LTO Network enables collaboration between multiple organizations and departments via decentralized workflows, in which parties can keep using their own (legacy) systems to participate in a process.
Cool mission, but how are we making it happen?
Projects which did not focus on sustainability and their product, have failed in less than a year.
The biggest waste of all is building a product that customers refused to use — Eric Ries.
Often, when a foundation stops working on a project, no one is left to use the token. Bitcoin and Ethereum have large decentralized communities, which solves this issue. But other projects cannot compete with that. After all, not all decentralized projects have huge communities that maintain the platform. Other teams require something more sustainable to keep building. This is why we have implemented the open source business model used by Docker.
We released mainnet and provide toolkits to build decentralized workflows. Any IT company, integrator or startup can use the toolkit to build their own solution. Also, we constructed the token economy in such a way that integrators can make fiat money using the Network.
Overall, this removes the centralized point of failure when an integrator abandons the project. As such, it is one of the goals of the team to bring as many integrators as possible to the LTO Network blockchain and integrate their solutions. The usage of all these integrators combined also benefits the LTO Network blockchain in general.
Our CEO Rick Schmitz explained the 2019 product strategy this way:
Start with something simple which can be shipped today and which businesses understand. When we succeeded with that, show them what else we have under the hood. A classic land & expand strategy.
As described in our visionary paper, blockchain products should gradually be integrated into businesses and their applications. In order for this to happen, integrators have to start with something simple that does not impact the way business applications function today. The impact of anchoring documents or data transactions to create an immutable audit trail on existing applications is negligible. But these are the first steps towards using blockchain in a broader sense (eg our decentralized workflow engine).
Thats why we create a 2-level adoption strategy: land first, then expand.
By implementing LTO Network public nodes (layer 1), which basically serves as a decentralized digital notary, integrators and their clients can get used to having nodes running in their IT infrastructures. When the time is right to take it up a notch, integrators/clients have the option to upgrade to decentralized workflows (layer 2).
In both cases, tokens are essential to the solution.
Competitors. It’s a basic internal analysis, don’t be harsh on typos ;)
As for competitors, Factom is the big one. Tierion and Blockusign are also doing something with anchoring, but all of them have other problems. In short, these projects often have:
A wrong network setup for this kind of job (anchoring): a permissioned blockchain cannot be counted as an immutable notary.
No option to upgrade to something which creates significant business value. As a stand alone product anchoring is great, however it is not game changing technology that can save billions of dollars.
Usage of proprietary systems, which makes it impossible to get a blockchain project into production phase. Businesses have tons of existing (legacy) systems they rely on. The willingness to switch to a new (albeit much better) decentralized solution is practically zero, which makes it incredibly hard to acquire new users on your super cool decentralized platform.
We have a permissionless network, making our public layer more secure and actually immutable (decentralization!) — anyone can join and become a validator; no one knows who those validators are.
Land & expand. We have more in store than just anchoring! If you have the public node already running, you are just a few clicks away from running a decentralized workflow to unlock those potential millions in cost savings.
LTO Network integrates seamlessly into existing (legacy) systems. This adoption approach is more scalable and has a potential to acquire a much bigger end user base.