The LTO Network is a hybrid blockchain solution that combines the benefits of public and private chains, providing enterprises with transparency and security while maintaining control over their data.
Ownables - A Layer 2 for NFTs
Ownables are digital assets that can be owned and traded on the blockchain. Unlike traditional NFTs, Ownables are designed to be more flexible and customizable. They can be used to represent anything from digital art to real estate. One of the key benefits of Ownables is that they are what NFTs should have been in the first place.
Ownables focus on the idea that you own that piece of data. Ownables allow you to choose where you host this information, it could be on a hosting service such as IPFS or even on your own computer. Furthermore, you can choose who has access to see this Ownable. You can make it public is you wish, or you might choose to make this information private. Because of that, Ownables allow you to truly own your NFTs.
Proofi
Proofi was designed to help organizations comply with regulations and prevent fraud by verifying the identity of individuals and businesses. Proofi works by taking the user through a KYC process and then storing the KYC status on chain.
Proofi then gives KYCd users what’s called a verifiable credential, which is an on-chain flag to say that this address has been KYCd and passed verification. This way a user may only perform a single KYC and, by sharing their on-chain status can immediately gain access to any other application that requires KYC, without them having to give their sensitive details to this application.
Consumables and Gaming
Consumables are a special class of NFTs that can be owned and “consumed” by other NFTs. There are many applications for this kind of relationship, but video games are a very good example of this mechanic.
For example, a player could own a Consumable that gives their character special abilities or skills. This Consumable could be traded or sold to other players, creating a market for unique and valuable items within the game.
Let’s say that this consumable is a health potion. Your character (the Ownable) owns this potion. You get into a tough fight with the arena Boss and need to heal. Your character will now use this consumable. This action will be recorded on the ledger, and the quantity of your consumable will decrease by 1.
This technology can be used to create decentralized and MMO games that are completely hackproof, completely removing exploits and hacks from MMO games, as every action is recorded and cannot be re-written.
Cross-metaverse Compatibility
A metaverse is a virtual world where users can interact with each other and digital assets. However, different metaverses have different standards for digital assets, which can make it difficult for users to transfer assets between different metaverses.
The LTO Network is addressing this issue by helping create a standardized protocol for digital assets that can be used across different metaverses.
Imagine having a cool sword in your favorite MMO game, and you want to transfer it to another game altogether and use it there. Standardizing item properties and how they render could enable gamers to transfer items between completely different games.
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