Briefly tell us why we should all love LTO Network
As a team, I believe we’ve built a fantastic community and network over the three years – especially after the installment of Ecosystem V. With the help of our community members, business partners and advisors we’ve achieved fantastic milestones such as being the top 10 used blockchain, having the highest blockchain adoption score and our wide array of real-world use cases.
All of this wouldn’t be possible without strong fundamentals that we’re constantly monitoring and tweaking (like the deflationary staking update) to make the most out of the network for everybody involved.
The fact that we have such a large base of ecosystem members being intensively involved over these past years is something we’re really proud of and is what we’d like to keep building on to.
The blockchain industry is extremely saturated, what competitive advantage and features differentiates LTO from other decentralised solutions?
LTO Network is not built as a crypto company, but as a real-world company that evolved into blockchain.
The experience of the team in law, tax, compliance, enterprises and SaaS allows us to see things differently. In 2017 we tested with Ethereum’s smart contracts, but they just were not applicable to the problems our existing (SaaS) clients faced.
It’s then when we came up with the hybrid model that allows for optimized anchoring and Live Contracts (decentralized workflows that run between parties) to streamline operations. We’re currently rolling out Digital Identities (DID) for companies in Europe (as opposed to SSI for individuals) to lower the compliance burden for service providers on KYC-related processes.
The reason we know why this is such an important asset is because we’re dealing with it every day in our other businesses like Firm24. Having this ongoing business experience and by listening to our clients, we really differentiate ourselves from our competitors.
What are some of the use cases for LTO’s network?
The current offering is threefold. With LTO Network you can add data integrity to your systems using anchoring on our optimized public chain, exchange data on processes that run between organizations in an efficient and secure way and soon digitally identify yourself and your company when doing business online. You can imagine how many opportunities this gives to clients.
At our use case page on the website you can learn about the currently announced, in-depth use-cases we facilitate with our infrastructure already, servicing millions of clients via our Ecosystem V integrators.
How does a network that is by nature decentralised being able to financially sustain a team and infrastructure like yours?
To start with, we immediately liquidated all our token sale proceedings to fill up the project warchest. Through rigid financial management we have stretched our financial runway as far as possible.
We’re in a privileged position to have a number of successful companies under the umbrella of LTO Network like Firm24, LegalThings and Fillthedoc – companies that use LTO Network and for which usage the Network gets fueled.
Without this existing fundament we wouldn’t have been able to put so much time and resources in the LTO Network project.
We’re in this for the long run, and this really shows through our financial management that is highly recognised and appreciated by the community.
The network has a wide array of partners, how do they add value to the ecosystem?
The beauty is that everyone and every company can add value to LTO Network’s Ecosystem V.
We got so much great input, leads and feedback from our community members and partners that really helped shape the network to where it stands today. If you look at the partner section on our website, you’ll find a complete array of partners that either advise us, or help us get warm introductions to the organizations we believe LTO can be of value to.
Behind the screens we’re constantly in talks with the majority of partners on how to further develop the network from technical, legal, compliance and adoption perspectives.
What are the advantages of LTO implementing a deflationary fee-burn token economic structure?
LTO Network has been non-inflationary from the start, meaning that no more tokens are ever created then there were at the start of the project.
Without inflation, the stable APR (~8%) has been a major incentive for joining the network via staking. Now, with the new deflationary model, a significant portion of the transaction fee is burned for good. Meaning that with every transaction on the network -to which there are currently >60K/day- 0.1 $LTO is burned. You can read all about the deflationary model in our latest blog post.
There have been multiple reports by the community on how this trend could positively affect LTO Network’s usage and token price in the long run. Our community hero RedPhoenix does a lot of research on this, which i can highly recommend reading.
How did LTO Network build such a large community, specifically of developers?
We owe a lot of the company’s success as a community to our decentralized development team.
Over the past three years there have been so many amazing tools, bots and websites built by the 300 man strong development community, which helped out the project massively and to which we couldn’t do without.
Through tipping the community significant amounts of LTO for their time and resources, we’ve developed a great balance in input and rewards, which we’ll up even more in the future to keep incentivising the (developer) community.
Staking became a must feature for blockchain projects, how is LTO Network approaching it?
Leased Proof of Stake (LPoS) has been a feature from the start of the release of LTO Network mainnet.
As pointed out earlier, the non-inflationary economic structure has been a critical incentive for the community to support the network, whereas there are currently more than 80 community nodes that secure the network.
Token holders can lease their LTO’s to these nodes, who often have automated pay scripts and often have their own little communities. With two clicks of a button you lease your tokens to one of these nodes, while the tokens never leave your wallet, so you’ll always have the possibility to un-lease your tokens at any given moment.
In collaboration with Binance, we’ve recently launched staking on their exchange, which gives you an even higher APR, but against different terms with respect to lockups. This way, we’re facilitating different options so there’s a solution for any type of community member when it comes to staking.
Every company has short, medium and long term goals. What can we expect to see from LTO Network?
Summer is a time -at least in the B2B sphere- to do some company housekeeping and to review and realign our goals to prepare for a new adoption season. We’re doing so by implementing new features on the network, like the fee-burn mechanism, but also association transactions, which we then use to come up with new solutions, like Digital Identities for businesses in the EU. The cool thing is that this paradigm shift in the B2B sphere is only feasible and scalable with this unique transaction type on LTO Network, which gives us a major head start to setting a standard with our solution. A lot of focus will lay on that part of the company in the coming months.
Business and integrator wise, we’re making big steps on the business roadmap we’ve set out at the beginning of the year with an overview of the current projects – many of which are already integrated or close to completion. This wouldn’t be possible without all the great integrators that find us and our documentation better by the day/ We’ll continue supporting the ecosystem after summer, when all the big institutions and corporations are up and running again and the budgets are reinstated. We have a great pipeline of international projects for some of the world’s largest institutions, which we look forward to sharing with the community in the way that we always like to work: underpromise and overdeliver.