LTO Network is a hybrid blockchain for document digitization, paperwork reduction, development of trustless business processes in accordance with GDPR compliance.Create LTO Wallet
What is LTO Network?
LTO Network is a hybrid blockchain for document digitization, paperwork reduction, development of trustless business processes in accordance with GDPR compliance (General Data Protection Regulation), and the use of Live-contracts. LTO is a unique ecosystem with four pillars: firstly, a high level of security ensuring the protection of user systems, personnel, and clients through fast and immutable timestamps. The second pillar is cost-efficiency: all administrative overheads are significantly reduced by digitizing paperwork and the collaboration on processes between multiple parties. The third pillar is automation: LTO allows the reuse and synchronization of data without the system switching that is used in business infrastructures by providing API. And finally, LTO is GDPR-compliant. User data is never on the blockchain, which is used only to verify it. LTO Network is designed to optimize interaction between parties in such areas as jurisprudence, insurance, real estate, logistics, notary services, etc. In summary, the project is trying to reduce red tape in business processes.
The founders of FIRM24 launched a subsidiary called LegalThings, which was developing software to reduce the time spent on paperwork in 2014. The business was flourishing, the client base was increasing, and the amount of data needing to be processed enlarged. The development team took up enhanced security and decided to use blockchain capabilities. As a result, the LegalThingsOne project emerged, later called the LTO Network.
Partners and Cases of use
NuCypher uses LTO Network technology to improve the protection, privacy, and transparency of its healthcare product. Collaboration with the Poa Network aims to build a blockchain that is compliant with GDPR. LTO is used to integrate IOT data into CPChain supply chains. AVR and Indaver are working with LTO to solve the problem of waste transport. Capptions creates a user interface that integrates with the LTO Network server solution. Merin, M7, Deloitte, and other real estate giants are working with LTO Network to develop an automated document management tool on the blockchain. LTO software is used to simplify income distribution workflows and pass data to local tax authorities for Heineken, Euronext, Velcro, and Cloud9. The Dutch Ministry of Justice and Security uses LTO to digitize documents.
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- Marketplaces that can be connected and automated.
- Venture Capitals, which can become part of the network as a software vendor or integrator and add value to various projects by adding blockchain.
- man Capitals, which can make a major contribution to economic and network development.
- The research field; GDPR, stability, scalability, and governance are topics to be researched by the developers with universities.
- Products that can be implemented into day-to-day processes.
LTO Network Live-contracts
LTO Network uses so-called Live-contracts for assistance in inter-organizational processes. A Live-contract can be compared with the smart contract of Ethereum, but with several differences.
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The reward system is based on a combination of the Proof of Stake ("LPoS") from WAVES and the concept of NEM "Proof of Importance" ("PoI"), as well as the addition of "Leasing Proof of Importance" ("LPoI"). The "leasing" system allows users who hold small shares of tokens to receive rewards by "renting out" their tokens for nodes. However, active network members will receive more than passive stakeholders. Anyone can become a validator on the mainnet and share non-inflationary network rewards. The rewards depend on stake share and the transactions in the network. Tokenomics is safe from spam transactions.
The LTO Network is represented as a two-layer mechanism. The main working functional is divided into two levels: public and private. The main process begins in the 2nd layer, consisting of numerous small, private blockchains. Each of these has certain access rights and a sequence of work processes. Live-contracts are provided by these private blockchains. Each private blockchain is only available to users who are permitted to interact under the terms of a particular Live-contract. However, private blockchains cannot guarantee absolute security and immutability; thus the 1st layer has been developed for this purpose.
Any event that occurs in a private blockchain is hashed and transmitted to the public blockchain. This is done in order to record only the fact that the event happened, not all of its initial data, thus saving network resources.
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