LTO Network AMA Recap

LTO Network AMA Recap

CryptoDiffer team

Hello, everyone!😁

We are glad to meet here 

Rick Schmitz, CEO of LTO Network

CEO of LTO Network, Rick Schmitz

Helllllloooo everyone! Super excited to be here

AMA’s are always such good fun…

CryptoDiffer team

Q1: Can you introduce yourself to our community?

CEO of LTO Network, Rick Schmitz

I’m Rick Schmitz , CEO of LTO network. I  was a M&A tax lawyer for 5 years at PWC and Deloitte. In 2012 I started my first business. My second business I  started with mastermind Arnold Daniels (tech mastermind) which eventually became LTO Network.

Besides that I love to DJ and kickbox

And a big passion for doing deals and making businesses

CryptoDiffer team

Q2: Can you briefly tell us what is LTO Network in 3-5 sentences?

CEO of LTO Network, Rick Schmitz

For those of you who are not familiar with the project. We are live with mainnet sinds 2019 and growing as a ….. (fast)

LTO stands for Liquid task orchestration. The idea of our technology is to allow for smooth operation of processes among multiple parties.

LTO stands for Liquid task orchestration. The idea of our technology is to allow for smooth operation of processes among multiple parties.

We are a hybrid blockchain with 2 layers that can be independently used from each other. We have a private chain layer which functions in a decentralized manner through LiveContracts and a public layer which is optimized for anchoring.

All types of transactions that happen within the private chain layer will also be anchored on the public chain layer for the immutability and being GDPR compliant. You can be compliant by design with LTO implemented into your systems 🙂

We are Amsterdam based

Have a pool of great tallented people that make me smile everyday when Im in the office

CryptoDiffer team

Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans

CEO of LTO Network, Rick Schmitz

OK, some major milestones where I ame super proud of are the growth of our mainnet to almost hitting 100K transactions from clients on a daily basis. 

This is putting us in  the top 20 of most used chains world wide!!

Besides that, I dont know if you have heard about our latest mega project with the United Nations.

https://unhabitat.org/un-habitat-oict-and-lto-network-release-first-open-source-urban-land-registry-solution-for-the

LTO is issuing every land certificate of Afghanistan. This opensource system we Co-created will be the boilerplate for ecery land registrration system for countries that dont have one (or a trust wothy one)

Just fresh from the press!! Also really cool is that we have partnered up with NEN (Dutch ISO certification institute)  to authenticate and verify mouthmasks with our smart QR code service. The Dutch goverment imported over 857 million euro worth of mouthmasks in 2020 so that’s gonna be huge again. Its launching already next week!!

We have some big waves ahead with regards to new stuff….

*New technical litepaper on LTO Network 3.0 

*DID (Decentralized Identity) solution for businesses (business passports)

*A lot of Major partnerships with both crypto projects as well as traditional corporates and companies

*Even more use cases going live in 2021

Our first big announcement will be on thursday, pretty sure it will be a blast and a surprise to many out there, definitely stay tuned on this one!

Shall we ask our communities to ask some kick ass questions

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for great answers!

I think it is time to start community questions round!

Cryptodiffer Community

The United Nations is a big organisation. Do you expect the UN to come up with a totally different use case than land registration for the LTO Network in the near future?

CEO of LTO Network, Rick Schmitz

Yes most definate. More in the light of the fair production of goods.

Cryptodiffer Community

Why do you think a private network is necessary as an LTO service? What feasible use cases could there be?

CEO of LTO Network, Rick Schmitz

If you want to share private data (of persons) GDPR demands for deletion. Thats why you need private chains. You wanna delete the data, but keep the immutable audit trail

Cryptodiffer Community

LTO Network said it will be advancing into the realm of DeFi with the introduction of micro finance. Can you explain more about this and how exactly will Land purchasing be made possible through micro finance? This sounds novel to me

CEO of LTO Network, Rick Schmitz

Yes, the defi options (espacially in the area of credit providing) is what you might see in the near future.

Cryptodiffer Community

LTO claims to be GDPR compliant, can you give some more detail on how this is possible and whether attempting to be compliant will slow down growth and development?

