Proof Of Talk Episode one with LTO Network CMO Shawn Naderi
I’m very excited to announce that I recently started a cryptocurrency-focused Podcast called Proof Of Talk, where I invite exciting people from the cryptocurrency industry to come on and talk about their projects, experience, and thoughts regarding crypto, tech, regulation, and anything else really.
This article contains summary information highlighting the most important topics discussed in this episode.
LTO Network is a blockchain solution that aims to revolutionize the way businesses operate. Its hybrid blockchain solution combines the benefits of public and private blockchains, providing enterprises with transparency and security while maintaining control over their data. In this article, we will explore LTO Network’s innovative blockchain solutions, including Ownables, Proofi, and Conumables, as well as Shawn Naderi’s experience in the music industry.
Ownables — A Layer 2 for NFTs
Ownables are a unique concept developed by LTO Network. They are digital assets that can be owned and traded on the blockchain. Unlike traditional non-fungible tokens (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 — Anonymized KYC
Proofi is an application developed by LTO Network that provides Know Your Customer (KYC) services using blockchain technology. It is designed to help enterprises comply with regulations and prevent fraud by verifying the identity of individuals and businesses.
Proofi works by taking the user through a KYC and then sending the result of the KYC to the chain that requests is, without sharing any personal information.
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.
Conumables 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 Item 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. What if you wanted to use the Moonblade Greatsword in Hollow Kight?
There’s more where that came from, so if you like this kind of stuff go listen to the entire conversation on YouTube, Spotify, Apple Music.