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LTO

Firm24 initially began developing LTO Network as LegalThings One in 2014. In 2017, it decided to add blockchain to the product and rebrand it to LTO Network.

• CEO: Rick Schmitz is an experienced entrepreneur and co-founder of LTO Network. Prior to that, he worked in private equity and mergers & acquisitions at Deloitte and PwC.

• CFO: Martijn Migchelsen is CFO, COO and co-founder of LTO Network. Previously, he worked as a corporate finance consultant at PwC.

• Lead Architect: Arnold Daniels is co-founder and lead architect of the project. Arnold has extensive experience in open-source development and leads the core development team that is focused on building the platform that is LTO Network. Before LTO Network, Daniels worked as a lead software engineer at Cloud9.

• CTO: Sven Stam is the CTO of LTO Network. He has a master's degree in artificial intelligence and has been in the industry for over 15 years.

The two key features of LTO Network are easy-to-use live contracts and the implementation of the hybrid blockchain mechanism with anchorage.

The live contracts allow parties to create mutually beneficial agreements in real-time. When the parties come to an agreement and launch a live contract, the LTO parent system creates a special private blockchain in order to record the history of events and the contract’s current state.

When the agreement is fulfilled, one of the parties sends a response to the blockchain, and the other signs it, allowing the node to confirm that the action has taken place. All contract data is available only to its parties.

Live contracts allow users to register actions, add/remove participants and record discussions on the blockchain. They also make it possible to resolve conflicts and insert sub-processes within the framework of an existing agreement.

The blockchain functionality is divided into two layers: public and private. The private layer is designed for efficient collaboration, data exchange and process automation. In turn, the public layer provides high-level security, thanks to distributed nodes and a reward system.

LTO tokens, based on Ethereum’s ERC-20 standard, provide liquidity and serve as a bridge for LTO Network customers. LTO can be used as placement on the network, to pay for transactions, or be passively retained for speculative purposes. Its circulating supply is 291,959,255 tokens as of November 2021.

There are four types of token holders: integrators and partners who keep the network operational and receive project coins as a reward; clients who use the chain and/or live contracts for transactions; passive stakers — private users who provide their technical capabilities to confirm transactions on the blockchain; inactive holders who are not part of the community and invest in the token for the purpose of future earnings.

LTO Network has always prioritized integration with existing applications, which requires flexibility. Typically, blockchains support one cryptographic algorithm ("cipher") for signing. LTO Network utilizes the ED25519 standard.

While ED25519 is a common and well-supported standard, there are other algorithms that are also commonly used. Decentralized Identities allow for a whole range of ciphers, but often only a single one can be used due to limitation of the underlying layer.

Not LTO Network. In addition to the ED25519 standard, LTO Network also supports ECDSA with two curves. 1. secp256r1: a NIST standard, commonly used in applications, as well as SSL certificates. 2. secp256k1: a curve that is commonly used by blockchains, notably Bitcoin and Ethereum, but rarely used outside the world of cryptocurrencies.

With multi-cipher support people can now use an Ethereum public / private key set to sign transactions on LTO Network, or as a Decentralized Identity verification method.