CEO of LTO Network, Rick Schmitz

We make it possible for companies using the blockchain in GDPR compliant way. This is a much bigger market. There is no point in making Bitcoin GDPR compliant, it should NOT be. We automate processes and secure digital data. It’s a different use case, different stack

Our layer 2: Live Contracts: Allow for on- and off chain communication eliminating the need to solve everything with oracles. Also the fact you can delete the data in the chains, but can keep the records of the events that led to a certain end result. Summary blocks (setting up a node in minutes, even when the chain is super big is also on of a kind.

Cryptodiffer Community

Q1. About two weeks ago, LTO Network launched a Unsiwap Liquidity. Is there still opportunity for users to provide Liquidity to the ETH-LTO Liquidity Pool and are there incentives? Do you plan to add additional pool?

Q2. In what ways has the Dutch Government supported LTO network in the implementation and adoption of blockchain technology in the day-to-day business activities for the Dutch populace?

CEO of LTO Network, Rick Schmitz

Q1 Yes next week more about that. 

Q2 Not for people, as we focus on B2B, but definatelly in a day to day setting for Dutch government bodies and officials

Cryptodiffer Community

A lot is happening between VIDT Datalink and LTO lately. Are you both planning to work more together in the future?

CEO of LTO Network, Rick Schmitz

WE are really complenatary to each other. WE are always looking for a 1+ 1 = 3 in our collaborations.

Cryptodiffer Community

The m&a fund is the biggest locked fund which unlock next month. Have you got ideas on how to use this or will you extend the lockup ?

CEO of LTO Network, Rick Schmitz

More details will be revealed in the upcoming weeks , make sure to follow on Twitter and join the announcement channel for updates https://t.me/ltoinfo 

Regarding the releasing schedule, everything is transparent within our community and the details can be found at one of our blog posts : 

https://blog.ltonetwork.com/lto-network-token-distribution/#transparency

Cryptodiffer Community

I’ve always wondered, is LTO friendly when implementing DeFi protocols? How is LTO entering the era of DeFi, farming, staking and decentralized governance?

CEO of LTO Network, Rick Schmitz

We have a bridge to go and trade / farm on ERC20 as well, so we could definatly become a player in the defi space. More on that will be known beginning 2021

Cryptodiffer Community

Who are your customers requesting DID (Decentralized Identity) and SSI (Self-Sovereign Identity) products?

CEO of LTO Network, Rick Schmitz

The service will mainly be provided to Companies, corporates and governments in the first phases. Depending on future development, we might shift it towards individuals as well. 

More details about DID and SSI product will be revealed later this month with a technical litepaper 🙂

Cryptodiffer Community

Everyone is running behind new blockchain, so don’t you think that having too many

blockchains going to hamper the crypto industry? interoperability and synergies between blockchain are the demand of time?

 What role will LTO blockchain play in the IoT and AI industries?

CEO of LTO Network, Rick Schmitz

What if we could have business identities on every chain with a click of a button. Chains will grow more towards each other. Thats the trend of 2021.

Cryptodiffer Community

Part of the advantages of using LTO Network is reduction of manual process handling and cost savings. But I don’t seem to understand how the LTO Network can save cost. Perhaps you can enlighten me more on that

CEO of LTO Network, Rick Schmitz

In automating tasks on repeditive processse, removing manual handling time and benefit from data re-use saves a lot of time. Time is cost savings

Cryptodiffer Community

What are the main targeting areas of LTO Network and what are rge main problems you are resolving?

CEO of LTO Network, Rick Schmitz

Verifying claims (for instance you are the owner of a business and are able to represent that company) instanly in third party applications. This is gonna be the gamechanger 🙂

Cryptodiffer Community

According to your twitter, LTO has presented many use cases at the government, public and private level. Why do you think these entities prefer LTO Network as a blockchain service provider, instead of gigants like Ethereum? What is the key to LTO’s success?

CEO of LTO Network, Rick Schmitz

Hard to call Vitalik, easy to talk to me and think with them….PS. And Dutch gov also has the policy…Netherlands first.

CEO of LTO Network, Rick Schmitz

Thats it guys. time is up. Cant answer them all. Were quite some good ones

I recommend to join our main TG https://t.me/LTOnetwork

ITs gonna be a bombshell the next few weeks

Cryptodiffer TEAM

Thank you for you answers, it was an insighfull session

Thank you everyone who participated, great questions as always!

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