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LTO Network (ENG)

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ВЫСОКИЙ ТЕКУЩАЯ ОЦЕНКА

LTO Network is a hybrid blockchain for decentralized workflows.

A platform enabling governments and B2B to collaborate on equal footing using trustless automated processes with GDPR and data privacy compliance. LTO Network provides the ability to integrate existing applications and systems through the open source SDK, improves security and transparency while maintaining data confidentiality by creating mini-private chains. Such a hybrid blockchain approach, connecting private levels and a public blockchain, meets the requirements of the GDPR — that is currently unique for all existing blockchains.

1. Economic model of the project:

  • The exact metrics are not published yet, but the team has publicly stated that the hardcap will be $ 5.20M for 42% of the total number of tokens (including last December`s seed of $ 1.4M).
  • Terms of sale: community seed round — native tokens (6.5% (?) of tokens sold for $ 1.4M); private round — native tokens (number of tokens — TBD); Crowdsale — ERC-20 tokens, no bonus (number of tokens — TBD). Both for private and crowdsale — $ 3.80M
  • Tokens distribution: at the moment 42% of tokens of the total amount are allocated for all rounds of fundraising.

It should be noted that the project cap is more than adequate — $ 5.20M for 42% of tokens. The crowdsale will be held in the same format as Fusion crowdsale — one of the best formats. It is interesting that the crowdsale will receive ERC-20 tokens, and seed-round and private sale will receive native tokens. What is it done for? We`ll tell you later.

2. Freezing and vesting tokens:

7-month lock of native tokens for advisors; Westing of native team tokens according to the following schedule: T + 8 months — 33%, T + 10 months — 33%, T + 12 months — 33%; native LTO Network BV tokens are locked forever; Ecosystem, partners and marketing tokens will be used for development of the project and cannot be sold on the market.

As we can see, freezing and vesting systems of tokens are pretty good elaborated.

3. Tokens unlock:

Seed round tokens were distributed among investors on the Waves platform in December 2017. In the future, these tokens will be swapped onto native tokens after the project launch of its own network. Native private-sale tokens will also not be locked and, like seed’s tokens, are under economic restrictions (so-called “Bridge troll”). ERC-20 crowdsale tokens will be available before listing on a centralized exchange.

What is meant by «Bridge troll»? We`ll tell about it later.

4. Social networks activity (as of 04.11.2018):

Telegramm EN — currently has 15 480 participants;

Twitter — 976 readers, 133 tweets. As you can see, Twitter is quite active.

In addition, there is a channel in Medium

5. Investors:

Information about investors at this stage is not available.

6. Partners:

Waves is a blockchain-ecosystem for solving real problems: storing, managing, trading and releasing digital assets. As mentioned earlier, the seed-round and the release of tokens were originally held on the Waves platform (this partnership is written in the Waves blockchain). However, due to the product change, the adoption of the strategy and other reasons, the team has decided to create its own blockchain and completely switch to it from Waves.

NuCypher — the project is developing a layer for data storage and decentralized applications, which provides control of cryptographic access to perform end-to-end encryption using proxy re-encryption. Using NuCypher technology, applications can guarantee that their data remains confidential and encrypted, but still transferrable to trusted parties. LTO Network is going to use NuCypher encryption technologies.

POA Network is an Ethereum based platform that offers an open source framework for smart contracts. The POA network is an Ethereum sidechain using the Proof of Authority as its consensus mechanism. POA provides developers with the flexibility to code in Ethereum standards with the added advantages of POA Network solutions for scalability and interoperability in the blockchain. The partnership between POA and LTO Network means using POA technologies to meet GDPR requirements.

CPChain is the new distributed infrastructure for the next IoT generation. CPChain plans to build a fundamental data platform for the IoT system in combination with distributed data storage systems, encryption and blockchain, providing a solution to the whole process: data collection, storage, sharing in the application.

This partnership helps getting usecases for supply / custodian chains.

All partners are well-known projects in crypto industry. Partnership with these companies means practical application of their technology, instead of just mentioning them on the corporate site.

7. Customers:

LTO Network has been serving customers from the real sector since 2014. Quote: «For more than a year, we have been focused on real decentralized workflows for enterprises, governments, and individual projects.» LTO’s clients are large Dutch and international companies from various industries:

The main customers and their industries can be found in the following article: https://medium.com/ltonetwork/lto-network-making-blockchain-adoption-happen-here-and-today-21ea907d208d. In addition, in this article, you can learn about the LTO Network multi-level strategy.

8. Roadmap:

9. Token:

LTO Token. Two types of tokens will be released: ERC-20 tokens and native tokens of their own network. The main purpose of the token is gas for the central blockchain.

So what are 2 types of tokens made for? The answer is the following…

Only ERC-20 tokens will be listed on the exchanges. Native tokens will not be listed.

