LTO Network Hybrid Blockchain for Decentralized Workflows
The project we will analyze today is called – LTO Network. The main objective of this project is to create a reliable blockchain business process, whose use will increase distribution and implementation in bulk in various organizations and businesses.
As practice shows, many crypto fans use blockchain and cryptocurrency as speculative activities and few people care about the technology itself, its development, and further application in the public masses. Because there are no conditions needed for total implementation. However, the technology is made, which has no application that is useless and useless to anyone. To avoid this, many experts are trying to develop a large number of projects, each of which seeks to implement this technology in certain business sectors. Someone does it, and someone fails and complains about the technology itself.
Lotus Token (LTO) aims to provide blockchain-based travel transactions. This will start with booking an airline or hotel, then eventually expand to include tour packages, cruise ships, vehicle rentals, and other travel and tourism activities. The system will be supported by a KPP Card that can be refilled and used by users to pay for services. Transactions will be carried out using Ethereum Blockchain, which in turn will minimize the related costs charged by third party payment processors. Foreign currencies can also be exchanged from and to Lotus Tokens and stored in consumer KPP wallets to be used for future travel-related activities, or as a way to avoid the expensive conversion costs provided by street travel agents.
Lotus Token (LTO) is a network asset – built in accordance with the standard ERC-20 tokens – which can run on Ethereum Blockchain. An API will be developed to manage various partner connections in Lotus Token. The Proof-of-Stake policy will be used to provide block forging permits for those who want to become a node that will keep this decentralized network running. And to give interest to token holders who only have ‘Lotus’ stored on their KPP travel card. Lotus Tokens will be prepared with a limited supply of 90 million units according to the ERC-20.
Lotus Token is designed to provide transactions related to transaction based on block databases. They will start by ordering flights or hotels, and then, in the end, will include travel packages, cruises, car rentals and other trips and trips.
Transactions will be carried out using Ethereum Blockchain, which, in turn, minimizes the appropriate costs that will be charged by third-party processors. Foreign currencies can also be exchanged for tokens and returns, and retain consumer KPPs in the wallet to be used in future travel-related activities or as a way to avoid expensive agency costs – and this saves you money!
The principle of this operation has a number of advantages:
- first, the use of nodes contributes to the fast and simultaneous processing of a large number of Direct Contracts;
- second, it is possible to restrict access to a more private blockchain, access which will only have nodes working in it;
- third, nodes have the ability to exchange data directly with each other, rather than through the entire network, as is the case on the public blockchain. This in turn contributes to reliable and consistent data transmission, reducing the overall complexity of the network itself;
- and fourth, event validation allows you to examine each process in the rules specified in the system, which does not allow unauthorized actions taken by other participants. Once he knows this action, they will immediately be rejected and blocked.
Moreover, the use of anchorage in the public blockchain allows you to achieve unprecedented speeds in transactions (3 seconds), unlike traditional solutions, where you can wait for more than 20 minutes for a response from another Protocol. At the same time, traditional public blockchains can take a huge amount of time, up to several days, when synchronizing devices. All this is due to the fact that this principle of operation takes a huge amount of memory. Summary-blocks from LTO are able to speed up all these processes due to the fact that nodes can delete individual transactions, and generate new blocks every day. And the last thing I want to add here is the implementation of each subsequent node in the system is so simple that it does not cause any problems to the organization. All this is possible thanks to the JSON REST API, which integrates very quickly with the LTO application anchor and allows you to get started after sending a single HTTP request.
Price in ICO 0.0300 USD
Tokens for sale 210,000,000
Distributed in ICO 42%
Hard cap 5,200,000 USD
Started in 2014 as platform to create, share and sign contracts in a digital way. After the success of our first company FIRM24.com, we believed that DTM (Document Transaction Management) would be the next big thing after ERP and CRM-systems.
We released the first version of the LegalThings platform. This version introduced a document and form builder, a document management system, advanced user and permission management and digital signing.
For FIRM24 we had created software to run the procedures behind an incorporation. Other customers were also interested in these digitized procedures. We did a small pivot, now focusing on digitizing the contracts as finite state machine, rather than just signing.
We have explored different methods of providing proof of signed documents. While other parties relied on trust and certifications, we wanted a better solution. We started using the blockchain for proof of existence.
We experimented with Ethereum Smart Contracts and found out that it could only be used for self-enforcing agreements. Inherent constraints make them unusable for legally binding contracts.
Instead, we found a much better solution in using our FSM in combination with the blockchain.
During the blockchain hackaton organized by the Dutch ministry of Justice and Security, we demonstrated that a whole law can be digitized as a FSM and stored on the blockchain. This won us the first prize in the event which included the assignment to create the first digitized Dutch law on the blockchain.
6 Dec 2017
Our token pre-sale starts on the 6th of December. For 24 hours, the pre-sale is open only for members. You can register to be whitelisted and participate in this members-only pre-sale. After the whitelist pre-sale, we’ll continue with a public pre-sale.
We’ll launch the LegalThings One platform as beta. All token holders will be able to use the platform. New content, like (live) model contracts will be added in the coming months.
All tokens represent the full capacity of the LegalThings One platform. During this sale we’ll sell licenses (represented by LTO tokens) for the platform.
We’ll publish the Live Contract syntax as open standards under the CC-BY-SA license. Software to run Live Contracts will be available under the MIT license. This will allow third-parties to to create and run Live Contracts without relying on LegalThings One.
To set precedence of the legality of data stored on the blockchain, we’ll initiate trials in several countries. The following countries are candidates for these trials: United Kingdom, United States, India, Russia and the Netherlands.
For more detailed information please visit the link below
Forum Username : andal02
Forum Profile link : https://bitcointalk.org/index.php?action=profile;u=1566211
wallet address : 0x0e73B7eB5a98731e25fcCf33919cED46a7aE0e50