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I’m Rick Schmitz, CEO of LTO Network, ex-PWC/Deloitte employee, multiple startup entrepreneur and blockchain enthusiast. I’m ready to answer all your questions! Ask Me Anything!

Hi Cryptocurrency,

Thanks for having me, I’m totally pumped to have another Reddit AMA! Should things really get out of hand, I’ve brought reinforcements from the team: [u/ArnoldDaniels](https://np.reddit.com/u/ArnoldDaniels/) (LTO Network Lead Architect), [u/ChristianZh7](https://np.reddit.com/u/ChristianZh7/) (Community Manager) and [u/ceesvandam](https://np.reddit.com/u/ceesvandam/) & [u/Plenty_Candidate8403](https://np.reddit.com/user/Plenty_Candidate8403/) (LTO Advisors) might pop in to help answer questions where needed.

Feel free to throw your questions in the comments already, I’ll be online at 20.00 o’clock CET (18.00 UTC) to start digging through them. I can’t wait to tell you all the latest news and progress. Our ecosystem is growing; partners, projects and tech, there’s so much going on it’s hard for me not to get excited about it. Things like the [United Nations GoLand Registry](https://unhabitat.org/un-habitat-oict-and-lto-network-release-first-open-source-urban-land-registry-solution-for-the) have barely even started, and already multiple countries are showing interest in using it as we work around the clock to release a white label version of the tech. Next to that, the LTO team is focused on getting the Decentralized Identities (DIDs) structure up and running so that cross-chain partners like [Horizen](https://blog.horizen.io/horizen-partners-with-lto-network-to-make-business-transactions-safer-and-more-efficient/), [Drep Foundation](https://drep-foundation.medium.com/drep-partners-with-lto-to-enable-defi-ecosystems-between-eu-and-asia-through-decentralized-c5970e00dcb5) and [Effect Network](https://www.altcoinbuzz.io/cryptocurrency-news/partnerships/effect-network-lto-boosting-trust-using-decentralized-identities/) can start building upon to it. Speaking of which, one of our other partners, [Sphereon](https://sphereon.com/), recently announced their next LTO Network DID product in the making: the [MyCompanyWallet](https://sphereon.com/news-and-insights/sphereon-and-lto-create-mycompanywallet-app/) App.

We fully expect more and more exciting projects will notice our plans with the DIDs structure and how LTO Network will function as an oracle for DeFi through [Chainlink](https://blog.ltonetwork.com/chainlink-oracles-b2b-accreditation-ethereum/). Naturally, we’re ready to give all of them the information they need to make it work.

So far the introduction! Feel free to submit your questions below and let’s make it a great AMA together. After it’s all done, we’ve got a nice little adoption announcement for you all—hot of the press!

EDIT 1: And we’re off! AMA Proof: [https://twitter.com/realrickschmitz/status/1379859035323781125](https://twitter.com/realrickschmitz/status/1379859035323781125)

EDIT 2: Past the half-way point already, keep those questions coming!

Final EDIT: Guys (and gals), thank you for a great AMA! It’s time for us to call it a night. The only thing that remains is our announcement. So here is the scoop:

– [LTO Network is working with Swishfund](https://twitter.com/realrickschmitz/status/1379832909155209219) to bring DeFi into the real world. [Swishfund](https://www.swishfund.co.uk/) provides superfast loans (up to half a million pound) for business growth where you receive funds within 24hrs of approval. They are looking to utilize the crypto DeFi structure and incorporate it into their business model. This is a great step for crypto and to do so, Swishfund will rely on LTO Network’s [Decentralized Identities](https://ltonetwork.com/documents/LTO%20Network%20-%20Identities%20Paper.pdf) structure, so they can facilitate the move of DeFi from crypto into the hands of entrepreneurs around the world!

We’re very excited about this project, where LTO Network will be actively working as an oracle for the DeFi space. More detailed information about this is coming later in the year.

That’s it! Great questions, great vibe! Feel free to drop in on our Reddit, Telegram or other social platforms to keep track of what we’re doing (more adoption news on the way) and we hope to see you around. G’night! – Rick

**What is LTO in short?**

*LTO Network is a leading European Blockchain that focuses on B2B enterprise solutions. With its hybrid (2-layer) approach being natively GDPR compliant, it lowers the obstacles for businesses to get started with blockchain backed SaaS solutions. Working together with* [integrators](https://www.accesswire.com/542609/SignRequest-Introduces-Blockchain-Backed-Electronic-Signatures-with-LTO-Network)*, governments and organizations like the* [United Nations](https://unhabitat.org/un-habitat-oict-and-lto-network-release-first-open-source-urban-land-registry-solution-for-the)*, LTO Network is a paving the way to support blockchain efforts across the globe; leading a whole new wave of adoption coming to the cryptoverse.*

**Our channels:**

[r/LTONetwork](https://np.reddit.com/r/LTONetwork/)

[*Website*](https://www.ltonetwork.com/)

[*Twitter*](https://twitter.com/TheLTONetwork) *and* [*the CEO*](https://twitter.com/realrickschmitz)

[*Telegram*](https://t.me/LTOnetwork)

[*Facebook*](https://www.facebook.com/TheLTONetwork)



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48 Comments

  1. Are there any plans in the near future for LTO to be added to any of the US exchanges?

    As a US resident, it’s pretty difficult to buy LTO currently with no exchange having it and it’s one of the biggest things I think LTO can do for growth

  2. As you are probably well aware, [El Tio is believed to be “Lord of the Underworld” in Bolivia](https://en.wikipedia.org/wiki/El_T%C3%ADo).

