- LTO’s Proofi began making identifying data that is available to the multichain DeFi ecosystem through Chainlink.
- Proofi allows a project to check a user’s age and residing country’s name.
- It secures, verifies, and exchanges the crucial information of business through the blockchain.
What is LTO Network?
LTO network is a hybrid blockchain platform. That features business-to-business functionalities. And is the combination of private and public chains. It provides a solution that complies with the General Data Protection Regulation. It was initially a company that used to help organizations to optimize their workflows.
The data is managed by a third party that flows between organizations. And this form of centralized management creates a single point of failure structure. And it grants them authorized access to see, modify and even steal it.
It allows two or more businesses to share and agree on some sequences of events. Which is done through peer-to-peer, without relying on an authoritative party.
What is LTO’s network technology?
Its protocol is divided into two layers: private and public. The private is used to share business information, whereas the general layer is a proof of stake blockchain. That confirms the transactions of the private blockchain.
Using the Markle Tree structure used by Bitcoin, a transaction can be confirmed without making it public. Nodes on the private layer ensure that the data is verified and immutable, and a hash of several transactions is then published on the public chain through anchoring.
How does it work?
It is a live network with contracts on private consensus on the public blockchain. LTO uses NG protocol to finalize the transactions within two seconds. Another type of staking algorithm is used that allows users to lease their stake.
Users can participate in the network without setting up a node. To migrate centralization, the LTO network implements Leased Proof of Importance as a consensus model.
It stores data in the blockchain. LTO plans to move a step ahead by verifying the data. They also plan to perform it by linking transactions on the public blockchain to decentralized identifier Verification Credentials (VC).
Private Layer
Blockchain applications can access the private layer and pass information to make privacy-aware applications. That helps the private data to be shielded from the outside world.
Public Layer
It helps the events to get logged and verified in a way that becomes visible to the public.
History of LTO
In 2014, LTO was developed as a legal thing by Firm24. And later in 2017, it was decided to add blockchain to the product and rebrand the LTO network.
Rick Schmitz is the co-founder of LTO Network. Before that, he worked in a private equity merger and & acquisition at Deloitte. And Martijn Migchelsen is CFO, COO and Co-Founder of the LTO Network. At the same time, Arnold Daniels and Sven Stam are the CTO and Lead Architects of the LTO Network.
It is Available on Ledger
The LTO network is now available on the Ledger app. That indicates that it is possible to secure LTO tokens offline via the ledger live Application. It allows the investors to buy, stake, and mine LTO tokens via the same application.
