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LTO Network - Hybrid Blockchain for Decentralized Workflows

Friday 5 April 2019
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Over the past 10 years, blockchain technology has moved from the stage of an unknown and mysterious field to a more or less interested environment, to which governments and various large corporations have begun to pay special attention. They began to disassemble this technology into its components and consider their further use in the real world.
However, the blockchain has not yet fully
formed its strategic value, because the only goal with which it was created in 2008 was the anarcho-capitalist idea. That is, at the junction of the global crisis, the blockchain has acted as a new financial system, ready to change the current situation to a more transparent, secure and secured structure.
As practice shows, many crypto enthusiasts use blockchain and cryptocurrencies as speculative activities and few people in General care about the technology itself, its development and further application in the public masses. Since there are no necessary conditions for its total implementation. After all, the created technology, which has no application is useless and useless to anyone. To avoid this, many experts are trying to develop a huge number of projects, each of which seeks to implement this technology in a particular business sector. Someone does it, and someone fails and complains about the technology itself.
It is important to note that take a step towards this technology, many organizations that are ready to implement it in their workflows, especially where you need protection and immutability of data. And then there is a very serious question, and what does the blockchain mean when it talks about "unchangeable data"?!
Some experts believe that:
  • if we consider the blockchain in its mass manifestation, the immutability of data depends on a large number of parties. But if we consider the blockchain in its private manifestation, for example (in the organization), the immutability of data is already questionable and their hacking can lead to serious problems;
  • the second available method of data binding is related to hashes and public availability of the blockchain. This process also uses complex mathematical calculations that store a certain type of data, but it is worth slightly changing this data, as the previous hash is no longer relevant and it leads to a completely different hash. That is, this method can be used only to check whether the data has been changed or not.
Having considered all these shortcomings and problems with which it is necessary to solve something the team of crypto enthusiasts decided to offer us a little new vision and the solution of the above described problems.

About the project

The project that we will analyze today is called - LTO Network. The main goal of the project is to create reliable blockchain business processes, the use of which will increase their mass distribution and implementation in various organizations and businesses.
That is, the LTO blockchain is aimed at cooperation on an equal footing with other applications and systems that contribute to an overall increase in the level of transparency and security of confidential data in accordance with all the necessary requirements from General Data Protection Regulation (GDPR).

Design feature

In simple words, LTO Network intends to offer organizations workflows that simplify the use of blockchain technology with the help of separate interacting nodes (nodes).
Participants of the parties can also exchange various kinds of information with each other, which consists both in the blockchain and off-chain, at the same time fix all their work processes with the help of decentralized Live Contracts. Live Contracts, like a smart contract, is able to form a logical chain for the blockchain, enriching it with additional computational processes associated with alerting people about all operations in the process.

Advantages

This principle of operation has a number of advantages:
  • first, the use of nodes contributes to the rapid and simultaneous processing of a large number of Live Contracts;
  • secondly, it is possible to restrict access to a more private blockchain, access to which will have only the nodes working in it;
  • third, nodes have the ability to exchange data directly with each other, rather than through the entire network, as is the case in the public blockchain. This in turn contributes to the transmission of reliable and consistent data, reducing the overall complexity of the network itself;
  • and fourthly, event validation allows you to check each process on the rules established in the system, which does not allow any unauthorized actions performed by other participants. As soon as he notices these actions, they will be immediately rejected and blocked.
Moreover, the use of anchorage in the public blockchain allows you to achieve unprecedented speeds in transactions (3 seconds), unlike traditional solutions, where you can wait for more than 20 minutes for a response from another Protocol. At the same time, traditional public blockchains can take a huge amount of time, up to several days, when synchronizing devices. All this is due to the fact that this principle of operation takes a huge amount of memory. Summary-blocks from LTO are able to speed up all these processes due to the fact that nodes can delete individual transactions, and generate new blocks every day. And the last thing I want to add here is the implementation of each subsequent node in the system is so simple that it does not cause any problems to the organization. All this is possible thanks to the JSON REST API, which integrates very quickly with the LTO application anchor and allows you to get started after sending a single HTTP request.

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Conclusion

In fact, this project offers a very interesting concept of interaction of the usual blockchain in a slightly different format, the place of which also has to be. And given all the technical documentation, which is presented by the founders of LTO Network, you will clearly have no questions about the honesty of their intentions and plans for further development.
For people who are looking for something new and worthy, I definitely recommend to pay attention to this concept and study this project in more detail. Given that the developers have prepared a lot of useful information about the market, technology, its problems and solutions to the very problems.
All the necessary information can be found on these links. And that's it, until next time!

News

Official resources of the LTO Network project:

AUTHORSHIP:
ganashpaticrypto

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