Amazing is how we would summarize LTO Network’s results in the final quarter of 2020. Our team has worked very hard to accomplish our goals but we would like to thank our awesome community as well. It’s time to recap what has been achieved in our final months of this wild year. This report summarizes our achievements and network performance. We will delve into new use cases, on-chain metrics and token use.
Most notable achievements :
- Corona Safety Indicator sensors use case with IBM
- Files Authentication Manager use case for European Municipality
- Uniswap Liquidity & Staking program
- Open-source land registry use case with United Nations
- Verification of face masks use case with NEN
- LTO & VIDT Datalink merge
- Partnership with Sphereon to develop Digital Business Passports
- Partnership with Horizen to develop a interoperable BID product
- Technical Litepaper about DID & SSI
- LTO mainnet growth
Corona Safety Indicator sensors in collaboration with V-ID and IBM
The Dutch blockchain company V-ID and IBM entered a partnership to help reduce the risk of COVID-19 in poorly ventilated spaces. It was an ideal addition to their Internet of Environment project, which has the goal of analysing environmental data from a fine grid of measurement points. V-ID is providing a smooth interface for users to interact with and LTO Network is the backend of the solution securing the integrity of the digital data on its blockchain.
This sensor, manufactured by Factory Lab, will greatly help in the battle against Covid-19 by measuring the air quality in a room. The resulting data will pass through the VIDT Datalink architecture where it is anchored on the IBM Hyperledger and LTO Network blockchain for data integrity purposes.This process proves that all data is pristine and untouched by any nefarious actors who may have a vested interest in manipulating the data for political or cost-saving ends. The IBM Watson supercomputer then analyzes the data, looking for patterns and trends which will help it to make accurate predictions.
Files Authentication Manager for European Municipality
A Blockchain-based application for signing and verifying documents has been deployed forthe first time to a European Municipality: the City of Argos-Mycenae. The application answers the need for reliable digital services to the citizens, with the leastpossible involvement of the citizen himself and the public service and reducing the potentialerrors to the lowest possible level.
Involved parties using the application can verify each other’s’ actions and relevantdocuments through decentralized processing, ensuring the secure execution of actions andworkflow steps. All relevant documents will be digitally anchored on LTO Network’s public blockchain. This blockchain was chosen because it enables lightweight, cheap and fast transactions.VIDT Datalink will create digital certificates to further secure the files. The certification of the documents follow all European security standards and are in full compliance with the GDPR.
Uniswap Liquidity & Staking program
Late November, LTO Network deployed the staking farm for ETH/LTO liquidity providers and added over $150,000 worth of liquidity on Uniswap.
Uniswap is a decentralized exchange built on top of the Ethereum network. The exchange works by creating liquidity pools which balance themselves through a series of smart contracts. The contract always tries to balance the amount of these coins so that they have the same value. Incentives are provided to those willing to balance the pairs again in case of a mismatch.
Uniswap also allows users to get rewards by a staking process. This activity is often referred to as yield farming. This concept is the core of the popular DeFi projects. By participating in yield farming cryptocurrency holders can earn passive income on the Ethereum network. It is quite similar to a regular Proof of Stake model, which involves users locking up their cryptocurrencies to get rewards.
Open-source land registry use case with United Nations
In September 2019, UNOICT and UN-Habitat signed a Memorandum of Understanding (MoU) to provide a framework of cooperation for the development of a digital land registry using emerging technology tools in support of the Government’s CFA programme. The two UN entities later collaborated with the LTO Network to leverage blockchain technology to support the survey, registration and documentation of properties in Afghan municipalities.
The “GoLandRegistry” solution will enable the Afghan Ministry of Urban Development and Land to maintain a registry of authentic and immutable property records, and to produce and issue occupancy certificates. The Afghanistan land registry solution will be transferred to the country’s Government in December 2020, and will be ready to handle an estimated 2.8 million land parcels that will be individually registered on blockchain, after which every new mutation to the occupancy certificate will be done via immutable transactions using LTO’s Live Contracts. Property owners will be able to demonstrate the authenticity of the document independently through the Open Source blockchain verification tools.
The Memorandum of Understanding (MoU) reached between the UN-OICT and UN-Habitat provides a framework of cooperation regarding the development of emerging technology tools and digital platforms for urban design and planning, with particular focus on Afghanistan, India, Bangladesh, and Sri Lanka. And with the United Nations advocating to use blockchain against corruption throughout the world, LTO Network is ready to offer its expertise and plug-and-play solutions wherever needed. Other developing countries are expected to commence their land registry pilots later in the year 2021.
Verification of face masks use case with NEN
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 actually 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 center of standardization in the Netherlands. NEN helps parties agree to clear and usable terms with each other and to implement these. NEN also helps s Dutch companies and parties to make agreements with centers in other countries at an international level.
LTO & VIDT Datalink Merge
LTO Network and VIDT Datalink have worked out a structure to allow the two projects to work together in symbiosis to become the front-to-back B2B blockchain solution. This is done to reduce duplicate work, increase specialization, to leverage shared expertise and resources.
LTO Network technology provides a common platform for developers to create innovative applications without worrying about the blockchain back-end and front-end needed to make them work. Their system also allows them to be integrated into the already operating legacy systems of their customers.
VIDT Datalink is a blockchain-powered document certification platform. The VIDT API enables organisations to certify and secure their digital data against fraud and manipulation. With VIDT’s Datalink architecture, VIDT Datalink is compatible with virtually any existing system to ensure data integrity without impacting workflows. It is a company that sees blockchain as the key technology to make sure that our digital advancements as a society are not held back by sophisticated fraudulent activities.
