It’s hard to believe we’re already in March. Only 3 months ago LTO Network introduced the idea of Ownables in our NFT2.0 Litepaper.
We’re really excited by these truly decentralized digital assets that you will own and possess in your NFT2.0 wallet and can trade P2P.
They can be anything from art to collectibles, music packages with stems, 3D avatars and in game objects. We know developers will come up with concepts beyond our imagination.
And it’s humbling to see that our vision is aligned in many ways with other big thinkers in the space.
In late December, Coinbase published a blog titled “10 Predictions for Web3 and the Cryptoeconomy for 2022”. To be clear, LTO Network has no association with the post — but it’s well worth a read and touches on a variety of themes also considered in our strategic roadmap.
The Coinbase blog proposes that:
“NFTs will become the next evolution of users’ digital identity and passport to the metaverse”
We agree. And LTO Network is building the infrastructure to make this possible.
The blog’s predictions continue:
“Many Defi protocols will embrace regulation and will create separate KYC user pools. Decentralized identity and on-chain KYC attestation services will play key roles in connecting users’ real identity with Defi wallet endpoints.”
“Growth of regulated Defi and on-chain KYC attestation will help institutions gain confidence in Defi.”
LTO Network is working to become a cross-chain solution for DeFi projects (and business) to meet KYC regulations, through our upcoming partnership with Chainlink and its decentralized oracle network.
This sort of optimized verification process will be an excellent use case for our GDPR compliant Identities platform.
“We’ll see new privacy-centric use cases emerge, including privacy-safe applications, and gaming models that have privacy built into the core.”
As a Layer-1 solution, the LTO Network acts as a platform to run decentralized applications.
And a unique feature of LTO Network is its hybrid approach. Privacy-sensitive information can be sent peer-to-peer, while consensus is always done through the public chain. This allows for privacy-aware DApps, where sensitive information is shared between specific parties and not with the entire network.
When it comes to the Metaverse, we need to be vigilant when it comes to privacy and control. We believe DIDs and verifiable credentials will be part of that balance.
And NFT2.0 will complement our DID tech to provide partners with more robust ways they can develop their privacy-aware applications.
That's why we're looking forward to 2022 — as we work hard to build and explore the infinite possibilities of NFT2.0 with our next major update, TITANIUM.
Thanks for sharing that journey with us.