What is LTO Network
LTO Network is a hybrid blockchain platform specializing in Business-to-Business functionalities. It combines private chains and a public Leased-Proof-of-Stake blockchain enabling General Data Protection Regulation (GDPR) compliant blockchain solutions. Information on the private chain is hashed and verified by the public chain.
This gives the speed of a private chain but the security of a public chain. This allows businesses to store data in a verifiable, fast and secure manner.
About the LTO token
There are 3 different types of LTO token: native mainnet, ERC20 and BEP2.
- Native LTO tokens exist on the LTO network and are stored in your LTO wallet, accessible via https://wallet.lto.network.
- ERC20 tokens live on the Ethereum blockchain.
- BEP2 reside on Binance’s native chain.
Despite being three separate tokens across 3 different ecosystems, LTO network provide the functionality to switch between chain at will via their Troll bridge, implemented as part of their web wallet. For a small fee users are able to transfer assets onto their blockchain of choice.
What gives the LTO token value?
LTO is the protocol token for transacting on the LTO network and is required for each transaction. LTO make use of their own Leased Proof of Importance staking model. LTO is a work token acting as an economic incentive for validators on the permissionless public chain to run a node and validate transactions.
Newly enacted in LTO version 2.0, each transaction on the LTO public network costs 0.35 LTO, of which 0.1 LTO is burned. This results in LTO being a deflationary token, where transaction fees are distributed between staking nodes which the supply ever dwindling using their burn mechanic.
Where & How to buy LTO Network tokens
Cryptoexchanges offer an intermediary options for more advanced traders. Exchanges such as Bittrex & Binance allow customers to set buy and sell orders for token, very similar to the real world stock market. Most exchanges offer trading pairs in Bitcoin and Ethereum, meaning you will need to purchase these before trading into LTO tokens.
Decentralized Exchanges – Advanced Users Only
As LTO tokens can be ERC20 & BEP2 tokens on the Ethereum and Binance chains respectively, this means they can be traded on a number of decentralized exchanges. A decentralized exchange is a website or smart contract which allows trading of ERC20/BEP2 tokens without the need of a trusted third party. A user would connect their ERC20/BEP2 wallet to the exchange and be able to trade their token while still being entirely in control of their tokens without having to trust a centralized coordinator who may potentially lock or steal their tokens.
How to buy ERC20 LTO on Uniswap
Below are a basic set of instructions on how to purchase LTO tokens on the Ethereum blockchain. For each step, you may need to research to gain an in-depth understanding of how it works.
- Get some Ethereum. We are going to trade our native ETH for LTO tokens on the Ethereum blockchain. If you do not have any ETH, you can easily purchase some through a fiat gateway like Coinspot, Binance or Coinbase
- Set up an Ethereum Wallet. We suggest using Trust mobile wallet or Metamask. When prompted, create a new account. Be careful to store the seed phrase and private key securely: if someone steals this keys, they can steal your LTO tokens! Also take note of the public address of this account, you’ll need this later.
- Send the Ethereum to the public address of your newly created wallet. Double-check the address before click send.
- Navigate to the Uniswap App.
- Connect your wallet using the button on the Uniswap app.
- In the bottom box, select the Select Token button, and then the Change List button. Change from the Default list to Coingecko list.
- Find LTO in the bottom list and select it.
- Enter the amount of ETH you would like to sell in the top box.
- The bottom box will auto populate with the approximate number of LTO tokens you will receive as part of the trade
- Select the Approve button to allow Uniswap to transact using your ETH.
- Once the Approve transaction has completed, press the Swap button.
- The Uniswap smart contract will now process your swap.
- Once the swap has been completed, your Ethereum wallet will now contain the LTO tokens you purchased.
- Happy trading!
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