And there the so-called “Bridge troll” comes to the rescue — the transition system from the native tokens format of its own network to the ERC-20 format. But there is one very interesting point — for the transition along the “Bridge troll”, the early investors will have to pay a commission with the project tokens, which will later be burned. In process of time and implementation of the roadmap`s milestones, this commission will decline. That means, the longer the native tokens will be held by investors, the lower the commission they will pay for the transition on the “Bridge troll”. You can see the time dependence of the commission curve on the following graph:

In addition, you can read a detailed description of the «Bridge troll» here: https://t.me/crypto_eli5

10. Tokenomics of the project:

LTO tokens are intended for network use. Users pay transaction fees with LTO tokens, which are then re-distributed among network validators. Since the LTO Network consensus mechanism is a variation of PoS — LPoS (Waves) in combination with the PoI consensus mechanism, so-called Leased Proof of Importance, in order to be a validator, you need to have a certain token steak to do the work. This token usage model is usually classified as a “working” token.

In project tokenomics there are 4 types of token holders:

  • Integrators & Partners — network steakers that run nodes for transaction validation;
  • Clients — actors using the network and paying transaction fees, incidentally running nodes;
  • Passive Stakers — participants who will steak their tokens (potentially through leasing) and run a node to validate transactions;
  • Non-active holders are non-active participants in the network simply holding tokens.

“Integrators & Partners” and “Clients” are both labelled as “Participants” in the network. It is assumed that at a later stage of the project development “Participants” will hold up to 80% of all tokens. It is expected that “Non-active holders” will practically not use the network.

«Integrators and Partners», «Clients» and «Passive Steakers» can be categorized as «Active Users» and divided into 4 types:

  • Strong passive stakers have a large percentage of overall stake in the platform, yet do not generate transactions. They run a node to validate transactions and to receive transaction rewards.;
  • Passive stakers are smaller (individual) actors holding tokens with the aim to sell for a higher price in the future, staking their smaller percentages to support the network;
  • Passive clients run transactions and use the platform for its services without actually having a stake in the network;
  • Joint Business Builders are clients that are actively participating and having a stake in the network.

Reward mechanism: as a combination of WAVES’s Leased Proof of Stake (“LPoS”) concept with NEM’s idea of Proof of Importance (“PoI”), appeared Leased Proof of Importance (“LPoI”).

The ‘leased’ part allows small token holders and those who hold tokens — but do not want to run a node — to still receive rewards for supporting the network.

The ‘Importance’ factor ensures that active network members are rewarded more than passive stakers.

To determine the balance of staking versus transactions, their ratio (“S/T-Ratio”)will be established in the following manner:

The S/T-ratio will be related to a ‘Raffle-factor’. The Raffle factor is a mathematical formula that influences the chance that a node will be chosen to validate. The Raffle factor is calculated using the formula below:

The more balanced the S/T-ratio (~closer to 1.0), the higher the Raffle factor, with a maximum of 1.5.

If the S/T-ratio is unbalanced (a node does not contribute any transactions), the associated Raffle-factor will be 1.0.

As you can see, tokenomics is thoroughly thought out. Besides, there is an honest reward mechanism, meaning, that the size of the reward depends not only on the stake, but also on the number of completed transactions in the network.

11. Who can not participate:

TBA.

12. WhiteList / KYC:

TBA.

13. Blockchain:

YES.

14. Patents:

NO.

15. MVP:

There is an MVP, in addition, the mainnet is planned to be launched simultaneously with the start of the crowdsale.

Similar projects:

There are projects that make blockchains for real business — Waltonchain, SophiaTX and, of course, AERGO.

In addition, LTO Network can compete with Ethereum Enterprise and Hyperledger in the sphere of adoption.

GitHub:

In GitHub of the project there are 85 repositories (!), in which quite a lot of code is written. Although, according to team members, the bulk of the code is still closed to public access. There is a lot of quite active working on the project. 5 people working on GitHub. The main programming languages are JavaScript, PHP, TypeScript, HTML, CSS.

GitHub is pretty cool.

TechPaper:

The project proposes a solution for the implementation of business processes built on an interactive logic blockchain engine conforming to the BPMN (Business Process Modeling and Notation) industry standard.

Main technical features are:

Live Contracts are contracts built on the basis of Communicating Extended Finite State Machines (CEFSM), which represent a group of independent processes and can be processed in parallel. Each CEFSM will have a private event chain, which data is entered and validated by direct participants of business process (for comparison, in the Ethereum network, the functions of smart contracts are executed sequentially and are deterministic finite automata, which leads to sequential execution and an exponential increase in the states of the automaton).

