The relatively unknown LTO Network solves the problem of securing, verifying, and exchanging enterprise information.
The LTO Network uses a hybrid blockchain to enable simultaneous data sharing, process automation, and settlement. Additionally, it is highly scalable, GDPR (General Data Protection Regulation), and data privacy compliant.
The hybrid chain has a public and private layer. Blockchain applications can access the private layer to pass private information to related apps that need to keep it hidden. The public can view the events on the public layer.
The LTO Network was founded in 2017 by entrepreneurs Martijn Migchelsen and Rick Schmitz. It has been used by the government of the Netherlands, the United Nations, and IBM.
Identity Data for DeFi
Furthermore, the network has a privacy-focused identity platform allowing clients to engage with DeFi. They will be able to maintain ownership of their identity and any personal or sensitive data.
It is an enterprise solution for companies that need shared applications or distributed data. Moreover, they can now do this without compromising privacy and data integrity.
In late May, LTO’s Proofi began making identity data available to the multi-chain DeFi ecosystem through Chainlink. Therefore, Proofi aims to become an industry-leading cross-chain solution to solve KYC problems.
The aim is to make it easier for DeFi protocols and private companies to onboard users. With Proofi, they can be AML/KYC compliant which satisfies government regulations. Additionally, DeFi protocols can outsource this expense and burden of capturing and storing this sensitive data.
According to the announcement, Proofi will allow a project to check a user’s age and country of residence. The advantage is that they don’t ever have to collect, view, or store that data. Additionally, the verification is stored on the LTO Network and accessed and distributed via Chainlink oracles.
Furthermore, on June 9, Binance U.S. listed the LTO token with USD and USDT trading pairs.
LTO #LTO is now available on our Buy Crypto page! This portal allows customers to conveniently buy, sell and convert many popular cryptocurrencies as well as set recurring buys on a daily, weekly, or monthly basis.
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— Binance.US 🇺🇸 (@BinanceUS) June 9, 2022
LTO Price Outlook
The LTO token spiked 27% on June 9 following the Binance listing news. However, it has since dumped all of those gains, returning to $0.105 at the time of writing.
Furthermore, LTO has made almost 20% over the past fortnight but is down heavily from its peak. LTO hit an all-time high of $0.901 in April 2021 but is now, however, languishing 88% off that level.
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