Mainnet is live + wallet release!
We are excited to announce the release of the LTO Network mainnet, and wallet v1.0. All basic functionality is enabled, with more to come in the next few months!
To start with, let’s see where we began: the development of LTO Network started in 2014, back when we were a centralized solution. Then we went on to developing our workflow engine, automating processes and eventually building our ‘own’ blockchain. A lot of work has been done — and every step of the way has been leading up to something bigger…
You can find more details in our tech paper or our article about Live Contracts—or take a more general look into our hybrid architecture. While layer 2 of our ecosystem is getting some final touches to be open-sourced in a few weeks (find a code review here), layer 1 is ready and in production.
If you have read our documentation, you know that we always focus on the product: we build what users need. Hence, we create value. For the solution to function we need a functional layer 1, supported by a strong token economy. This layer acts as a decentralized immutable notary settlement layer for anchoring and hashing events on layer 2.
We are not a 100M TPS blockchain with sharding or some other fancy words — this layer does exactly what it is supposed to do, and does it well! Based on BitcoinNG (adopted from Waves/NXT) with a sybil prevention of our own development (read the token paper here), it can ensures the security of thousands of Live Contracts.
You can set up a node now. Message us on Telegram if you need any help.
The wallet is ready too! You can set it up, send transactions, anchor documents and more. In the video above, our CTO Sven shows how to create a Proof-of-Existence of a document without even relying on any external storage. Here is what the wallet looks like:
Of course, to run our network, you need tokens. Our clients and some *new* not-yet-announced partners are already running on mainnet. The other participants on mainnet are our seed investors* validating the network (whose tokens are not liquid yet, don’t forget about the bridge troll). As soon as the ERC-20 tokens are liquid on January 17, you can simply swap them to mainnet directly in the wallet. More news to come!
We do want to point out how cool it is to have such a strong supportive community since 2017, who are now using the tokens in the way they were intended to, and facilitate the security and decentralization of LTO!
Setting up the public node with Docker was a breeze and went super smooth. I had some questions about the mining process and the LTO team was very responsive and answered all my questions within minutes. — jay jay
Check out this super impressive article — tutorial on setting up a node.
By the end of September ’17 I read something about LegalThings for the very first time. At that moment I would never dared to dream that today, January 15th, it would come this far! Winning the Hackaton. Wow! What kind of people are these guys? Articles, interviews, I’ve read everything about the team what was then called “LegalThings”.
Their plans were progressive, and the story of LegalFling “De Wereld Draait Door” on Dutch national TV was widely picked up in the media. “ This could be serious…..” I thought to myself . When the possibility was offered to step in as an early adopter I did not hesitate for a moment.
Time flew by, and despite the huge drops we have experienced as crypto enthusiasts, we are now on the verge of going live with LTO Network. I still have full confidence in this team, their vision, their partners, and the usecases of the network. In fact, I even make an extra contribution to their network by setting up a node to support this success. It’s gonna be a great time!
— Patrick Smit, early adapter of the LTO Network.
This is just v1.0 of the interface. There are still a few things which we will be adding: proper leasing dynamics as described in the tech paper (un-lease time), a token bridge calculator, displaying the number of daily/monthly transactions, features for community node leasing and more :)
*if you are a seed investor, you can create an LTO mainnet wallet (save the seed phrase, of course) and follow the instructions within the wallet to run the token swap from Waves. Check the bottom of the page on sale.LTO.network for the FAQ on the amount of tokens you will be receiving and on how to get the ERC-20 ones.