LTO Network: from A to B and beyond (seed funding and further stages)
Dear community, some of you have been with us for a long time and some of you have just recently joined. Either way, we truly appreciate your support! LTO Network has been in stealth mode for some time, so we are proud that you have found out about us before the marketing really kicked in.
In spirit of transparency and in line with our company mission, we would like
to provide technology to fight the bureaucracy, fraud and nepotism that plague so many organizations, industries and governments — we believe that privacy and transparency are not mutually exclusive and are willing to prove it.
We would like to break the current market habit when each project hides their seed round prices. For LTO Network, community is of outmost importance, so by being transparent we hope to build substantial and positive like-minded group of people who will build the future with us.
BEGINNING: SEED ROUND
As some of you know, the story of LTO Network started long time ago.
In August 2017, we held a whitelisted pre-sale and a more public pre-sale which finished in December. In fact many would refer to it as the seed round (not equity, but tokens). At that point, there was no clear understanding of the direction the token will go in, no definite dates, no big market exposure. Pretty much how a seed round of a new revolutionary idea looks like.
What we had was an enthusiastic community of early supporters who believed in our vision: friends, fellow start-up founders around Europe, some executives of local companies. With their help, we raised 1,400,000 USD. Those were transactions done mostly in fiat (more than 75% of them), the biggest one of those being about 100ETH.
However, we did not want to restrict the assets of our early supporters and indirectly punish them for believing in us if things would be delayed, so we did not lock the tokens, hence they were tradable on Waved DEX (initially being a WAVES-based token). Nevertheless, our early supporters have stayed with us ever since, and only very few of them put their tokens on the exchange — because they believed in our long-term vision, for which we are extremely grateful!
Since then, thanks to the seed funding and our existing company profit structure, we’ve had a lot of things occurred:
- New big clients and partners
- Won the Blockathon by the Dutch Ministry of Justice and Security
- Major expansion of the team
- Greatly extended the capabilities of our technical solution
We have improved our tokenomics and token metrics, worked on collaborations with other projects and adjusted a lot of things with regard to the functionality of the LTO platform. In addition to that, we have planned out the marketing approach. However, for now we are keeping it low-key in order to focus on community members who are truly enthusiastic about our technology. Taking all this into account, we had to extend the roadmap — tentative date for crowdsale now being mid-autumn, depending on the technical progress.
Although we will not stand still — we are excited to share the updates with you as the project progresses further on! Later this month, we will release technical and visionary papers, as well as announce some new partners. For discussions, please join our chat and take part in our Treasure Hunt!