The future of Defi and NFT is on…. LTO Network?

What this is: My personal opinion, some information collected from the internet and some research done by me and interpreted by me

What this is not: financial advice of any kind or any advice for that matter.

The answer is yes, there is a future where NFT and DeFi come into play for LTO but maybe not in the way you want it to but in a bigger way. It is true that in the past year the most sought out projects are in the DeFi and NFT game. Companies like NBA, Pokemon and Soccer companies have come into the game and tried to take advantage of this hype.

The truth is that if crypto is planning to stay and play in the big boy game it will have to get hit by some kind of regulation. There is a future for crypto in the world of finance and non-fungible tokens but it will be regulated at some point and this is not an if this is a when.

Regulation may come in many forms from constrains to total shutdown of centralized projects. But regulation is not the only thing we should worry about, privacy is also ultra-important when it comes to entering financial markets of any kind.

This is where LTO comes in and bridges the gap. LTO is thinking ahead of the game and ahead of upcoming regulation. Making their 2021 roadmap directly related to DIDs and VCs we can see that the company is getting ready to become the leading oracle to bridge the gap of real world and crypto world.

So lets define some of these words that we see a lot but don’t really understand:

DIDs: Decentralized Identities, VCs: Verifiable Credentials, PoC: Proof of Concept, GDPR: General Data Protection Regulation, PoE: Proof of Existence.

In the near future any company or person trying to get into DeFi will have to have a digital Verifiable Credential. Basically, these are like a little passport that has all your information on it, Verifiable Credentials may also use Zero Proof which means it would confirm that the information that is needed is there without revealing it through a cryptographic way. Decentralized Identities will be Identities created in a way that can’t be tampered with, GDPR will be absolutely necessary for any company trying to deploy this information.

LTO is one of the only companies using GDPR and until recently most people wondered what was the advantage of this, well the advantage of this is to be on the forefront of handling private information and be compliant with regulators.

DIDs and VCs can be used a huge kind of way, from governments literally getting everyone in the blockchain, companies getting all their employees in the blockchain, KYC, entering any financial system easily and being able to verify who you are and if you apply without any of the past ordeal.

But how will LTO make use of this in the NFT space?

NFT space is growing, right now is in a discovery mode of its uses but it will eventually be tied to things like assets, those being real state, stocks, bonds or anything that has to be carried in an independent way, DID and VC play a big role as they can verify who owns what. Another use case is NFT in real estate where you will be able to make sure that the evaluation of a house or apartment or building is verifiable in an immutable way.

So where does PoC and PoE comes in?

These 2 are also some of the advantages of LTO. PoE means that LTO can be added to any existing platform that is being currently used and basically decentralize it via the LTO blockchain. Use cases for this are Sign Request which already had a system in place and LTO was added to further decentralize it or NEN which already created certificates of authenticity and now they added LTO to make it decentralized and immutable.

PoC is also a good term as it means that a client can add LTO and prove it as a concept instead of having to buy the whole thing or implement it.

And Proof of Concept is important because this is where the clients can get a sense of what they will be using LTO for. You may have an idea of where you want to go but you want to deploy it to see how it catches up, not always this sticks but when it does it works like a charm.

One of the recent examples is Swish Fund. Swish Fund may not be JP Morgan or any other big bank or investment bank but it sure is a way to Proof the use of VC and DIDs. We know LTO will be a major player in the upcoming regulated space but before we run we have to crawl, we have to test that all is working perfectly and what best way to do this than to onboard a client that is willing to be a part of the Proof of Concept.

Now Swish Fund being a PoC is my personal opinion the team is fully deploying (afaik) with them, either way it will be a test to see what can be made better and how is the actual user experience.

So lastly, and to not make this long (because I know its long now). We hear Oracle here and Oracle there but what is an Oracle?

According to Binance Academy this is a Crypto Oracle:

Blockchain oracles are third-party services that provide smart contracts with external information. They serve as bridges between blockchains and the outside world. … Oracles are vital within the blockchain ecosystem because they broaden the scope in which smart contracts can operate.

So maybe we can understand better what Rick means when he says Oracle. When he mentions Oracle that means that LTO will enable information from the outside world (being businesses or individual persons) to enter the DeFi sector (inside crypto) via Verifiable Credentials and Decentralized Identities.

Conclusion

I know I write a lot and I’m sorry about that, there is a lot going through my mind cause I’m never ending excited about the future of LTO. I think we need to look at the bigger picture and let the team build, we can’t be chasing the ups and downs of the market and looking at price cause at this moment price is irrelevant as the team hasn’t finished building what they are meant to build. What I know is that they are ahead of schedule look at Sphereon Wallet and how the Roadmap has already changed because they are working on deploying things earlier. What we want here is to become a household name for everyone using crypto.

It seems the future is brighter that we can expect and with the already big contacts like governments and United Nations we can only expect that LTO is one step ahead of regulation because they are building for a future where this industry becomes regulated.

Last words from me in this article are that these things take time, we all want it now but we can’t have it now, we have to know that the vision is long term and for those of us who see it clearly now we can make sure we are in for a treat of a future.

Note: If you see that I’m wrong with something here or that I said something that can be improved upon or maybe I am missing please don’t hesitate to write it in the comments. As I said before this is my personal opinion and some stuff I have worked out from articles and research I’ve done. I’m an LTO holder and I could be biased in some aspects of it.