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What Is LTO?
LTO Network is a blockchain platform for creating decentralized workflow applications, enabling business-to-business collaboration on equal footing, using trustless automated processes while maintaining data privacy and GDPR compliance. Developers and enterprises can use the LTO toolkit to create new, or integrate existing solutions and run them in a transparent, secure and decentralized manner. Information is shared between parties using private blockchains (a new chain per process) and hashed on a public blockchain. This hybrid approach allows organizations to meet any data protection regulations and avoids the scalability issues that are typically associated with blockchain projects.
Real-world clients and industries include, for example, supply chain, insurance, real estate, notary services, transfer pricing automation (DTM), document management, and tokenization of real estate and shares. While dApps target single users, LTO network goes further, as their end users are institutions such as governments, multinationals and corporate enterprises. One could argue that converting a single user is easier than converting a corporation and would be technically correct, however, converting even one organization brings user activity and transactions by the thousands to the LTO network.
LTO Network uses a combination of three different types of ‘’chains’’ to suit the needs of all possible clients:
LTO Network’s unique hybrid approach embraces privacy by design. The process is pseudonymised and private sensitive data is shared on a need-to-know basis. This is useful to protect sensitive data, for example, or when there is a need for GDPR compliance.
Each process creates an ad-hoc miniature chain. This private chain is only shared between the participants. Rules of the collaboration are defined in a custom Live Contract and all events in a process are securely stored on the event chain.
Global Public Chain
All nodes are connected through the LTO public chain, which is used to timestamp and anchor data and events. The Chain is optimized for anchoring, allowing an immediate response through using the NG-protocol. With the NG-protocol, the network pre-approves transactions every 3 seconds. With other anchoring solutions you have to wait up to 20 minutes for a response.
The Live Contracts contain instructions for both humans and systems regarding the actions that need to be executed. All parties involved in the Live Contract validate each others actions and secure data submissions.
Nodes can simultaneously hold and handle numerous Live Contracts. Since every Live Contract forms a private chain, nodes can be spun up on more virtual machines (VMs) to handle bigger loads.
Data privacy and GDPR
Only the nodes of the participants of a particular process have access to a particular private chain. If required by law, the entire workflow with all related data can be erased.
Rather than broadcasting events to the entire network, nodes send events to each other directly, which reduces complexity and latency. The public permissionless chain is used for anchoring, ensuring immutable Proof-of-Existence.
Each event is validated based on the rules and conditions defined in the workflow. Actions that are not allowed will be rejected by all other participants within a node.
The application layer contains a number of services, such as the workflow manager, designed to perform a specific task. Custom services may be added to the application layer.
Message Queue for Private Blockchain
Decoupling ensures a stable system, even in the case of bad connectivity or a high load. The message queue is the communication layer for the private chain. Two simple services manage all inbound and outbound events.
Anchoring on Permissionless Public Blockchain
Most public blockchains primarily focus on smart contracts and scripted logic, making them slow, inefficient and overly expensive for simple transactions like anchoring. LTO Network follows logic similar to Bitcoin’s SegWit, meaning that not all data needs to be kept by all nodes forever.
With other public blockchains the required disk space tends to be high, which can cause synchronizing from genesis to consume days. With LTO a summary block is generated each day, after which a node may delete the individual transactions.
MSeven is a real estate property fund and asset management business operating in thirteen countries with 8.1 billion GBP of assets under management.
CMS Law is a multinational law firm headquartered in London, England. With revenue of 1.15 billion GBP in 2017, it has more than 250 partners and 73 offices across Europe, the Middle East, South America and Asia.
Heineken is one of the world’s largest brewing companies, with revenue of 21 billion EUR in 2017 and approximately 73,000 people employed.
Generali with revenues of 68.5 billion EUR in 2017, Generali is an Italian insurance company, the largest in Italy and third largest in the world.
Cemex is a Mexican multinational building materials company. With 18 billion USD of revenue in 2016, it manufactures and distributes cement, ready-mix concrete and aggregates in more than 50 countries.