Such an approach allows reducing the number of states, simplifying the recording and understanding of the business process and fulfilling the contract in parallel:

  • Two-layer blockchain: anchor blockchain and event chains. Event chains are private, their data are available only to participants of the business process.
  • All events in the event chain are signed using the ED25519 algorithm and hashed by SHA 2 — 256 in the anchor blockchain.
  • It is a fork of Waves blockchain, with a refined Leased Proof of Importance consensus algorithm (the reward for the block is received not only by users with big stakes, but also by the one generating more transactions).
  • The system meets GDPR requirements, user data can be completely deleted. An event is created in the event chain that contains information about who uses the user data and for what purpose.
  • Each node has an API for interacting with existing applications.

TechPaper is of very high level. It covers all the main features of the platform, and describes the basic principles for the implementation of all major technical issues.

The Team:

RICK SCHMITZ — CEO

https://www.linkedin.com/in/rschmitz/ 500+

He graduated in 2009 from one of the oldest Dutch universities, Erasmus Universiteit Rotterdam, with a degree in tax law.

Rick has been a Private Equity and M&A Tax lawyer at both PwC and Deloitte. Rick is also the founder of the successful (information from the project site) Dutch startup Firm24 (legal services, 24 employees) and LegalThings (a software development company specializing in automation, digitization and modernization of the legal industry, employs 14 people).

ARNOLD DANIELS – Lead Architect (developer)

https://www.linkedin.com/in/arnolddaniels/ 500+

After graduating from Hogeschool Haarlem and receiving a bachelor’s degree he used to work as a developer in many companies. While studying, he also worked as a developer.

Information from the project site: software engineer with over 20 years of experience and a certified AWS architect. Arnold is a former Lead Software Engineer at Cloud9 IDE (acquired by Amazon in 2016).

This information is confirmed by LinkedIn.

MARTIJN MIGCHELSEN — CFO & COO

https://www.linkedin.com/in/migchelsen/ 500+

He graduated from the oldest Dutch university, the University of Groningen (founded in 1614) with a degree in Technische Bedrijfswetenschappen (I assume that the specialty is related to finance).

Information from the project site: Martijn worked as a Corporate Finance Advisor at PwC where he was part of the Technology sector team. He is also the co-founder of the successful Dutch startup Firm24 as well as LegalThings.

This information is confirmed by LinkedIn.

SVEN STAM – CTO

https://www.linkedin.com/in/svenstam/ 412 contacts

Studied computer science, artificial intelligence, first at Hogeschool Inholland, then at Vrije Universiteit Amsterdam.

Information from the project site: Sven has 15+ years of experience. He holds a masters degree in Artificial Intelligence with a specialization in Distributed Systems.

This information is confirmed by LinkedIn.

MARTIJN BROERSMA – VP Operations

https://www.linkedin.com/in/martijnbroersma 575 contacts

Information from the project site: Martijn previously worked as a lawyer at Firm24. He is specialized in automating complex (legal) structures and workflows and oversees LegalThings’ daily operations.

He was educated in 2016 at Vrije Universiteit Amsterdam.

Experience at LegalThings and Firm24 is confirmed by Linkedin.

IVAN GOLOVKO — CMO

https://www.linkedin.com/in/ivangolovko/  1370 contacts

Information from the project site: Ivan is co-founder of Distributed Fund (4 employees) and Distributed Alliance (3 employees),and is also advisor to VITE. Former CMO of ICODrops. Ivan brings his experience in product positioning, community management and investor relations.

This information is confirmed by LinkedIn.

MOESJARRAF JAHANGIER – Senior Backend Developer

https://www.linkedin.com/in/moesjarraf/ 45 contacts.

In 2016 he received Amsterdam University of Applied Sciences in computer engineering.

Moesjarraf is one of main engines driving LegalThings development. He created a large part of the services around LegalThings node.

Experience at LegalThings is confirmed by Linkedin.

YEVHEN HORBACHOV – Lead Frontend Developer

https://www.linkedin.com/in/yevhen-horbachov-0b601756/ контактов 500+

He graduated from Dnipropetrovsk Mining University with a degree in Computer and Information Systems in 2007.

Yevhen has over 15 years of development experience in which he led the front end team of the European Patent Office, he is currently in charge of the LegalThings frontend development.

This information is confirmed by LinkedIn.

SARFARAAZ JAHANGIER – Developer

https://www.linkedin.com/in/sarfaraaz-jahangier-442a38135/ 66 contacts

He has a bachelor’s degree in computer engineering from Amsterdam University of Applied Sciences. From January 2015 — full stack developer in LegalThings.

MITCHEL KERCKHAERT – Developer

https://www.linkedin.com/in/mitchel-kerckhaert-b55400123/ 106 contacts

Working as a junior developer in LegalThings, immediately after graduating from Universiteit van Amsterdam.

