What Is LTO Network (LTO)?
LTO Network (LTO) is a hybrid blockchain solution for securing, verifying, and exchanging business-related information. LTO connects to users' existing systems to enable efficient collaboration on complex multi-stakeholder processes. These processes are international waste transportation, tracking consumer goods, and inspecting oil terminals and aircraft. Not only that, but LTO also provides data integrity to digital signature applications and document management systems.
As per the whitepaper, large organizations always automate their processes to reduce administrative burdens and improve efficiency. However, progress here has stagnated by focusing too much on internal processes. As soon as organizations start collaborating externally, they fall back to ancient communication methods like email and fax. The matter with these methods is that they produce unstructured data, prohibiting automation and reusing data.
There are several blockchain systems in the market to tackle the problems mentioned above. However, these blockchain systems require a total overhaul of users' existing systems. The LTO network has developed a system that can be integrated with current systems to resolve information issues and blockchain systems' issues. LTO Network is used by any company with a need for a production-ready blockchain that allows for digital verification of digital assets and enables collaboration through decentralized workflows.
There are several ways to use the LTO network.
Anchoring- Protect important data through fast immutable timestamps.
Business identities- Identify your business on-chain by publishing a public certificate. On-chain transactions occur on a blockchain reflected on the distributed, public ledger.
Decentralized workflows- Participate in trustless collaboration on a private network.
With LTO, users are able to:
Run a node- Users set up a node on their local machine or in the cloud. It only takes minutes.
Stake LTO- Users become validators on the mainnet and share the deflationary network rewards. Mainnet is the term for blockchain and network and is used in contrast with testnet, signet, and regtest networks.
Get involved- Users are able to chat, discuss, and participate.
LTO tokens, based on Ethereum's ERC-20 standard, provide liquidity and serve as a bridge for LTO Network customers. LTO is used to place on the network, pay for transactions, or be passively retained for speculative purposes.
History of LTO Network
LTO Network started in 2014 as a spinoff of FIRM24 founded by Rick Schmitz (CEO), Martijn Migchelsen (CFO), and Arnold Davis (Lead Architect). The maximum supply of LTO tokens is 403.39 million LTO.
