LTO Network enables organizations and governments to collaborate on equal footing by using trustless business processes.
Integrate existing apps and systems, increasing security and transparency while maintaining data privacy and GDPR compliance.
Our mission is to provide technology which fights bureaucracy, fraud and nepotism. A problem that plagues so many organizations, industries and governments. We believe that privacy and transparency are not mutually exclusive and are willing to prove it.
Every organization runs numerous business processes, which can define the rules of a workflow, visualized as a flowchart or BPMN diagram. With LTO, a workflow is expressed as a deterministic extended Finite State Machine (FSM).
Blockchain enables organizations to run these workflows in a decentralized way, enabling each party to participate using their own nodes. Collaborating parties can share information on-chain or off-chain, such as documents, linked data or (interactive) zero knowledge-proofs.
These decentralized workflows are called Live Contracts. Similar to Smart Contracts, Live Contracts provide a dynamic method for defining logic on the blockchain. However, the purpose of a Live Contract is not to just determine state, but to actively instruct humans and computers about steps in a workflow.
Nodes can simultaneously hold and handle numerous Live Contracts. Since every Live Contract forms a private chain, nodes can spin up more VMs to handle bigger loads.Only the nodes of the participants of a particular process have access to a particular private chain. If required by law, the entire workflow with all related data can be erased. Rather than broadcasting events to the entire network, nodes send events to each other directly. This way complexity and latency are reduced. The public permissionless chain is used for anchoring, ensuring immutable Proof-of-Existence. Each event is validated based on the rules and conditions defined in the workflow. Actions that are not allowed will be rejected by all other participants.
Started in 2014 as platform to create, share and sign contracts in a digital way. After the success of our first company FIRM24.com, we believed that DTM (Document Transaction Management) would be the next big thing after ERP and CRM-systems.
We released the first version of the LegalThings platform. This version introduced a document and form builder, a document management system, advanced user and permission management and digital signing.
For FIRM24 we had created software to run the procedures behind an incorporation. Other customers were also interested in these digitized procedures. We did a small pivot, now focusing on digitizing the contracts as finite state machine, rather than just signing.
We have explored different methods of providing proof of signed documents. While other parties relied on trust and certifications, we wanted a better solution. We started using the blockchain for proof of existence.
We experimented with Ethereum Smart Contracts and found out that it could only be used for self-enforcing agreements. Inherent constraints make them unusable for legally binding contracts.
Instead, we found a much better solution in using our FSM in combination with the blockchain.
During the blockchain hackaton organized by the Dutch ministry of Justice and Security, we demonstrated that a whole law can be digitized as a FSM and stored on the blockchain. This won us the first prize in the event which included the assignment to create the first digitized Dutch law on the blockchain.
Our token pre-sale starts on the 6th of December. For 24 hours, the pre-sale is open only for members. You can register to be whitelisted and participate in this members-only pre-sale. After the whitelist pre-sale, we'll continue with a public pre-sale.
We'll launch the LegalThings One platform as beta. All token holders will be able to use the platform. New content, like (live) model contracts will be added in the coming months.
All tokens represent the full capacity of the LegalThings One platform. During this sale we'll sell licenses (represented by LTO tokens) for the platform.
We'll publish the Live Contract syntax as open standards under the CC-BY-SA license. Software to run Live Contracts will be available under the MIT license. This will allow third-parties to to create and run Live Contracts without relying on LegalThings One.
To set precedence of the legality of data stored on the blockchain, we'll initiate trials in several countries. The following countries are candidates for these trials: United Kingdom, United States, India, Russia and the Netherlands.