers, effectively functioning as miniature blockchains tailored to the specific needs of participating parties. Initially forked from WAVES, LTO Network has undergone significant modifications and expansions to cater to decentralized workflows and business process automation. As it continues to evolve, the platform is dedicated to bridging the existing gaps between the physical world and the cryptosphere, with the ultimate goal of establishing itself as a cross-chain base layer for distributed and collaborative decentralized applications, such as Chainlink, Origin Trail, The Graph, and others.
Multi-Cipher Encryption
LTO Network has consistently emphasized seamless integration with existing applications, necessitating adaptability. Unlike traditional blockchains, which typically rely on a single cryptographic algorithm (“cipher”) for signing, LTO Network leverages the ED25519 standard, ensuring enhanced flexibility and security.
Notwithstanding the widespread adoption and robust support for ED25519, a plethora of alternative algorithms are also in common use. Decentralized Identities, in theory, accommodate a diverse array of ciphers; however, in practice, the underlying infrastructure often imposes limitations, restricting the utilization of a single cipher.
Beyond the ED25519 standard, LTO Network also offers support for ECDSA, encompassing two distinct curves. Firstly, secp256r1, a NIST-approved standard, is widely utilized in various applications and SSL certificates. Secondly, secp256k1, a curve commonly employed by blockchain platforms, notably Bitcoin and Ethereum, albeit rarely ventured beyond the realm of cryptocurrencies.
Notably, the incorporation of multi-cipher support enables users to leverage an Ethereum public/private key set to sign transactions on LTO Network, thereby facilitating a decentralized identity verification method.
Notable Advancements on the LTO Network Mainnet
The following notable updates have been implemented in LTO Network:
– 2019 Update – The introduction of Smart Accounts
– 2020 Update – The integration of Associations
– 2021 Update – The launch of Cobalt
Associated Resources:
- Delve into the realm of Decentralized Identity on Alexandria.
- Explore the fascinating world of Non-fungible Tokens (NFTs) on Alexandria.
- Unravel the mysteries of Decentralized Identities
- Uncover the power of Verifiable Credentials
- Decentralized Identities: The Future of DeFi?
- Decentralized Identities: A Bigger Picture Unfolds