LegalThings One token functionality
LTO Tokens are the means by which users interact with the LTO Platform. Interaction can take several different forms, as is explained in this article.
The LTO token gives the holder a limited, non-exclusive, revocable license to make use of the LTO Platform and its services. This means that the holder of the token is granted a license to use the LTO platform in order to create and run Live Contracts. The possibilities of the LTO Platform are defined by the amount of tokens the user is holding. No LTO tokens are ever spent in the process. Tokens can be resold to make them available for someone else to utilize or hold the tokens for later use. Users of the LTO Platform may be commercially operating organizations, governmental bodies or private persons.
Below you will find a list of services rendered on the LTO Platform with their corresponding cost in LTO, along with a short description.
Platform access (500 LTO)
In order to log on to the LTO Platform you need to become a user. And in order to become a user, you must hold LTO. The amount of 400 LTO represents a threshold for the LTO Platform’s availability to users.
Create Live Contracts : 5 per week (1,000 LTO)
The LTO Platform is all about creating and running Live Contracts. Missed out on what Live Contracts are all about? Visit livecontracts.io or read all about it here. In order to create and run a Live Contract for the duration of its existence, you need to hold an amount of LTO. The initial amount is 1,000 LTO.
Interactions with Live Contracts : 250 per week (1,000 LTO)
Live Contracts are subjected to interaction by users. Hence the name. Interactions may vary from negotiations, editing, signing, and reminders afterwards. Interactions are supported by the LTO Platform as long as the user holds LTO. The initial amount is 1000 LTO for 250 interactions per week.
Live Contract pre-package (10,000 LTO)
Heavy users may choose for a bundle of Live Contracts, a so called pre-package. This is a bundle of Live Contracts specifically tailored to a specific business sector (HR, Sales, Software, real estate, etc.). The package includes all interactions with the protocol such as reminders, actions, shares, signatures, etc.
Full node with whitelabled environment (100,000)
Users that wish to create their own, specifically tailormade Live Contracts will need a full node with their own environment. With this access a user can build and digitize its own contract according to a self devised rule set.
Capacity per token
Tokens will be issued in a limited amount. This means that tokens can quickly become scarce as the user base grows. In order to prevent the actual use of the LTO Platform becoming prohibitively expensive — due to the rising price of individual LTO tokens — the LTO platform will adopt a policy of “adaptation to market”. This means that the amount of LTOs required to run a service on the LTO platform will be adjusted downwards to reflect a more acceptable price in regular currency. In other words : the larger the LTO Platform user base gets, the more valuable one LTO becomes and the less LTO you need to run a service on the LTO Platform. Excess LTO may always be traded via external exchange.
A company buys 100,000 LTO to run its own customizable install. When the popularity of the LTO platform grows, the LTO price will increase. The LTO Platform will stabilize the price for the service by decreasing the required number of tokens needed to run a service. In this case the price for a customizable install is decreased to 80,000 LTO. In this case, the Company can sell its excess 20,000 LTO tokens on the exchange and can still run its platform.