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What Is LTO Network?

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Nov 30, 2022
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5 min read
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This blog post will cover:

  • About LTO Network (LTO)
  • Where did LTO Network (LTO) come from?
  • What are the advantages of LTO Network (LTO)?
  • What are the disadvantages of LTO Network (LTO)?
  • How to buy LTO Network (LTO) on SimpleSwap?

About LTO Network (LTO)

LTO Network is a solution for businesses that decided to move their operations into the progressive world of blockchain. Being a hybrid blockchain, LTO Network provides both security associated with traditional blockchains and means of identification of its users, which is important for businesses that want clients to trust them. Moreover, businesses using LTO Network benefit from trust networks created specifically for every project. LTO Network makes working with contracts easy, flexible, and secure.LTO Network has its own ERC-20 token that greases the wheels of the system: users pay transaction fees with LTO, receive it for staking, for keeping the network operational (hosting validation nodes) and as a reward for the projects built on the network.

Where did LTO Network (LTO) come from?

LTO Network was born under the name LegalThings in 2014. Firm24, the men behind the idea, at the time aimed to provide an online platform for creating legal documents, digitising the existing ones and signing them digitally. Since then the project won a hackathon, changed its name to LTO Network, won the trust of the Royal Dutch Institute for normalization and standards, and went through numerous upgrades to become even more reliable. The core team of the project consists of co-founders Rick Schmitz (CEO), Martijn Migchelsen (COO and CFO), and Arnold Daniels (lead architect).

What are the advantages of LTO Network (LTO)?

  • GDPR compliant
    
    In a world where personal data is a new and very valuable resource, it is crucial to put trust in companies that follow the General Data Protection Regulation agreement, store user data securely, and do not misuse it or sell it to third parties. Not only does LTO Network comply with GDPR, but it automates the process, making it easier both for companies to manage client data and for users to control how their information is used.
  • Identity in the new age
    
    Identity can be confirmed in numerous ways, but LTO Network found a solution that is both novel and reliable: businesses confirm their identity by publishing a certificate on the blockchain. A key pair is tied to this certificate and is used to sign transactions. Businesses receive certificates from certificate authorities. The structure of certificate issuers is a web rather than a chain, which promotes the organic growth of the trust network.
  • Strong public partnerships
    
    LTO Network has a long history and made quite a few friends along the way: International Organization for Standardization, IBM, The United Nations to name a few. These relationships and charitable work help LTO Network gain a serious reputation in a world where blockchain technologies are still met with a degree of suspicion by the majority.

What are the disadvantages of LTO Network (LTO)?

  • Locally famous
    
    While LTO Network has gained a solid foundation and a pool of grateful and dedicated users and companies, its lack of wider publicity and focus on digital signatures and document notarisation do not make it look appealing to the wider audience of crypto enthusiasts. Being a European project, it is also not particularly well-known in the US.
  • A gap in the armour
    
    After reading the technical paper one may get a feeling that the creators of LTO Network foresaw everything, but some crypto analysts voice concerns regarding a particular detail — lack of punishment for spam transactions. While LTO Network’s creators state that spam transactions are not profitable in the network, and automatically scalable fees, the creation of spam transactions in LTO Network is not punished. As we know from what happened to Etherium in 2018, a lot of spam transactions can bring down the entire network.

How to buy LTO Network (LTO) on SimpleSwap?

Are you fascinated by what LTO Network has to offer and would like to add LTO to your portfolio? Use the widget below or go to the SimpleSwap homepage and follow the instructions:

  • For example, you want to swap BTC for LTO. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select LTO in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. LTO will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to LTO exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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