JURRE WOLSINK – Developer

https://www.linkedin.com/in/jurre-wolsink-b12258a6/ 286 contacts

While being a student, he began working at LegalThings. Studying at Universiteit van Amsterdam (web development).

DIEDERICK CARDON – Head of Legal Department

https://www.linkedin.com/in/diederick-cardon-18a85912/ 1039 contacts

Provides advisory services to LegalThings, LTO Network and occupies a management position in Firm 24 since 2016.

RICK ROS – Head of Sales

https://www.linkedin.com/in/rickros/ 500+ contacts

An experienced sales professional with a history of work in the hospitality industry, legal and software. Qualified in operations management, coaching, sales management and event management (companies and start-ups). Strong sales manager with HBO, focused on marketing management.

BENJAMIN ROELOFFS VALK – design and marketing

https://www.linkedin.com/in/benroeloffsvalk/ 825 contacts

Has been within the team of LegalThings since February 2018. Started with internet marketing.

Currently holds a bachelor’s degree in communications from Hogeschool Inholland.

MICHAEL NIEVELD – tax lawer

https://www.linkedin.com/in/michael-nieveld-7b52551a/ 500+ contacts

He is a senior tax and legal advisor in FIRM24. Work experience in this organization is about three years.

MAURITS WISMEIJER – lawer (no data in Linkedin, no career info in FB)

https://www.facebook.com/maurits.wismeijer

Though the team is not very well known in blockchain and IT sphere (except of Arnold and Ivan), but it is very skilled and has experience in both the real sector and the blockchain. All team members in their places.

Advisors:

MIKE EGOROV

Mike Egorov is CTO of NuCypher with a PhD in Physics, previously working as a Senior Software Engineer at LinkedIn. He is helping us with the technology validation and crypto industry exposure. We are also working together on the EPD product for healthcare.

https://www.linkedin.com/in/michael-egorov/ 500+ followers

MFTI graduated

SANDOR KLEIN

https://www.linkedin.com/in/sandorklein/ 500+ followers

He has 15 years of experience in international sales and marketing organizations as a sales director or open source management company. Specialization: extensive experience in managing international sales, developing a strategy channel for direct sales organizations, attracting and retaining key talents in fast-growing environments.

Sandor Klein is Vice President of International Sales at Docker. He previously held management position at CA technologies, EnterpriseDB, and RedHat. Since LTO Network is deeply integrated with Docker, Sandor helps connect to more clients and increase the adoption level of both companies.

PEDRO IRUJO

https://www.linkedin.com/in/pedroirujo/ 500+ followers

Pedro holds over 20 years of experience in the consulting, telecommunication and financial services sectors. Currently Advisor at CEMEX Ventures (the Corporate Venture Capital and open innovation arm from CEMEX). Previously Vice President at NEORIS (a tech consulting subsidiary of CEMEX), he was responsible of sales & marketing efforts in EMEA.

Also he created from scratch and led the management consulting unit at NEORIS, in addition to sector-specific business units including financial services, industry, public administration and telecom & media. His expertise includes sales, business strategy, corporate planning, innovation and entrepreneurship, digital transformation and talent management.

Prior to NEORIS, he was associated with various multinational corporations, including Vodafone, Capgemini, Ernst & Young and PriceWaterhouseCoopers.

Pedro collaborates as Associate Professor at Deusto Business School and Syracuse University for entrepreneurship in Spain. Also is member of UNLTD (Social Entrepreneurship Foundation), professional advisory council of FIFED (foundation for the finacial innovation and digital economy).

In LTO Network Pedro is working together on a supply chain case for Latin America. Pedro is also helping us in validating financial terms and investment approaches.

Femke Stroucken is a partner at an international legal firm CMS. Next to helping us with the legal questions, we are also working together on formalizing commercial lease contract lifecycles as Live Contracts.

Highest level advisers who have many years of experience in blockchain research and development, as well as in real business.

 

Conclusions on the project:

The project is of a very high level, both in terms of the technical part, and on the part of the team that stands behind its implementation. LTO Network partners have serious projects, their technologies are being implemented in the project, also the company’s clients are many well-known organizations from real business around the world. Also should be noted a very high level of project advisors. The project has very well thought-out token-metrics and “special” conditions for early investors, as well as a very adequate cap size related with current market conditions and competitors, as well as one of the most honest forms of a crowdsale.

Very pleased with the documentation, both technical and economic. Everything is elaborated and described in detail. The GitHub of the project is very good, a lot of code has been written, the work is being carried out, besides, one of the repositories — https://github.com/legalthings/sso is marked by 791 stars from various developers. In addition, I liked that the team decided to completely move from the Waves blockchain to its own.

Disappointing moment is lack of investors of the project (we are sure that they will appear soon).

Rating: based on all the above information, the evaluation of the project — HIGH.

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