Having the two companies merged creates new opportunities. Utilizing LTO Network's vertical expertise, their size, the strongest development toolkit for decentralized workflows, and ability to scale will help VIDT Datalink instantly reach more partners and customers. For LTO Network, VIDT brings their expertise in proprietary solutions and open-source API interfaces for corporations that use them to anchor documents and verify them. Besides that, they do many side operations with NFTs that secure the validity of precious goods, thus helping to prevent frauds.
Total value locked (TVL) of VIDT (all transactions) now fully come to LTO instead of other blockchains, network growth of LTO is expected. Head to the VIDT dashboard to read more about the network usage details. The dashboard shows relevant data concerning the usage and valuation of VIDT.
Partnership with Sphereon to develop Digital Business Passports
Late December we announced our official partnership with Sphereon, which has a whole product suite that’s already running at various government agencies and private companies. We will be working with Sphereon to develop digital business passports for Dutch companies which will be revealed on LTO Network 3.0. More details to be revealed in 2021!
Sphereon was incorporated in 2016 with the goal to create trust in a digital world through scalable security applications. Sphereon builds solutions in co-creation with software developers, system integrators and corporates. They help integrate current business systems with various blockchain technologies through their Sphereon Gateway using standard plug-ins and APIs. And that’s where LTO Network comes in - the API that ensures data integrity and efficient collaboration between multiple stakeholders.
Application builders and independent software vendors, like Sphereon, are blockchain (fabric) agnostic - for obvious reasons. Why would they bet on one horse if the end-client might just prefer another horse. Yet, in the end it often comes down to technology fundamentals as well as the financial burdens that come with this extra layer of security. Thus far, Sphereon has integrated with Ethereum, Factom and HyperLedger, amongst several others.
Partnership with Horizen to develop a interoperable BID product
Horizen will use its Zendoo platform to build LTO Network a dedicated private sidechain providing enhanced privacy and and integrate interoperable business identification products with zero-knowledge proof functionality to additional anchorage for the LTO Network clients.
Zendoo, Horizen’s sidechain and scaling solution, is the first completely decentralized and fully customizable sidechain protocol on the market. The Zendoo platform will allow LTO Network to affordably and quickly create real-world blockchain applications on Horizen’s fully distributed, secure, and privacy-preserving architecture.
In addition to building a sidechain, Horizen Labs will also work to integrate LTO Network’s business identification (BID) product into its own ecosystem, creating a fully interoperable BID product. The BID features a simple, one-click KYC for businesses looking to join the ecosystem.
Technical litepaper & roadmap release
Anonymity on the blockchain is a double edged sword. It protects the identity of the user, but it also hinders businesses adoption. DIDs and verifiable credentials help to replace anonymity with privacy, by connecting them to real world identities. This replaces putting the user in control of when and how to share personal information. The aim of on-chain identity solutions should be to improve upon existing identification methods. We need to be careful not to repeat the same flaws, like depending on a small group of trusted third parties. The LTO Network identity node combines verifiable credentials with public key certificates, which form on-chain trust networks. This allows LTO to present a permissionless solution that doesn’t rely on network appointed trusted parties.
The litepapers include the main focus of our technical development in the upcoming year which is DID(Decentralized Identity) and SSI(Self Sovereign Identity), we will explain about multiple topics such as associations and Wallet Integration e.g. This will be the foundation to create new products & services such as one-click KYC for businesses and Cross-chain associations e.g. while retaining the GDPR compliance aspect.
Find the litepapers at :
Join our LTO Tech Lab chat to discuss about technical topics : https://t.me/ltotech
Transactions: one most used blockchains
In the past year LTO Network became the one of the most used blockchains in the world, processing close to 100,000 daily transactions in 2020 Q4. The transactions are being produced by companies, integrators, and their own clients – mostly utilizing anchoring as Proof of Existence for their digital data like workflow steps and digital signatures. With new use cases like the open source land registry and merge with VIDT Datalink, we expect even bigger network growth in 2021 with more use cases and clients onboarding as we are already working with new partners and clients to deliver. All transactions and anchoring will go through LTO Network blockchain, boosting the node (staker) revenue while increasing the per-transaction burn as codified on-chain.
The staking AUM (assets under management) on the LTO mainnet has been growing at a stable rate. The growth of the total staked amount has been increased by over 300% compared to the beginning of this year, peaking above 114M LTO which is around 47% of the circulating supply.
Higher consensus participation is not only good for the business and marketing traction but is also a great achievement for the community. By staking on a node or leasing to one, you participate in the non-inflationary reward system. As a result of increased transactions on the mainnet, more fees are being paid out in LTO tokens which are shared among validating nodes in our Proof of Stake system.
Want to spin up a node and participate in the network? Check this guide.
In 2020 Deflationary Fee-Burn Token Economics was implemented. This means that LTO is burned with every transaction made by anchoring services. So far already 850,000 LTO have been burned, which is worth almost $100,000!
A Breakthrough Year for LTO and the blockchain industry
This has been one of the most important years on record for LTO and the blockchain landscape. Strong interest in blockchain and crypto from everyday users and institutions alike have resulted in an influx of attention and capital, despite the global pandemic.
With blockchain adoption picking up speed, our network usage repeatedly broke all-time highs, becoming one of the most used blockchain of the year. At the same time, crypto and blockchain infrastructure continues to mature at a rapid pace. After a tough year for many, the future of LTO is one of the rare bright spots that give us hope in the coming year.
This is just the beginning, let’s amplify these results!
In 2021 we aim to grow even further as a company and as a community.