LTO Network launches a Hybrid Blockchain for Decentralized Workflows that creates a GDPR compliant B2B blockchain infrastructure, which enables entities to collaborate on equal footing using trust less, automated processes through Live Contracts.
The main scope of the Live Contracts is to automate the process of how business players interact and exchange information, thus a traditional contract or process is split into parts that are comprehensible by both humans and machines, by employing Finite State Machines. Finite State Machines are models of computation that make it possible to visualise the Live Contracts as workflows.
Registered in the Netherlands, the team managed to raise over $4 000 000 during the duration of their crowdsale.
The project has some interesting underlying technology but nothing to dive headfirst for or overly exciting. It has overall low exposure and is relatively unknown to the public. The team would need to invest sufficiently in marketing before the project gets any traction.
LTO Network wants to use the Least Proof of Importance consensus mechanism for establishing consensus on their blockchain. This consensus mechanism allows small token holders that do not wish to run a node to receive token rewards. The concept that LTO network presents is based on the interaction between ad-hoc private and public blockchains.
It is difficult to build such a setting entirely from scratch for a relatively small team with limited financial resources. In their whitepaper and public blog LTO Network is not justifying why they are not using one of the existing blockchain ecosystems that has already developed solutions for exchange of private information through the blockchain, for identity management and for the recording of transactions on a public distributed ledger. All these use cases are developed already by several teams and are essential for the workflow engine envisaged by LTO network.
LTO Network, which was previously branded as LegalThings One, wants to bring simple legal transactions to the blockchain. As of today, the legal industry in many cases still works paper-based. LTO network wants to introduce a digital distributed ledger recorded process that serves individual and business needs related to legally binding contracts.
For this purpose the project is building a decentralized workflow engine that enables the sharing of information on private blockchains whereas transactions will be recorded on a public blockchain.
LTO’s architecture is created to serve the logic behind Live Contracts, thus the node system is designed around four layers:
