If we have to summarize LTO Network’s results in the first quarter of 2021 with just one word, that would be awesome🔥. This was all possible thanks to you, our awesome community and our amazing team. It’s time to recap what has been achieved. This report is focused on summarizing the first 3 months of this year’s (Q1) performance. We will delve into new clients and partners, on-chain metrics and token usage.
Most notable achievements :
- Over 100,000 daily transactions on the mainnet
- LTO tokens available on Binance Smart Chain (BEP20)
- Partnership with Drep to enable DeFi ecosystems between EU and Asia through decentralized identities.
- The first batch of LTO certified facemasks was distributed
- Partnership with Dusk Network on Digital Share Registry
- PancakeSwap listing & liquidity program
- Partnership with Sphereon on a digital wallet for companies
- Partnership with Effect Network to integrate LTO’s decentralized identities solution
LTO tokens available on Binance Smart Chain (BEP20)
With the increasing popularity of the Binance Smart Chain and the exploded Ethereum gas fee, we have decided to launch BEP20 LTO tokens on the Binance Smart Chain. Binance smart chain is a parallel Binance chain designed to enable smart contracts and it comes with an Ethereum Virtual Machine-compatible environment.
LTO Network has a mainnet of its own, but the token also exists on Binance Chain as BEP-2 and on Ethereum as ERC-20 - to enable better liquidity and make it possible to integrate LTO in various DeFi protocols in the future. As of now we have added LTO BEP20 to the list and is supported on Binance Chain Wallet.
LTO partners with DREP to enable DeFi ecosystems between EU and Asia through decentralized identities
LTO Network is to build a decentralized identities platform enhancing user privacy and integrating interoperable business identification related products with GDPR compliance.
Through the partnership, DREP will cooperate with LTO Network to build a GDPR compliant decentralized identities platform. The new platform will be connected with DREP ID and DREP Reputation Protocol to work together utilizing each other’s strength to expand the reach and possibilities not just in tech but also in the general business developments.
The first batch of LTO certified facemasks were distributed
Since the start of the COVID-19 crisis, The Dutch government imported over 857 million euro worth of face masks in 2020. LTO Network partnered up with NEN to authenticate and verify the Dutch face masks with smart QR codes. NEN and LTO Network will provide a “smart” QR code that is linked to the LTO Network blockchain. In this way, everyone can see at a glance whether the facemasks are valid and approved by the government. This guarantees authenticity, which can easily be verified by the users themselves.
Strong agreements are important. If safety is at stake, they are even of vital importance. NEN is the centre of standardization in the Netherlands. NEN helps parties agree to clear and usable terms with each other and to implement these. NEN also helps Dutch companies and parties to make agreements with centres in other countries at an international level.
Partnership with Dusk Network on Digital Share Registry
LTO Network and Dusk Network will provide Dutch companies with lifetime access to blockchain benefits. The partnership between Dusk and LTO will enhance the Dutch digital share registry and tokenize the share ownership of thousands of companies each year. With the recent release of the Digital Share Registry, the collaboration enters its next phase: tokenization on Dusk Network.
The Digital Share Registry has been in the news frequently. European laws are currently being passed to mandate the inclusion of digital incorporation for the Netherlands. The Dutch Government has until the 1st of August 2021 to pass this law into effect. The Royal Dutch Association of Civil-law Notaries (KNB) has also confirmed their desire for a digital share registry.
Now, LTO Network and Dusk Network are collaborating to enhance the recently published Digital Share Registry with their blockchain solutions. In other words: the companies are jointly creating a Tokenized Share Registry.
PancakeSwap listing & liquidity program
On March 23rd LTO Network was officially listed on PancakeSwap. PancakeSwap is a decentralized finance application running on Binance Smart Chain. Looking past the creative name, PancakeSwap is fundamentally Ethereum’s SushiSwap running on the Binance Smart Chain with the bonus of quicker and cheaper transactions for users.
LTO Network & PancakeSwap also successfully deployed a staking farm for BNB - LTO liquidity providers. Where liquidity providers will be able to stake the BNB-LTO LP tokens to obtain CAKE tokens as a reward.
Follow our step by step guide to become a liquidity provider on PancakeSwap!
Partnership with Sphereon on a digital wallet for companies
Sphereon and LTO Network have partnered on a new project that will significantly shorten and improve application and onboarding processes. The MyCompanyWallet app will enable organisations to automatically exchange and validate the required information that is based on most inter-company agreements and transactions.
The MyCompanyWallet app for companies consists of the personal identity of the authorized company officer, with an associated ‘wallet’ that holds the data as Verifiable Credentials (VCs).
By then sharing this data as Verifiable Credentials/Presentations, the requesting party – like for example the Telco – receiving the data can automatically import the data and verify its authenticity and trust the data. As a result, the company can process application procedures much faster.
Partnership with Effect Network to integrate LTO’s decentralized identities solution
Effect Network is set to integrate LTO’s decentralized identities solution to their Effect Force ecosystem when the official version is live, enhancing the privacy of their users and integrating interoperable business identification-related products with GDPR compliance.
Through the partnership, LTO Network will cooperate with Effect Network to integrate a GDPR-compliant decentralized identities platform with a dedicated user interface for Effect Network’s WorkForce. The new integration will therefore be directly connected to the Effect Force platform.
Transactions: one of the top most used blockchain
While there are already many live products and projects, we still have a growing number of use cases in active development that are yet to be deployed into production. LTO Network as one of the most used blockchains in the world processes over 100,000 daily transactions on average! The transactions are being produced by actual companies, integrators, and their clients – mostly utilizing anchoring as Proof of Existence for their digital data like workflow steps, digital signatures and we’re looking to expand this with verifiable credentials!
The staking AUM (assets under management) on the LTO mainnet has been growing at a steady pace. The total staking amount has peaked above 135M LTO in March which is close to half of the whole circulating supply.
Want to spin up a node and participate in the network? Check this guide.
To conclude, 2021 Q1 was a very packed and busy period for us, we have been experiencing a large increasing volume of requests and adoption on the blockchain side which means that we are getting a step closer to the future where we want to be. Our team has worked very hard to accomplish our goals and we’re super proud of that and we would also like to thank our awesome community as well for sticking through everything with us. We will continue to build, deliver and contribute to this amazing industry!
Last but not least as of recently, we have opened up our own Instagram and Facebook pages. Make sure to follow us to stay up to date with all the latest news & updates about LTO Network!