LTO Network

LTO Network (LTO) cryptocurrency

LTO Network is a solution for enterprises that have decided to move their activities to the progressive world of blockchain. As a hybrid blockchain, LTO Network provides both the security associated with traditional blockchains and a means of identifying its users, which is important for companies that want customers to trust them. In addition, enterprises using the LTO Network benefit from networks of trust created specifically for each project. The LTO network makes contract management simple, flexible and secure. The LTO network has its own ERC-20 token that greases the wheels of the system: users pay fees for transactions using LTO, receive fees for staking, for maintaining the health of the network (verifying node hosting), and as rewards for projects built on the network.

History of the LTO Network project⁠

LTO Network was born under the name LegalThings in 2014. Firm 24, the originators of the idea, at the time sought to provide an online platform for creating legal documents, digitizing existing ones and digitally signing them. Since then, the project has won a hackathon, changed its name to LTO Network, gained the trust of the Royal Dutch Institute for Normalization and Standards, and has undergone numerous updates to become even more reliable. The project's core team consists of co-founders Rick Schmitz (CEO), Martin Migchelsen (COO and CFO) and Arnold Daniels (Lead Architect).

LTO Network Benefits

1. GDPR Compliant. In a world where personal data is a new and highly valuable resource, it is essential to trust companies that follow the General Data Protection Agreement, store user data securely, do not misuse it and do not sell it to third parties. LTO Network not only complies with GDPR, but also automates the process, making it easier for both companies to manage customer data and for users to control how their information is used.
2. Identity in the new century. Identity can be verified in different ways, but the LTO Network has found a solution that is both new and reliable: companies verify their identity by publishing a certificate on the blockchain. This certificate has a key pair associated with it, which is used to sign transactions. Enterprises receive certificates from certification authorities. The structure of certificate issuers is a network rather than a chain, which facilitates the organic growth of a web of trust.
3. Strong government partnerships. The LTO network has a long history and has made many friends along the way: International Standards Organization, IBM, United Nations and many others. These relationships and philanthropic activities help the LTO Network gain a serious reputation in a world where blockchain technology is still viewed with suspicion by most.

Disadvantages of the LTO Network

1. < b>Locally Known Although the LTO Network has gained a strong base and a pool of grateful and loyal users and companies, its lack of publicity and focus on digital signatures and document notarization does not make it attractive to a wider audience of crypto enthusiasts. Being a European project, it is also not particularly well known in the US.
2. Chink in the armor. After reading the white paper, you may feel like the creators of the LTO Network have thought of everything, but some cryptanalysts have concerns regarding one detail - the lack of punishment for spam transactions. While the creators of the LTO Network state that spamming transactions on the network is unprofitable and fees are automatically scaled, there is no penalty for creating spam transactions on the LTO Network. As we know from what happened to Ethereum in 2018, a large number of spam transactions can bring down the entire network.