Review on LTO Network by Ali Huseynov

I am here with a crypto currency that has recently divided the Turkish crypto community into two. While one side thinks it is a scam, the other side describes this project as a gem with 100x potential. Our completely impartial review will include the following parts;

Uses and technology

Partnerships

Token economy

Team and Consultants

Editor's Comment-Conclusion

Usage Areas and Technology

LTO Network, formerly LegalThings One, strives to bring simple legal transactions to the blockchain. In many cases today, law is still paper-based. LTO Network's goal is to provide a digital distributed ledger system that serves business and requirements related to legally binding contracts. To this end, the project will build a decentralized workflow engine that enables information sharing with private blocks, while transactions will be recorded on the public blockchain.

LTO Network wants to use the Least Proof of Work consensus to build consensus on the blockchain. This consensus mechanism also allows the existence of small token holders who do not want to run a node to receive their token rewards.

This concept presented by LTO Network is based on the interaction between private and public blockchains. It should be noted that it is very difficult for a relatively small team with limited financial resources to create such an environment completely from scratch. Also, the token team has not disclosed in their whitepapers or blogs that they have decided to create their own ecosystem instead of building this idea on an already existing ecosystem. Let's also add to our notes that they do not share their codes with the public. LTO is not an open source project.

Partnerships

LTO Network published a technical white paper in September 2018 alongside the economic white paper. The team has been working on providing digital legal solutions for over four years already. However, let's not go without mentioning that the previous structure of LTO Network was not blockchain-based. A partnership with Waves was announced in May 2018, but no details were given on how the two projects would collaborate specifically. LTO also has partnerships with POA Network, CPChain and NuCypher. In addition, LTO Network often talks about the clients it has (and these include the Dutch government!).

Token Economy

Dedicating a special section on token distribution in their whitepaper, the team has demonstrated an interesting token economy. LTO's tokens are distributed on two separate chains; these are ERC-20 and mainnet tokens. Seed and private investors receive non-exchanged mainnet tokens, while those opting to switch to the ERC-20 token must pay a fee for this process. Although this fee is decreasing day by day (it will have decreased from 55% to 0% at the end of 6 months), investors who trade on exchanges can also switch their ERC-20 LTO tokens to the mainnet for 100 LTO.

Team and Consultants

Rick Schmitz, co-founder and CEO of LTO Network, co-founded by Firm24, a Dutch corporate business partner firm, and LegalThings, a contract solution provider for the real estate market, has a successful track record. Schmitz has previously done important work at PwC and Deltoitte. CTO Sven Stam, who has a master's degree in artificial intelligence, has 15 years of industry experience. Other names of the organization are also very important and have achieved very valuable achievements in their careers.

LTO Network Working System

LTO Network uses the Least Proof of Work consensus to achieve working principle consensus. Thanks to this consensus system, few token holders are also kept in the system.

LTO Network has published two different White Papers, economic and technical. LTO Network has distributed tokens on two separate chains. These are ERC-20 and LTO mainnet tokens on ethereum.

Private investors buy mainnet tokens that are not traded on exchanges, while LTOs bought and sold on exchanges are ERC20 tokens. (The tokens you receive on Bitlo are based on ERC-20.)

Those who chose to switch to the Ethereum ERC-20 token had to pay a fee for this process. Bitlo and exchanges that allow LTO trading abroad will also list private network LTO coins in their markets in the near future.

What is the LTO Network Advantage?

LTO Network eliminates the work and paper burden of legal transactions in the field of law and ensures that these transactions are transferred to the digital world.

By sharing all legal decisions publicly over a decentralized system, it ensures that the decisions taken are transparent and reliable.

In addition, LTO has not remained in theory and has proven its practical use, as it has made many companies use the features it promises and the areas it brings solutions to.

How is LTO Network Mining Done?

LTO Network is a non-mining cryptocurrency. The entire amount of LTO Network is produced by the company.

How to LTO Network Staking?

Since the LTO Network blockchain structure is based on POS, it allows you to earn LTO without inflation. For this, you need to set up your own LTO Network nodes and become a Validator or you need to be a Validator. The money you earn increases in direct proportion to the amount of LTO you have allocated and the number of transactions performed on the system. Also What is Staking? You can see the details by looking at our article.

The founding team consists of successful people who have previous experience in the legal industry they want to innovate, who have done very successful work. However, I don't know how talented these people are for blockchain technology, who have developed themselves mostly in the field of business development and law. Although the team has set up its own mainnet, they never make their code open, which is a huge question mark for me. The crypto industry has shown us that projects that promise something but don't share open source code are generally bottomed out. I don't think this project will be like this, but I think the most important factor is the code part. LTO, which I consider in the category that can be entered with a small part of the portfolio in order not to regret it in the future, can make its investor smile if it reaches more customers and stops keeping their codes secret.