LTO Network’s Cobalt Update Endorsed via Node Vote
The LTO Network reported that it has completed its Cobalt Update and that it has been approved by a majority of its nodes. Company officials said Cobalt, the largest upgrade to the LTO Network to date, offers decentralized IDs and verified credentials to the organization. This will serve as the missing connection between the bitcoin realm and the real world, allowing for more seamless transactions.
LTO Network is a major European blockchain company that focuses mostly on business-to-business enterprise solutions. It executes most of the elements from its 2021 Vision and promotes LTO as a worldwide solution, putting the organization on the path towards becoming a chain.
As the LTO Network’s chief architect, Arnold Daniels explained, “Our new solution is the layer that connects traditional financial and business models to the crypto world. This will satisfy the needs of individuals, governments, regulatory bodies, and businesses, while also providing credibility and benefits to the blockchain world,” he added.
Decentralized Identities and Verifiable Credentials are also on the horizon, as well as other technologies. It is past time to broaden the scope of our services and make them available to the broader blockchain community.”
The hybrid approach used by the LTO Network is one of its distinguishing characteristics. Peer-to-peer transmissions of sensitive information are possible, although consensus is always accomplished via the public node. This enables the development of privacy-aware DApps, which are critical in situations where sensitive information is transmitted between specified parties rather than with the whole network.
“Cobalt bridges the gap between your crypto identity and your real-world identity in a manner that allows you to maintain control over your privacy,” stated Rick Schmitz, the CEO of LTO Network. “It represents the next level in the control of internet privacy.”
Schmitz went on to say, “LTO Network is committed to providing every party, large or small, with the tools they need to make it all happen. Secure data, breaking down data silos, incorporating DIDs and VCs with networks of trust into DeFi or NFT environments, and developing new and innovative solutions are all areas in which we have extensive experience. The LTO Network is merely getting started.”