What is the single main focus for LTO Network?
Many networks aim to solve a single problem and oftentimes they struggle to deliver on that promise.
LTO Network started as a B2B chain with a focus on decentralized workflows and anchoring. Those solutions are built on the most simple functions of blockchain. This vision was sufficient in 2019 when we launched our mainnet, but in 2022 the world of blockchain has evolved and so has the market understanding of the complex issues that blockchain technology can solve.
There are many networks geared towards solving basic problems, but few can solve the issues we focus on as elegantly as LTO Network.
Leading up to our Cobalt update, the team realized the potential for our network to solve complex regulatory problems. When you look closely, there's a recurring theme in all of the use cases we've explored and integrated up until now. This theme revolves around three focal points:
Identities, Privacy, and Ownership
From our point of view, if you solve only one of these issues, the picture remains incomplete without solving the other two. These three pillars work together and form the foundation of our vision.
This pillar has been constructed through the implementation of our Cobalt update. With the introduction of LTO Network’s cross-chain Decentralized Identities and Verifiable Credentials, LTO Network facilitates a crucial requirement for the growth of the entire blockchain space.
By creating a graph (What is a graph?) trust structure, LTO Network utilizers can set up their own trust network in a practical way. It allows projects and companies to determine how much they trust the source of particular identity data. This method much more easily approaches the real-world complexity that businesses and projects operate in than the other available methods.
The pillar of privacy originated from the increased privacy laws that have popped up around the world. This has been one of LTO Network’s earliest focuses and is built right into the core of our hybrid network approach.
LTO Network’s platform is ideal for blockchain solutions that need to function within the restrictions of GDPR or similar regulatory setups, as it allows a private layer (which acts like a private miniature blockchain) to interact with the public layer. This gives companies the confidence to try out new functionalities and explore blockchain solutions without the fear of getting entangled within the net of GDPR or similar regulations. Regardless of whether a company requires decentralized workflows, to secure data, or is involved in multi-stakeholder projects across borders, everyone wants to ensure that their privacy and responsibilities are protected.
But this is not the only important aspect of privacy. LTO Network’s approach with DIDs and Verifiable Credentials has self-sovereign data management at its core. Users regain control over their private information by determining who has access to what data. Once self-sovereign data becomes the norm, they will have control over how long access is provided and can only share the bare minimum that is needed, thus protecting their privacy online in the best way possible.
Because why should a customer have to share their full credentials if the only information necessary is: (1) if the person is KYC'd (Know-Your-Customer), and (2) the country that the person is from needs to be known? These types of queries are possible with LTO Network’s structure, thus returning the power back into the people’s hands while removing the burden from the businesses involved.
The scenario above is not only based on privacy, but also on LTO Network’s third pillar - ownership. You own your data. Companies secure data onto a blockchain in order to own their responsibility, protect their integrity, and prove their ownership.
In LTO Network’s vision, the ownership pillar is ready to grow and evolve. In the next few years, ownership will flow increasingly into the digital world. Not only will there be increased overlap with the real world as digital representation of real-world ownership comes into play to enhance the ease of use and make workflows more efficient, but the first steps toward metaverses are already being taken and digital data ownership will become progressively more important as it matures.
LTO Network’s Ownables fit perfectly into this future. Once again, by building on already existing structures: a GDPR compliant hybrid blockchain structure; a graph trust network structure powered by Decentralized Identities and Verifiable Credentials; each acts as a foundation and a stepping stone.
The Pillars of LTO Network
On the surface it may seem that we are focusing on completely different use cases. A 3D NFT of a race car helmet couldn't be more culturally different from GDPR, or “boring” regulatory compliance.
But once you take a step back and examine how our three pillars are structured, you’ll notice the strong foundation that it allows us to build our vision on. Imagine it anyway you like. A massive tree with different branches for specific aspects of blockchain solutions—or a skyscraper with each floor representing a new business or project, working together and building onto each other. But the fact remains, a solid base is crucial when you are creating something big… and LTO Network is creating just that.
We believe that the developers who come to understand how our network functions will recognize the key touch points of the presented use cases and abstract them into a multitude of ideas. The key here is to demonstrate what is possible on LTO Network. Guided by our vision and our pillars, we are on a mission to inspire the next generation of creators.