Stena Line is one of the largest ferry operators in the world. With services serving Denmark, Germany, Ireland, Latvia, the Netherlands, Norway, Poland, Sweden and the United Kingdom, with 5000 employees and 12 billion SEK in revenue in 2015.
Deloitte is one of the “Big Four” accounting organizations. Deloitte provides audit, tax, consulting, enterprise risk and financial advisory services with more than 286,200 professionals globally. In FY 2018, the network earned a record 43 billion USD in aggregate revenues.
Damste Notary, Hekkelman Notary, Lint Notary, and 20 more notaries firms.
Euronext is the largest stock exchange in continental Europe with 1,300 issuers representing a 3.8 trillion EUR market capitalization.
Merin is one of the largest commercial real estate platforms in the Netherlands, with a portfolio of more than 100 offices and industrial assets located around the country.
Dekra is a European vehicle inspection company with approximately 36,000 employees and revenues of roughly 1.9 billion EUR, DEKRA is the largest inspection company in Germany and the third-largest in the world.
Albert Heijn (+ gall & gall and ethos) is the biggest dutch retail supermarket chain and is currently expanding to Belgium.
Dutch Ministry of Infrastructure*
Dutch Ministry of Justice
Belgium Ministry of Infrastructure
The Dutch Ministry for Infrastructure, alongside the government of Belgium, commissioned LTO Network to reduce the supervision costs related to European waste transportation. They believe that a combination of applications for data intake and verification together with blockchain technology will pave the way for a more efficient cross-border transfer of waste. They formerly relied on manual, paper-heavy processes, but by using LTO Network blockchain the authority aims to free up human resources for other tasks. The LTO blockchain infrastructure provides an immutable way of verifying data about the weight of the shipment and the quota, making interactions among the parties trustless and secure. Data is being shared only across the stakeholders, since it has to be done in a GDPR compliant way. LTO integration reduced their annual cost for Waste Transportation by €30,000,000.00.
Token Sale and Economics
Seed round: 65,000,000 LTO
Private sale: 72,500,000 LTO
Ecosystem Fund: 73,596,995 LTO
Team: 85,000,000 LTO
Advisors: 20,000,000 LTO
Marketing and Partners: 33,046,000 LTO
Foundation (B.V.): 50,000,000 LTO
Token Sale Details
In December 2017 LTO Network raised the seed round of $1.4M among supportive European community members and early adopters. There was an average of 40% bonus in the seed round, and it was almost fully raised in fiat currency. After working for a year developing the product and getting clients, LTO Network raised private sale funds in December 2018. The bonus was between 15-30%, raising $1.7M. The last sale round was the crowd sale in January 2019. The smart contract was open for 60 hours during January 14-16. In total, 7990ETH (990,000 USD) was raised and remaining unsold tokens were burned, which was over 50% of the crowd sale supply. Crowd sale participants received ERC-20 tokens, which are directly tradeable, while private sale and seed received mainnet tokens, which are not directly tradeable.
|Type||Crypto Seed||Fiat Seed||Fiat Private Sale||Crypto Private Sale||Crowd Sale (ERC2)|
|Start Date||Dec 1 2017||Dec 1 2017||Nov 12 2018||Nov 12 2018||Jan 14 2019|
|End Date||Dec 31 2017||Dec 31 2017||Dec 15 2018||Dec 15 2018||Jan 16 2019|
There is a bridge between Mainnet <-> ERC-20 which makes it possible to travel from one side to another. These are the same LTO tokens that simply exist on different blockchains (1:1) – the total supply is simply being split into two different sides.
A bridge troll in-between manages the flow of tokens and punishes early sell-offs. It protects the community during the first 6 months (up until July 2019) and burns the tokens according to a dynamic fee 55*exp(-0.5*t) once someone moves from mainnet to ERC20, and gives 100 LTO to mainnet nodes if someone moves from ERC20 to mainnet.
LTO is trading at the following exchanges, listed by volume (as of February 9, 2019):
Roadmap and Updates
All Roadmap items are taken from or listed by the LTO team.
