NFT2.0 is here! LTO Network aims to decentralize NFT technology and assets with “Ownables”

December 23, 2021

in Music

Reading Time: 3 mins read

Earlier in November, Dutch Blockchain LTO Network, known for their award-winning enterprise solutions and partnerships with world leaders such as the United Nations, IBM and the Dutch Government, revealed a roadmap for their mainnet upgrade known as TITANIUM.

With TITANIUM, the team at LTO Network aims to solve the growing issues and one of the most common problems content creators are facing with nonfungible tokens (NFTs) is that the assets are not in your possession.

The first step in the development of this technology is the NFT2.0 lite paper. Released today, it is an in-depth analysis of the technical solution to solving the issue of NFT centralization.

LTO Network-issued NFTs are founded on two key components. The NFT2.0 Wallet and a new concept known as “Ownables.”

“As LTO Network, we can issue truly decentralized NFTs,” said Rick Schmitz, CEO of LTO Network.

Ownables — A digital asset for the future

Using the unique hybrid blockchain approach, LTO Network has documented digital assets “Ownables” and how they will function.

Ownables can contain media files, images, songs, 3D models and much more. Whatever the content, the owner has full possession of the asset.

NFT2.0 Wallet

NFT2.0 is built around a decentralized wallet design that not only provides true possession but also allows holders of “Ownables” to trade them directly with each other peer-to-peer (P2P).

The unique wallet allows issuers of NFTs to embed applications and widgets that provide additional functionality. This opens up a world of possibilities that have not yet been imagined.

“With NFT2.0, the asset is truly in your possession. It sits in your wallet, on your phone or laptop and you have full control over it. You’re able to trade them with other users without the need for a 3rd party,” said Arnold Daniels, lead architect of LTO Network Lead Architect.

Masterminded by Daniels, NFT2.0 technology was co-authored by music industry veteran turned LTO Network chief marketing officer Shawn Naderi, who has worked behind the scenes with some of the world’s most renowned artists and carries a deep understanding of content and digital rights management that will be crucial for developing a solution for content creators facing a rapidly changing digital world.

NFT2.0 is set up to empower content creators, allowing them to create new revenue streams and ecosystems. This enables them to be better connected with fans and supporters while having their rights protected.

“Today, we will start with digital content but, in the future, we will explore digital ownership of all kinds of real or non real-world assets from real estate to anything you can imagine,” said Naderi.

Read the full NFT2.0 lite paper

About LTO Network

The LTO Network team is on a mission to create and maintain a fully decentralized and highly efficient blockchain infrastructure, directly applicable and aimed at creating value for organizations. LTO Network can be used by any company with a need for a production-ready blockchain that allows for digital verification of digital assets and enables collaboration through the use of decentralized workflows.

Media contact

LTO Network – Press and media relations

press@ltonetwork.com

This is a paid press release. Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

Credit: Source link