Review of the LTO Network project - blockchain of the future

in #lto5 years ago

  1. Use and technology.
    The LTO network, formerly known as LegalThings One, wants to implement simple legal transactions in the blockchain. Today, the legal industry in many cases still works on a paper basis. The LTO Network wants to introduce a process of recording into a digital distributed ledger that serves individual and business needs related to legally binding contracts. For this purpose, the project creates a decentralized workflow mechanism that allows you to exchange information about private blockchains, while transactions will be recorded in a shared blockchain.

The LTO Network wants to use the consensus mechanism with the least evidence of importance to achieve consensus on their blockchain. This coordinated mechanism allows smallholders of tokens who do not want to run a node to receive rewards for tokens. It is unclear why the LTO Network wants to create its own blockchain instead of using the existing and proven base-level protocol.

The concept that the LTO network represents is based on the interaction between private and public blockchains. It is difficult to create such an environment from scratch for a relatively small team with limited financial resources. In their official document and public blog, the LTO Network does not justify why they are not using one of the existing blockchain ecosystems, which have already developed solutions for sharing private information through the blockchain, for managing identity and for recording transactions in a publicly distributed distributed network. All of these use cases have already been developed by several groups and are important to the workflow mechanism provided by the LTO network.

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  1. Roadmap.
    LTO Network released economic white paper in September 2018. In addition to the economic white paper, they also published a technical paper. The team has been working on providing digital legal solutions for about four years. However, it should be noted that the previous nature of the LTO Network products was not based on the blockchain. In May 2018, a partnership with the Waves was announced. No details were provided on how the two projects will specifically collaborate. Further partnerships were announced with POA Network, CPChain and NuCypher. In addition, a number of clients are mentioned in the LTO Network, but these clients are not yet using their blockchain-based platform. Important strategic investors have not been disclosed at this stage.

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  1. Management and economics of the token.
    The LTO Network will initially distribute the ERC-20 token. Potential uses of LTO tokens include hosting, payment of transactions in the form of commissions and passive retention of the token for speculative purposes. LTO Network customers can participate in the network to reduce their operating costs to zero.

Team and advisors.
The LTO Network was founded by the co-founders of the previous company Firm24, a Dutch company for business registration, and LegalThings, a Dutch contract solution for the real estate market. The CEO and one of the co-founders is Rick Schmitz, who previously worked in the field of direct investment and mergers and acquisitions with Deloitte and PwC. CFO and COO of LTO Network - Martijn Migchelsen, previously a corporate finance consultant at PwC. Sven Stam is the Technical Director of the LTO Network and has a master’s degree in artificial intelligence and 15 years experience in the industry.

The LTO Network consultants group consists of Mike Egorov, NuCypher Technical Director, Sandor Klein, Docker Sales Vice President, Pedro Irujo from Cemex Ventures and Femke Stroucken from CMS.

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  1. Community.
    The LTO Network manages the Telegram Group, which has about 23,800 members, and has more than 2,000 followers in its Twitter account. In addition, the project has a YouTube channel with 50 subscribers and a blog on Medium.

Official project pages:

Website: https://lto.network/
Twitter: https://twitter.com/ltonetwork
Telegram: https://t.me/LTOnetwork

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