Started in 2014 as a platform to create, share and sign contracts in a digital way. After the success of our first company FIRM24.com, we believed that DTM (Document Transaction Management) would be the next big thing after ERP and CRM-systems.
We released the first version of the LegalThings platform. This version introduced a document and form builder, a document management system, advanced user and permission management and digital signing.
For FIRM24 we had created software to run the procedures behind an incorporation. Other customers were also interested in these digitized procedures. We did a small pivot, now focusing on digitizing the contracts as finite state machine, rather than just signing.
We have explored different methods of providing proof of signed documents. While other parties relied on trust and certifications, we wanted a better solution. We started using the blockchain for proof of existence.
We experimented with Ethereum Smart Contracts and found out that it could only be used for self-enforcing agreements. Inherent constraints make them unusable for legally binding contracts. Instead, we found a much better solution in using our FSM in combination with the blockchain.
During the blockchain hackathon organized by the Dutch ministry of Justice and Security, we demonstrated that a whole law can be digitized as a FSM and stored on the blockchain. This won us the first prize in the event which included the assignment to create the first digitized Dutch law on the blockchain.
Our token pre-sale starts on the 6th of December. For 24 hours, the pre-sale is open only for members. You can register to be whitelisted and participate in this members-only pre-sale. After the whitelist pre-sale, we’ll continue with a public pre-sale. We’ll launch the LegalThings One platform as beta. All token holders will be able to use the platform. New content, like (live) model contracts will be added in the coming months.
All tokens represent the full capacity of the LegalThings One platform. During this sale we’ll sell licenses (represented by LTO tokens) for the platform.
We’ll publish the Live Contract syntax as open standards under the CC-BY-SA license. Software to run Live Contracts will be available under the MIT license. This will allow third-parties to to create and run Live Contracts without relying on Legal
We launched mainnet and closed the last round of token sale, raising 990K USD in the last round.
Integrating existing applications with the mainnet, as well as improving the dashboard and explorer with more statistical tools.
Integrate two other innovations of LTO Network into mainnet: Leased proof of Importance (sybil prevention model based on staking and usage) and summary blocks.
Implement new features into decentralized workflows: replace flows, diversion, and other features described in the technical paper.
Implement the remaining tech paper features like Self-Sovereign identity, chain of trust, etc.
Continue building tokenization of shares (highly depends on the legal atmosphere) and IoT integration for supply/custodian chain cases
Short-term Q1 goals
Priority 1: Make it super easy to anchor. Integrate transaction receipt for integrators and clients. Create extensive API documentation and wiki.
Priority 2: Development of dashboard to show stats of the network, bridge statistics, transactions and stakes of nodes.
Priority 3: New website
Priority 4: New explorer (mobile view) + wallet
RICK SCHMITZ (CEO)
ARNOLD DANIELS (Lead Architect)
MARTIJN MIGCHELSEN (CFO & COO)
SVEN STAM (CTO)
MARTIJN BROERSMA (VP of Operations)
IVAN GOLOVKO (Strategy & Investor Relations)
MOESJARRAF JAHANGIER (Sr. Backend Developer)
YEVHEN HORBACHOV (Lead Frontend Developer)
Development activity has been consistent for LTO, with a high number of substantial commits this is one of the most active projects in the blockchain space.
Test-net Explorer: https://testnet-explorer.lto.network/
Token Metrics: https://ltonode.com/supply/
Messari Transparency Report: https://messari.io/asset/lto-network#profile
Seed Round / Private Sale Price: $0.024
ICO Price: $0.0302
Current Price: $0.21
Private/seed sale value: $3,100,000
Crowdsale gathered amount: $984,000
Total Raised: $4,084,000
Current Market Cap: $2,300,000
Total Valuation: $26,769,995*
Circulating ERC20 Cap: $2,261,620
Fully Diluted Cap: $6,403,975**
* Includes tradable and non-tradeable tokens
** If all tokens were converted from non-tradeable to tradeable