An Overview of LTO Network (LTO)
Hybrid blockchain solution for corporate entities.
What is LTO Network?
LTO Network is a hybrid blockchain to secure, verify and exchange critical information. Therefore, corporations can control what kind of people have access to various levels of information.
What are the features of the LTO Network?
Hybrid blockchain
Most blockchain networks are either public or permissioned networks. Even though both networks separately benefit various user bases, some processes can’t be made without private or public features on a blockchain network. Hybrid blockchain networks have a combination of public and private networks. While some networks have been designed for public participation, access to data has been tiered according to the hierarchical needs of an entity. Therefore, entities could determine what kind of information passes through from their own network.
Live Contracts
Smart contracts have changed the way we interact with the world. However, smart contracts can only work out if the conditions stated on the smart contract were met. Despite smart contracts work in most cases, some cases would render smart contracts useless. Live contracts are smart contracts that can work even though some of the criteria haven’t been met. These contracts determine the rules of participation, the initial set of participants, and the logic of collaboration. All these processes have been modeled as a Finite State Machine. Therefore, processes would be understandable for both humans and machines.
Compliant to Recent Regulations
LTO Network is compliant with some of the most prominent data protection regulations. If someone’s knowledge should be deleted under the law, it’s been made possible to do so. Therefore, entities won’t have any problem with data regulations all around the World.
How does LTO Network Works?
LTO Network works with live contracts and private consensus on the public blockchain. To make the consensus work, LTO Network uses NG protocol to finalize transactions within 2 seconds. To reach the public layer, LTO Network uses another kind of staking algorithm that allows users to lease their stake (LPoS). Therefore users can participate in the network without setting up a node. But to mitigate centralization, LTO Network implements Leased Proof of Importance as a consensus model.
Use cases for LTO Network
Land Registry
Inland registry, people should be able to see their property records. But no other people should see what other people own and should be easily able to transfer the rights. LTO Network could be useful for public access and private information schemes.
Notary
Notary processes are known for various kinds of purposes, and they’re highly susceptible to fraud. But, hybrid networks could be used to automate the process and using Live contracts to ensure transfers of value.
Legal Processes
Legal processes rely heavily on paper-based documents as the whole process is subjected to change. But smart contracts are not known to be adaptive to changes. Live contracts could be used to monitor legal processes as they don’t require contracts to work if all the conditions are met.
Leasing
Leasing is one of the most paper-based procedures that work on a highly static model. And the nature of smart contracts does not really help leasing processes to be conducted faster. However, with live contracts, leasing processes can be done even though not all conditions have not been met.
