February already again! Time is flying by! Here’s the LTO update of the last two weeks!
We’ve hit 100.000 daily transactions! Three times already! WOOHOO! Last week was a great txs week and it seems the overall growth keeps increasing nicely. I noticed tx increases in Signrequest’s node (which I do expect to drop back again a bit as they sometimes batch sign a whole lot of stuff), but also VIDT and FillTheDoc. It’s an amazing milestone that hopefully we soon will see as a tiny distant blip on the transactions overview. 😉
Talking about VIDT: Things are still taking some time for the merger to settle in, mostly communication confusion, but nothing major. VIDT announced a nice new client: http://www.navarik.com. It’s an IT platform servicing oilcompanies, which fits in the growth pattern of VIDT as they already had Amspec as a client. It should increase txs nicely again, indirectly growing LTO txs and a small bonus burn on LTO as well. Note: VIDT does buyback and burns on their token suppl, so LTO decided to match the burn part every month, which is about one week of LTO txs burning extra per month for us. Nothing mind-blowing, but definitely appreciated.
Arnold (LTO Lead Developer/Architect) also mentioned that right now a lot of things are still merkled onto VIDT. This means documents are grouped together up to 100 docs at a time, before anchored on the blockchain. However, this will be happening less and less so that every document will be anchored separately, increasing the number txs coming onto LTO again, which is awesome. 👌
So, good progress on the VIDT front, however I do would like to see some less industrial, non-polluting clients in the future. Internet of Environments is still lingering due to covid delays, which is a shame. In general, my green heart bleeds because of all those oil companies, haha. Let’s be better people!
What else is new? The team is fixing/updating the website. Roadmap and milestones are now updated, use cases will be updated soon to show the most recent achievements. The community core group has been trying to clean op those LTO profiles on blockchain overview websites; they often show wrong/outdated information.
The wallet got a update too, we finally have the correct logo and mobile compatibility was fixed. They are also working on making the http://explorer.lto.network more stable as it’s been kindy iffy lately. https://coinstats.network was broken for about a day because of a faulty API, which has also been fixed now. So overall, plenty of public-facing fixing this month. Which is good.
There’s been rumors going around about coinbase (because of the Rosetta protocol implementation that Arnold is working on), but I’m not so sure we’ll see them soon. They do quarterly listings now with coins, so April will be the earliest we’ll possibly be listed there. I do have high hopes on other US-based exchanges in a shorter timeframe though, but as always: We can only wait as things fall under NDA.
On the more exciting side: LTO has announced a partnership with DREP. It’s a pretty unknown (to me) organization, but the use-case they will focus on will be based on the LTO Decentralized Identities (DID) that LTO Network will be building. It’s the second partnership around the topic (Horizon of last month being the first) and I expect/hope we will see many more of these partnerships pop up as the DID structure on LTO starts to take shape.
Through Chainlink LTO will be able to offer the structure to all other chains, where activity will be on LTO, but the usage of DID will be flowing over onto chains like Ethereum, Neo, Waves, or wherever they might be needed. I’m pretty stoked about it. Read more about DREP here: https://drep-foundation.medium.com/drep-partners-with-lto-to-enable-defi-ecosystems-between-eu-and-asia-through-decentralized-c5970e00dcb5
Rick teased that LTO has been accepted by IBM as a certified partner again for another year: https://twitter.com/realrickschmitz/status/1354429330034745345 It’s nothing concrete, but that does mean the link with IBM is solidified in the mind of crypto people, which is good. IBM is involved in the Internet of Environments as well, so I still have good hope we will see that scale-up there eventually.
Talking about Twitter: Be sure to follow the new twitter account and Rick’s personal account. Let’s get those followers up to impressive numbers again. The old LTO twitter account was suspended by Twitter and after 5 weeks of no reply from that company, the team saw no other solution but to start a new account. It means losing all history and followers, but not having a twitter account was a major red flag and damaging to the image of LTO. Find the new accounts here:
Staking numbers have never been so high, so I’m glad the 100k milestone has been reached now so that we see our ROI climb back up a bit. Crypto people are always whining that 6–8% ROI is so little in crypto, they want 30% ROI blablabla. But these people often forget to calculate in the inflation of that coin, often totally destroying the mentioned ROI of said “awesome” project. We get 7% ROI on a deflationary total supply. We “only” have to wait and our part will become more valuable as adoption increases. It’s something not many people in the crypto space see yet. I did a tiny bit of digging into the expected ETH 2.0 staking rewards. They apparently sit around 10% (without taking inflation into the calculation, as ETH has no capped total supply like LTO). I fully expect that when calculating the inflation of ETH into the staking rewards, LTO is actually the better choice to be staking on… I’m going to ask some community people to dive into that and see how well that theory holds up. Might be a nice marketing approach as well.
That’s it! Time to help the kids with their homeschooling. Stay safe and healthy everyone and may the growth continue! 🙌💎