What is LTO Network
What Is LTO Network (LTO)?
LTO Network is a hybrid blockchain platform for decentralized workflows and business process automatization. Thanks to a solution based on live contracts, companies can enter into and carry out transactions, exchange information with each other, organize supply chains, delegate data processing and more, simultaneously and without relying on trust.
LTO Network, formerly known as LegalThings One, was established in May 2014 as a subsidiary of Firm24. For several years the main goal of the project has been to implement simple legal transactions on the blockchain. Conceptually, it is based on the interaction between private and public blockchains.
LTO Network provides the following kinds of assistance: the facilitation and control of the entire transaction process, the exchange of information between parties, the creation of business supply chains and the secure transfer of data to third parties.
By removing the need to depend on the human factor in business transactions, LTO Network is expected to allow companies to focus on improving the efficiency, transparency and security of their business.
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.
Rick Schmitz is the CEO and co-founder of LTO Network. Prior to that, he worked in private equity and mergers and acquisitions at Deloitte and PwC.
Martijn Migchelsen is the CFO, COO and co-founder of LTO Network. Previously, he worked as a corporate finance consultant at PwC.
Arnold Daniels is another co-founder and lead architect of the project. Before LTO Network, Daniels worked as a lead software engineer at Cloud9.
Sven Stam is the CTO of LTO Network. He has a master's degree in artificial intelligence and has been in the industry for 15 years, joining LTO in 2015.
The advisory group consists of Mike Egorov (founder and CTO at NuCypher), Sandor Klein (VP of sales at Docker), Femke Stroucken (legal consultant at CMS) and Pedro Irujo (Cemex Ventures).
What Makes LTO Network (LTO) Unique?
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 280,618,533 tokens as of April 2021.
The maximum supply of tokens is 403 393 276 LTO. They have been allocated as follows: 15% to the ecosystem fund, 10% to the foundation, 17% to the team, 4% to the advisors and contributors, 12% to marketing and partners, 13% to the seed round and 29% to the private and crowd sale.
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 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.
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.
Where Can You Buy LTO Network (LTO)?
LTO can be traded on the following exchanges:
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