An overview of the LTO network (LTO).Hybrid blockchain solution… | Author Ata Tekeli | Capital | July 2021
A hybrid blockchain solution for business entities.
What is the LTO network?
LTO Network is a hybrid blockchain used to protect, verify and exchange critical information. Therefore, the company can control who can access various levels of information.
What are the characteristics of the LTO network?
Most blockchain networks are public or licensed networks. Although these two networks benefit different user groups, some processes cannot be performed without the private or public functions on the blockchain network. The hybrid blockchain network combines public and private networks. Although some networks are designed for public participation, data access has been layered according to the hierarchical needs of entities. Therefore, entities can determine what information is passed from their own network.
Smart contracts have changed the way we interact with the world. However, the smart contract can only take effect if the conditions specified on the smart contract are met. Although smart contracts are effective in most cases, in some cases, smart contracts can become useless. Real-time contracts are smart contracts that can work even if certain standards are not met. These contracts determine the participation rules, initial participant set and collaboration logic. All these processes are modeled as finite state machines. Therefore, the process is understandable to both humans and machines.
Compliance with the latest regulations
LTO Network complies with some of the most important data protection regulations. If someone’s knowledge should be deleted under the law, you can do so. Therefore, the entity will not have any problems with data regulations around the world.
How does the LTO network work?
The LTO network uses real-time contracts and private consensus on the public blockchain. In order to make the consensus effective, LTO Network uses the NG protocol to complete the transaction within 2 seconds. In order to reach the public level, LTO Network uses another mortgage algorithm that allows users to rent out their shares (LPoS). Therefore, users can participate in the network without setting up nodes. However, in order to reduce centralization, the LTO network implements the proof of leasing importance as a consensus model.
Use cases for LTO networks
In the Inland Registry, people should be able to see their property records. But no one else should see what other people have and should be able to transfer rights easily. The LTO network can be used for public access and private information programs.
Notarization processes are known for various purposes, and they are extremely vulnerable to fraud. However, hybrid networks can be used to automate processes and use real-time contracts to ensure value transfer.
The legal process relies heavily on paper documents because the entire process will change. But it is not known that smart contracts can adapt to changes. Real-time contracts can be used to monitor legal procedures because they do not require the contract to be effective if all conditions are met.
Leasing is one of the most paper-based programs that work on highly static models. The nature of smart contracts does not really help the leasing process faster. However, with real-time contracts, the leasing process can be completed even if not all conditions are not met.