LTO Network is a blockchain platform designed for creating and maintaining decentralized workflows. It combines both private and public blockchains with a unique approach to enable enterprises and organizations to collaborate securely and efficiently.
The platform makes use of a hybrid blockchain architecture in which a private “permissioned” chain and a public “permissionless” chain are linked together. With respect to privacy and scalability, this architecture enables the secure transmission of data and information between parties.
With significant real-world usage, LTO Network has established itself as Europe’s top blockchain. And adding decentralized identifiers (DID) and verifiable credentials (VC) to this strong foundation in 2021’s COBALT mainnet update set LTO Network on the path to becoming a real layer-1 blockchain. NFT2.0 technology, which enables users to fully own and control their NFTs in a decentralized manner, is the foundation of LTO Network’s newest focus. It is based on decentralized identities and verifiable credentials.
LTO Network is naturally GDPR compliant thanks to its hybrid (2-layer) design. This guarantees simple compliance for businesses around the world with rising privacy requirements. As a result, LTO Network provides numerous special chances for projects to investigate and empowers developers and companies to create Privacy-Aware Decentralized Apps (PADA).
LTO Network seeks to bring immutability, trust, and transparency to corporate operations through the use of blockchain technology. It offers capabilities including data anchoring, workflow automation, and digital identity verification. The platform is made to be user-friendly for developers, and it offers tools and APIs to make it possible to incorporate blockchain capabilities into already-existing systems and applications.
Also, by utilizing live contracts, LTO Network aims to make it easier to design and carry out business operations. Dynamic agreements known as “live contracts” can be automatically upheld on the blockchain. According to actual circumstances and events, they are intended to evolve and adapt.
LTO tokens, which are based on Ethereum’s ERC-20 standard, give consumers of the LTO Network liquidity and act as a bridge. LTO can be used as a network asset, as payment for transactions, or as a passive holding for speculation.
In general, LTO Network uses blockchain technology to establish safe and decentralized workflows to address issues of trust, efficiency, and collaboration in a variety of industries.
Who are the founders of LTO Network (LTO)?
LTO Network was first created by Firm24 as LegalThingsOne in 2014. It decided to rebrand the product as LTO Network in 2017 and include blockchain in it.
Rick Schmitz, Martijn Migchelsen, and Arnold Daniels founded the LTO Network.
A co-founder and the company’s CEO, Rick Schmitz, works at LTO Network. He contributed to the founding of FIRM24 and LegalThings. Rick was a tax specialist for PwC and Deloitte before giving in to his true calling as an entrepreneur. His personal goal is to use LegalThings to simplify and improve software processes so that clients receive the best service possible.
Martijn Migchelsen, the CTO of LTO Network, is a software engineer with expertise in blockchain technology. He has been involved in the blockchain space since 2013 and has contributed to various blockchain projects. Martijn Migchelsen focuses on the technical aspects of the LTO Network’s development and implementation.
Arnold Daniels is also a co-founder and the project’s principal architect. Arnold, who is in charge of the core development team and has a wealth of experience in open-source programming, is working to create the LTO Network platform. Daniels formerly served as a lead software developer at Cloud9 before joining LTO Network.
Together, these individuals have played crucial roles in the creation and growth of the LTO Network, driving the platform’s vision and development.
What is LTO Network (LTO) used for?
Decentralized workflows can be created and managed via the LTO Network, allowing for fast information sharing and safe collaboration between various stakeholders. The platform has several features and uses, such as:
- Workflow automation: Using Live Contracts, LTO Network makes it possible to design and carry out automated business processes. These self-executing contracts react to actual events and conditions, speeding workflows and lowering the need for manual intervention.
- Collaboration Among Organizations: By offering a secure environment for data sharing and exchange, the platform supports inter-organizational collaboration. It makes it possible to develop multiparty, decentralized workflows that ensure transparency and eliminate the need for middlemen.
- Supply Chain Management: The movement of items along the supply chain can be tracked and verified using the LTO Network. By ensuring transparency, traceability, and immutability of data through the use of blockchain technology, fraud is decreased and efficiency is increased.
- Identity verification is made possible by LTO Network’s digital identity solutions, which enable secure, decentralized identity verification. Several scenarios, including user onboarding, KYC (Know Your Customer) procedures, and access control systems, can use this.
- Compliance and Regulation: By offering a clear and auditable record of actions and processes, the platform assists enterprises in meeting regulatory requirements. Certifications and licenses are examples of compliance-related data that can be safely maintained on the blockchain.
How is LTO Network (LTO) unique?
Live contracts that are simple to use and the use of a hybrid blockchain mechanism with anchorage are the two main unique characteristics of the LTO Network.
Users can use live contracts on the blockchain to register activities, add/remove participants, and record conversations. They also allow for the incorporation of sub-processes and the resolution of disputes within the parameters of an existing agreement.
Public and private blockchain functionality are separated into these two categories. The private layer is intended for productive teamwork, information sharing, and process automation. The public layer then provides high-level security via dispersed nodes and a compensation scheme.
The live contracts between the parties enable the creation of advantageous agreements in real time. The LTO parent system produces a specific private blockchain to record the history of events and the contract’s present status when the parties reach an agreement and start a live contract.
When the terms of the agreement are met, one party sends a response to the blockchain with the other signing it, enabling the node to verify that the action has occurred. Only the parties to the contract have access to any data.
The LTO Network offers business-to-business features and provides blockchain solutions that are General Data Protection Regulation (GDPR) compliant by combining private chains and a public Leased-Proof-of-Stake blockchain.
How many LTO Network (LTO) coins are in circulation?
With a maximum quantity of 500,000,000 LTO coins and a circulating supply of 415,598,185 LTO coins. There are four different categories of token owners: clients who use the chain and/or live contracts for transactions; integrators and partners who maintain the network and receive project coins as a reward; passive stakers, who are private users who contribute their technical expertise to confirm transactions on the blockchain; and inactive holders, who are not a part of the community and invest in the token with the hope of making money in the future.
How is the LTO Network (LTO) secured?
The LTO Network fully supports the European Union’s GDPR data privacy law. Private blockchains can be as scalable as feasible with the hybrid LTO framework while still maintaining the security features of the already well-known public blockchains. The proof-of-stake (PoS) consensus algorithm protects the LTO Network.
How do I buy LTO Network (LTO)?
The LTO token can be used for a wide range of purposes, like staking and payments.
LTO Network (LTO) tokens can be easily purchased by following the steps below.
* Open an account with the crypto trading platform of your choice.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy CNS through your trading account by swapping with BTC, ETH, or USDT pairs.
Which Cryptocurrency Wallet Supports LTO Network (LTO)?
The PTPWallet platform supports many cryptocurrencies, with LTO soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most popular platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform has a simple user interface, is compatible with both Android and iOS devices, and includes its own mobile wallet app.
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