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Blockchain technology is now just over a decade old. That said, the possibilities of this trustless immutable ledger still emerging by the day. That said, its application in enhancing business processes can be its most consequential application. Regardless, adoption levels are not nearly at levels the technology can command. Accordingly, a blockchain solution that integrates this solution efficiently for businesses is a sure bet.
This is exactly what the LTO Network does. This is a platform that can bring the blockchain and business worlds together seamlessly.
What is the LTO Network?
The LTO Network has is a unique platform that seeks to expand the scope of blockchain to the B2B market. This is because the platform’s infrastructure allows different parties to conduct trustless cooperation on the blockchain. The network achieves this through live contracts.
LTO therefore actualizes the promise of trustless B2B collaboration which is something developers want. Moreover, the network facilitates ad-hoc collaboration between members of a contract. This is important because members of the contract determine contract rules and not individuals on the network level.
What are live contracts? You would probably guess that they must be related to smart contracts. You are right on the money. The slight twist is that a Live Contract not only determines the state of a process but also actively instructs humans and computers on the steps it contains.
In simple terms, the Live contract is an automated workflow. This is because it is a sequence of related steps that are necessary to complete a smart contract. In other words, the Live contract has rules and an action triggers another action and the sequence goes around to completion.
The workflow is a process. For any process to go smoothly, there have to be rules to give logic to the operation. For instance, when two parties decide to have a contract, there is the drafting, approval, then signing parts. Accordingly, the signing part can’t come before approval, or that a contract that is not approved has to be redrafted. This means that the workflow has rules to give it logic. A Live Contract is a combination of the workflow and workflow rules.
The LTO Network facilitates B2B processes because it can handle inter-party Business Process Management on the blockchain. This gives LTO an edge in this field because it not only facilitates financial transactions but also does the formalities it takes to bring parties with different business and political interests to work within the processes.
The network uses a hybrid system of a public and private chain. The public layer serves the role of a global security settlement layer. The private network is where the parties exchange data securely,Notably, LTO is Network GDPR and data privacy compliant meaning that it fares well on the regulatory front. This is because data from the private layer does not get exposed to the public chain
The network can disrupt supply chain processes, insurance, healthcare and KYC procedures. Other uses include real estate, notary services, transfer pricing automation (DTM), document management and tokenization of real estate and shares.Furthermore, this system can facilitate lease agreements and Non Disclosure Agreements (NDA) contracts.
Let’s take the example of supply chain processes. The Dutch and Belgian governments cooperate with public agents AVR and Indaver for waste transportation solutions. The LTO Network won this tender in 2018 and will create backend solution to facilitate the collaboration.
The two governments supervise removal and transportation of waste to and from other EU countries. Accordingly, they liaise with multiple agencies to manage the operation. Manual processes are cumbersome and need plenty of paperwork and human resource. The LTO blockchain eliminates this clutter and instead provides an immutable way of verifying data about the weight of the shipment and the quota, making interactions among the parties trustless and secure. Moreover, all stakeholders get access to the secure data as it is GDPR compliant.
Businesses normally utilize consortium chains to assuage privacy issues. This network has a private layer for data sharing and process automation. Because of that, the private layer facilitates live contracts each with unique workflow logic. The businesses can exchange data seamlessly without sacrificing privacy.
Therefore, the public layer serves the role of a global security settlement layer. This duality of a public and a private layer makes the network hybrid. Distinctively, LTO is Network GDPR and data privacy compliant meaning that it fares well on the regulatory front. This is because data from the private layer does not get exposed to the public chain.
Furthermore, LTO is scalable and works seamlessly with a diverse a wide range of operations. This creates a suitable medium for all parties in the contract to connect at their own pace. This brings an extra level of efficiency in business which is a remarkable trait for blockchain.
LTO network has an experienced and dedicated team that works round the clock to ensure the platform gets even better. Rick Schmitz is the project CEO and rightfully so. He is well-versed in private equity and has worked at both PWC and Deloitte. He is also the founder of Dutch startup Firm24 and Legal Things. Rick is best placed to bring his knowledge in business and integration into the blockchain world.
Meanwhile, Arnold Daniels is the lead architect for this project. He is also well experienced boasting over two decades as a certified AWS architect. Before joining, he was also the lead engineer for the Cloud9 IDE which Amazon acquired in 2016. Martijn Migchelsen serves as the COO and simultaneously the CFO. He is has also worked with PWC as a corporate finance advisor. Besides LTO Network, Martijn is the co-founder of Firm24 with Rick.
Then we have Sven Stam who is the project CTO. He has a Master’s degree in artificial intelligence and specialization in distributed systems. His technical prowess compliments the business minds above excellently. Finally, Ivan Golovko is head of strategy and investor relations. He is also the co-founder of distributed fund and Distributed Alliance.
Important advisors include: Mike Egorov, CEO of NuCypher. He is a senior computer software engineer with a PHD in Physics, Sandor Klein, Senior VP on international sales at Docker, Pedro Irujo of CEMEX ventures and Femke Stroucken of CMS.
The LTO Network began as LegalThings back in 2014 as a platform for creating, sharing and signing contracts digitally before experimenting with Ethereum’s smart contracts and later finding the blockchain- FSM (Finite State Machine) combination as effective.
