LowSea Leasing Node update (15th of April 2021)
Time for an update! This last week we saw the price of LTO slip quite a bit. Not a very strange thing to see after the runup we’ve had these last few months, but it always puts certain people in the community on edge. This morning brought a bit of relief, but there might be a deeper retrace before we see the next leg up again. Here’s a nice TA post on telegram from one in our community: https://t.me/LTOnaut/335658
Daily Transactions also slipped a little, mainly due to the fact that not every client that was making use of the LegalThings SaaS solution (where LT had anchoring on by default as part of the SaaS service) needed the blockchain anchoring. Now that KATE Innovations took over the service, a few parties have decided to discontinue the product as they would have to take care of everything themselves and the anchoring was just a nice (unnecessary) bonus, in there case. It’s a minor drop and many of the clients continue to use the offered services under KATE, so we should see this start to climb again as KATE implements the blockchain solutions further and we see more usage being onboarded again. Daily transactions hover just below, or just above, the 100k txs right now.
So, what about the real news? Well, we saw on the last payout day that LTO has announced a partnership with Effect Network, another Amsterdam based blockchain company. They’re tackling the future of decentralized working and can make great use of the Decentralized Identities (DIDs) structure that LTO Network is building. Some things to read about this partnership: https://www.altcoinbuzz.io/cryptocurrency-news/partnerships/effect-network-lto-boosting-trust-using-decentralized-identities/
And check out Effect Network’s own talk about it here: https://youtu.be/1BgiPuL5M-s
Note: kudos for Cees van Dam’s and Rbull’s twitter teasing for this announcement by the way, they were spot on with hints this time, haha: https://twitter.com/Rbull076/status/1377508787934916610
It was great to see that LTO was launched on Gate.io, which was initiated by the exchange itself. Though the exchange isn’t super well known and volume isn’t super high (but at least not faked according to them), people have mentioned it’s a fine-working exchange. And for us, additional exchanges that list LTO are always welcome! They’re also the only place right now, besides uniswap, where there’s an LTO/ETH pair listed.
We saw several exposure articles popping up like the Deep analysis overview: https://www.deep-analysis.net/vendor-vignette/lto-network/
As well as the Reddit AMA on r/CryptoCurrency.
About the AMA: I have to say I expected a little more from it. The runup toward it was fouled by an announcement of an announcement (something that never worked out well for LTO in the past and something that Rick was heavily criticized for by the community several times before). The problem usually being that the announcement can in no way live up to the speculations of the community. To make matters worse, the announcement was thrown on Twitter before the official reveal, so it all felt a bit meh. Had the delivery been different, I think people would have been able to see more clearly how exciting the announcement truly is. Namely, LTO Network standing at the beginning of DeFi adoption, by bringing DeFi out of the cryptospace and into the real world with their partner Swishfund.
It’s rumored that someone from Goldman Sachs is involved to help tackle the issue, which means this can grow out to be a major move for LTO Network in establishing themselves as the DID cross-chain standard. I eagerly await additional news, but so far it was mentioned that LTO’s partnership with Swishfund is ‘to enter the DeFi space’. Investing and partnering with a new DeFi protocol that bridges the gap between crypto borrowers and SME lenders. LTO and Swishfund will collab; where the new structure is going to be their (Swishfund’s) entire junior debt facility of the future.
This, to me, is very interesting!
The Reddit AMA itself went okay, not super great, but nothing bad. I thought there were very little true in-depth questions from the redditors, which did not give a lot of opportunities to provide amazing answers. However, it did give some nice exposure again with the topic pinned to the top of r/CryptoCurrency for over 24 hours and it received more than 600 upvotes. It’s great to see the trend of growth of our own reddit continuing as well. We now have more than 3550 subscribers in the LTO Network subreddit.
For the last point on this update, we’ve seen LTO’s Q1 overview come out. Which is a nice gathering of Q1 information to share with those that wish to be introduced to LTO’s achievements: https://blog.ltonetwork.com/lto-network-2021-q1-recap/
But what about the United Nations and Land Registry project, Narf?! Hmm, well you’re right… we’ve not seen much going on there still. Their github shows they’ve closed some issues, which is good. So, things are at least moving forward. But other issues weren’t yet resolved and if development is dependent on local parties in Afghanistan, we might see more delays as the Ramadan just started — which isn’t usually the most active business time for the Middle Eastern region. We’ll get there in the end, but it would be great to see the dip in txs discussed above be compensated by some strong increases from new products coming on.
But fear not, there’s always additional news coming. We can expect more insight from the shrimp project, but it’s loaded with political decisions, so it might take a while. We did hear that it’s likely that the raw data of the boats will be anchored (huhuh) on LTO Network. All sensor data from a ship grouped per X (15?) minutes, where data is shared with the blackbox provider over GSM. They then can anchor it before processing / normalizing it and each blackbox provider will need to be certified. For certification there’s periodic monitoring where samples are taken, checking if the process normalizing the raw data is correct. This is in addition to the solution on the private layer of LTO, which handles additional processes and/or data sharing not publicly available.
So, more to come. More usecases, more news, more exchanges?!? Let’s make April a great month and may the growth continue!
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