In September 2022, we released an alpha version of our Titanium network upgrade, which introduced several new technologies, with the main focus being much anticipated Ownables technology.
Ownables promises to deliver a next-generation asset class that can deliver groundbreaking solutions for digital collectibles and real-world assets for public use.
The TITANIUM upgrade brings changes to both the private and the public layers of the LTO Network. On the public blockchain, it adds the mapped anchor and statement transaction types, plus changes to the association transaction type. On the private layer, we now have support for CosmWasm. Embedded media and rollback protection are also added.
The Titanium mainnet upgrade involves: Decentralized Knowledge Graph, supply chains, and Ownables.
The main focus of the TITANIUM upgrade is Ownables. Ownables are CosmWasm smart contracts that run in your wallet rather than on-chain.
Mapped anchor transactions allow anchoring events to the blockchain as key/value pairs. The pairs prevent manipulation and rollbacks of the event chain, even if there’s only a single copy.
For the private layer, a new version of the private layer is implemented that supports embedding media. Most importantly, it allows the compiled Wasm contract to be added as the genesis event. In addition, the event chain now supports images, audio, and videos.
Earlier this year, a Software Development kit with a testnet version of Ownables was released. You may access it here.
For more information on Ownables, please see the Titanium Litepaper.
Decentralized Knowledge Graph
Under the hood, the LTO identity platform works as a decentralized graph. Information is derived from associations between accounts. With TITANIUM, the capabilities of the decentralized graph are greatly improved, allowing it to be used for other purposes as well.
The data transaction allows for storing the properties of an account. It will also be possible to store the properties of an association. The LTO indexer will process the data and association transactions and store the information in a Redis Graph. This gives LTO an edge over other decentralized knowledge graphs, as projects can directly query Redis with Cypher rather than having to implement a blockchain-specific library.
The statement transaction allows organizations to store information publicly on the blockchain. This can be used for a variety of use cases, one of which is supply chain management.
Managing supply chains on the blockchain has fallen flat from its initial promise. Tracking individual items using NFTs through the whole chain is great for a demo but unpractical in real life. It doesn’t work well with mass-produced items, plus it requires everyone to participate, from the manufacturer to the consumer.
Statement transactions allow a different approach. Organizations choose to be more transparent about their role in the chain to showcase good behavior. As more organizations join, consumers get a better insight, incentivizing moral choices in a sector.
The voting round is 10000 blocks. In order to pass, it needs 80% or more of the votes. The voting round starts on Wednesday, 15th of Nov, at 9:00 AM CET and will last approximately a week.
The vote will be for the following:
- Mapped Anchor Transaction
- Statement Transaction
- Association Transaction v4
If you're running a node, please update to v1.7.0. Here is the simple step-by-step guide:
First, add feature vote to docker-compose.yml:
v1.7 image and restart node:
docker-compose up -d
The voting round on Testnet is 6000 blocks. In order to pass, it needs 66% or more of the votes.
The Titanium upgrade has been activated on Testnet at block 2130000, which was minted on 29 September 2022, 22:15:30 CET.
About LTO Network.
LTO Network is Europe’s most advanced blockchain — fully decentralized and highly efficient. It is already being used worldwide by businesses, governments, institutions like the UN, the Dutch government, and more.
The network offers several technologies to provide solutions for decentralized data security, digital identities, privacy, and the ownership of digital assets and digital collectibles.