At the moment, the development team is focused on integrating 2 LTO innovations with the mainnet. These are the Leased Proof of Importance and summary blocks. In September, LTO will work on implementing new features in decentralized workflows. These features will replace flows diversions among other applications.
In December, the team will work on implementing the remaining tech paper features. These include self-sovereignty identity and chain of trust. Overall, the team is brilliant and focusing on truly providing an avenue for businesses to collaborate efficiently on the blockchain.
Significant partnerships include: Dekra, Deloitte, MSeven, OSRE, Merin, Stena, Firm24, CMS and Damste Notary. By its nature of connecting businesses, this network will obviously have dozens if not hundreds of clients in due course.
Some of the partners double up as clients and this will be excellent for growth moving forward. For example, SignRequest, which is one of the largest Europe’s leading electronic signing providers added the LTO Network to its signature platform.
Acknowledging, Michaël Keens, CTO of SignRequest said:
“When we researched blockchain platforms, LTO Network stood out in terms of speed, set-up, and capabilities. We are able to include the blockchain transaction identifier directly into our signing logs which are circulated upon signing without the need to wait minutes for confirmations.”
Meanwhile, V-ID, a practical platform, also has a partnership with LTO Network. By complementing each other, Marnix van den Berg, Founder V-ID, said:
“The conversations we had with clients or potential partners over the past few months have always been full of energy, but Rick added even more. LTO Network distinguishes itself through speed and potential, in addition to vision and leadership.”
In December 2017, the LTO network conducted a seed crowdfunding raising $1.4 million from supportive European community members. Next it had a private sale in December 2018 raising $1.7 million more. Finally, the project had a crowdsale in January 2019 raising $4.08 million. B
LTO network is scalable and works seamlessly with a diverse a wide range of operations. This creates a suitable medium for all parties in the contract to connect at their own pace. This brings an extra level of efficiency in business which is a remarkable trait for blockchain. LTO has 3 types of tokens between which you can swap: Mainnet token, Ethereum ERC-20 and BEP2 on Binance Chain. Total supply will never change because of this. The mainnet token is for staking and running a node where ERC-20 and BEP2 tokens are for liquidity and trading.
The hybrid blockchain can enable institutions to determine custom logic and use anchoring for security against data manipulation. The two layer blockchain and decentralized workflows are excellent for b2b interactions.
The crowdsale price for each LTO was $0.030 from the 520 million LTO representing 42 percent of all the coins in circulation set aside for the public. Interestingly, the development team decided to destroy the unsold crowd sale tokens.
The LTO token economy is a result of clients, integrators and community token holders staking in the network. The POS Masternodes are an investment in their own right. Accordingly more adoption will increase network value and token price in the long term.
In December 2017, the LTO network conducted a seed crowdfunding raising $1.4 million from supportive European community members. Next it had a private sale in December 2018 raising $1.7 million more. Finally, the project had a crowdsale in January 2019 raising $4.08 million.
The crowdsale price for each LTO was $0.030 from the 520 million LTO representing 42 percent of all the coins in circulation set aside for the public.Interestingly, the development team decided to destroy the unsold crowdsale tokens.
At the moment, the network has a market capitalization of $18,996,209 USD on a circulating supply of 183,238,972 LTO. The total supply of tokens is 453,540,561 LTO with each LTO changing hands at $0.10. This represents an appreciation of X3.58 on USD, X1.6with ETH and X1.13 for BTC.
Short Term Price Catalysts
LTO network plays a very essential role in the blockchain space. Accordingly, this role in bringing new businesses and entities on board has a mutually beneficial dimension. This means that the platform has to have a streamlined process in getting its operations to be used by major entities. This is why the announcement of Certicorg as a first audit partner is a big win. Businesses obviously look for stability in business environment and this partnership adds legitimacy in the road to larger scale adoption.
Moreover, Xangle will add its infrastructure to improve transparency to the network. Even though the network is trustless and automatic, the various entities engaging need assurances as to the other’s credibility. These two pick-ups are massive and can give prices a shot in the arm especially short term.
LTO is certainly a significant market player already. With the existing partners, this network has great contacts and visibility in the market. The compliance with European data privacy laws is particularly enchanting for many players in the market. This activity is great for price jumps especially with crypto markets seemingly on a roll now.
Finally, a potential listing on Binance can be a great addition for the platform. Binance is the world’s largest exchange and a listing can provide a market presence and access to investors that can’t be overstated. As such, this is something that could have an impact immediately.
Long Term Catalysts
In the grand scheme of things, this network can greatly disrupt the way business works. This is because such a connecting avenue is unique and its hybrid system has immense potential. The strong and experienced team is essential to success and long term growth. This is because such a project needs the right people to steer it going forward and ensure it reaches desired objectives. The development team is an excellent alliance of technocrats and business experts who have the smarts to ensure solid growth.
Moreover, the project has and will continue to pick up solid industry partners for its project goals. Partnerships with huge companies like Velcro, Heineken and Deloitte positions this project well in the blockchain and business worlds.
Finally, the project will likely have success because it has a focus and clear vision. Many blockchain projects fail to come to fruition because of duplicity in market function and operating model. LTO has a unique role and its hybrid approach allows it to conduct B2B collaboration. Eventually, this unique role is what will set it apart and ensure long term price growth.
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Ever tried decentralized exchange with high liquidity? #DeFi