What is blockchain? Yes, that's the most likely reply you'll get from someone who's just striving to make ends meet. Except he/she is an avid and inquisitive internet user like me, the chances that he would ever stumble on the word is highly unlikely. At least, that's the reality of the world we live in, today.
It might interest you to also know that its not every tech enthusiast and bystander that is thrilled by the emergence of the 'public ledger technology' . As a matter of fact, many are perturbed about the degree and nature of impact that it will have on their businesses. And to a great extent, these fears are justified. It's often said that, "the devil you know is better than an angel you just met" .
Considering the verifiably proven disruptive nature of a novel technology like blockchain, it will take more than technical and economic papers to allay the fears of most organisations and the general public, who are otherwise interested. It is compelling to compare the path to mainstream adoption between the most prolific, landmark digital creation in this millennia; the internet and the emerging blockchain. In the mid 50s, when the former arrived in all its glory, there were many sceptics. Notwithstanding, it didn't take long before the internet began to grow abroad and eventually become a global phenomenon. And the reason is not far fetched. Apart from having multi-applications, it is a very practical tool that makes the life of the average man on the street much better. As an illustrative use case, the internet provides quick and easy access to news and updates, eliminating the need to queue up at newspaper stands or wait for vendors. No doubt, all of these and even more are what accentuated the mainstream adoption of the internet.
Now, although blockchain is a multi-serving tech and holds even better promise than the internet, it would be foolish to ignore the fact that it may never reach the full stature of its potentialities. Especially when one considers the manifold challenges that currently discourages massive adoption of blockchain in many economies and organisation, it would seem that there is hardly any future for the tech.
While it is imperative for organisations to sustain market relevance and keep clientelle by strategically embracing promising novelties, social responsibility and legal compliance are germane factors to consider too. Hence its understandable that many advisories would dissuade their respective organisations from anything blockchain. The fact that the crypto and blockchain sphere today, incessantly battles with legal and regulatory compliance issues, are reasons enough for any reputation-minded organisation to steer clear or better still, exercise caution.
Since Bitcoin's creation, an overwhelming number of blockchain projects have attempted to improve the practical utility of cryptocurrencies and blockchain. 10 years later and there's still a huge disparity between what has been achieved on paper and the intended reality that we set out to avail.
The rest of this article bodies a potential gamechanger in the blockchain industry.
Let's dive in!
LTO NETWORK: A VIABLE SOLUTION
LTO network is a hybrid creation that is focused on leveraging practical use of the blockchain, even so that the ordinary man on the street has it anchored as part and parsle of his everyday tool.
The initial LTO initiative dates back to 2014, when the technology being employed was largely very crude. Even then, it catered for quite a handful of organisations and clients too. With time it however became obvious that there was need for a more secured, robust infrastructure that could cater for the exigencies of its teeming clients. The dangers of continued reliance on this obsolete tech is by far too great to ignore, especially for the host of clients that it serves.
So blockchain became the fulcrum that drove most of LTO's operations. Yet there were some challenges inherent with the existing public ledger technology that needed to be arrested. In response to this, the LTO team created its own public chain network, tailored to suit the ailing needs of the emerging blockchain community.
Features of LTO network
LTO's uniqueness is borne from these peculiar features:
In stark contrast to the conventional LPoS, I.e leased proof of stake modus operandi of popular networks like the Bitcoin and many others, here the obtainable is leased proof of importance . This bespoke mechanism has two major merits that makes it a less biased and more objective mechanism, which outweighs the usefulness of PoS. With PoS, it means that whichever user stakes 10% of the total staked tokens, then there is a 10% surety that he will validate the block and get his reward. This reward mechanism is redundant and unproductive for the network. It encourages users to be even more passive. LPoI on the other hand, is very fair, and promotes heightened tokenomics. This incentive discourages whale activity and promotes actual token utility efficiency. The modus operandi is outlined below:
for any user who stakes 10% of the total tokens staked and amounts to 10% of total transactions, he will have more than 10% shot at validation.
also, any user whose staking is 10% of total tokens staked and still has zero contribution to the network, the chances of validating will be less than 5%.
Again to arrest the scalability issues of existing blockchain, the team has formulated the summary blocks. These are ancillary blocks that have a shelf life on one day. It will help to cater for the eventualities of an incapacitated data storage infrastructure.
Benefits of LTO NETWORK
LTO network is about the next best thing on the network that portents a host of benefits for the blockchain industry and the world at large. Some of them are discussed in the paragraphs that follow.
Promotion of Mass Adoption
After what seemed to have taken eternity, it would appear that LTO network is finally ready to set the blockchain industry right on course for mainstream and massive adoption. By taking a fullfleshed token economy approach that is simplified and can be utilitised for so-called trivial purposes rather than for mere accumulation of wealth, it will begin to prick the interest of many organisations and perhaps the public sector too. Knowing fully well that the public sector is a very crucial playground and major driver for new markets, the foregoing approach will most certainly promote mass adoption.
Instant Certificate Verification
Gone are days when one would have to stand in queue for hours, in order to validate a certificate. Our world is a global village today. Through LTO, many organizations will soon realise how that these certificates can be instantly administered by using blockchain.
Others include: Decentralisation, Added Security, etc.
Many blockchain projects have come and gone, making zero pact in the industry place. From the foregoing, LTO's network architecture is state-of-the-art and well mapped out, so I have no doubt in mind that it will deliver. My only fear remains the timeline stipulated for completion. Hopefully, it will outlive public expectations.
Author: Michael Adesanya
LTO Username: michades97
Email address: firstname.lastname@example.org