    Not only does he share the name with LTO, he also shares the spirit and the [various effigies of him](https://c8.alamy.com/comp/BGTKWK/el-tio-the-lord-of-the-underworld-at-the-entrance-to-a-mine-cerro-BGTKWK.jpg) very well can be described as the perfect physical embodiment of LTO Network.

    From the wikipedia articles, it states that “Miners bring offerings such as cigarettes, coca leaves, and alcohol for the statues”, in hopes for success in their endeavors.

    So my question is, what is your offering of choice to El Tio?

  3. Guys (and gals), thank you for a great AMA! It’s time for us to call it a night. The only thing that remains is our announcement. So here is the scoop:

    – [LTO Network is working with Swishfund](https://twitter.com/realrickschmitz/status/1379832909155209219) to bring DeFi into the real world. [Swishfund](https://www.swishfund.co.uk/) provides superfast loans (up to half a million pound) for business growth where you receive funds within 24hrs of approval. They are looking to utilize the crypto DeFi structure and incorporate it into their business model. This is a great step for crypto and to do so, Swishfund will rely on LTO Network’s [Decentralized Identities](https://ltonetwork.com/documents/LTO%20Network%20-%20Identities%20Paper.pdf) structure, so they can facilitate the move of DeFi from crypto into the hands of entrepreneurs around the world!

    We’re very excited about this project, where LTO Network will be actively working as an oracle for the DeFi space. More detailed information about this is coming later in the year.

    That’s it! Great questions, great vibe! Feel free to drop in on our Reddit, Telegram or other social platforms to keep track of what we’re doing (more adoption news on the way) and we hope to see you around. G’night! – Rick

  4. Rick, you recently mentioned : “We actually have guys from Goldman Sachs jumping into our team making this freaking happen, I’m so excited!”

    Could you please expand on this very exciting statement! TIA

  5. Can you tell more about the LINK partnership? Is this something where you are really working towards a strategic goal or are you ‘just’ hooking up DIDs to an oracle?

  6. Hey Rick, thanks for doing the AMA!

    What do you think the impact will be of GDPR-compliant DIDs (and the potential Chainlink integration, for KYC purposes) on speed of adoption in Q3/Q4?

    It seems like solving the compliance problem (i.e KYC / AML) would allow an incredible amount of investment to begin to flow into crypto projects.

  7. Hey,

    Big fan of LTO and really cool of you to do this AMA.

    One concern I have seen with LTO is the limited activity on your GitHub, I gather this is due to most of the team being tied up working on client projects, has there been any progress recruiting anybody purely for core product development? As there are quite a few new features planned from my understanding.

    Also, could you tell us more about the Afghanistan/UN partnership? Did it go well/will there be future projects undertaken with the UN?

    Thanks for your time!

  8. – Are you guys looking to expand your clientelle outside of Europe this year or is that something that will come later in the pipeline? I can totally see COVID slowing this process down so understandable to focus on Europe in the near future.

    – What is Joshuwa Roomsburg role in LTO other than shilling on twitter?

    Other than that I don’t really have questions. Most of them were answered in the last AMA.

    Just wanted to give som feedback to cees, please look over your grammar on twitter.

  9. In what capacity are you working with the dutch government? Will any dutch official ever mention LTO?

    Also, how happy are your clients with the price rise of LTO?

  10. Hi Rick, awesome job you’re currently doing with LTO Network. What do you define as a success, for the short (0-6 months) and long (1-2 years) term with regards to network usage? We’ve seen you mentioned network growth of 20-30% MoM, but how do you currently project this to play out with the addition of new partnerships with for example Sphereon and Drep?

    Edit:
    Rick, what incentives are the team looking at whenever the price accelerates to a level where the staking rewards would be lowered to a minimum? How do you maintain network safety in case there really is no incentive to stake on mainnet before the maturity phase kicks in?

  11. Hi Rick,

    I know you’re living the dream with building the DID structure, but would there be another topic of blockchain that you dream about of tackling? If you could do anything and had all the connections and support needed, what would you set out to do?

  12. Hey Rick,

    How long do you believe the token can be deflationary. At some point it would need to stop so I’m just wondering what your plans on when it gets to that point or if you believe it can continue forever. Thanks!

  13. Hello Rick. Thank you for taking your time to do this. I’ve been Following LTO since 1 month ago and I’m impressed by the project and I really appreciate what the team has been doing and I strongly believe that this project will have a lot of achievements in the future.

    I have one quick question for you: Why do you think there won’t be another project that can easily replace LTO?

  14. How do you feel governments will react to the recent popularity of decentralized exchanges (DEXs) with regards to KYC and AML laws ? More specifically, when a DEX is used there are no KYC requirements (Know Your Customer) and no AML requirements (Anti Money Laundering) irregardless of the amount of money someone moves.

  15. Hey, thanks for doing this AMA, looking forward to reading all the answers! I have a couple of questions

    Why do you make LTO available for the public to buy rather than keeping it for businesses only?

    Do you have any competitors or similar projects in this space?

    Keep up the good work! I’ll keep DCA’ing 😀

  16. Hi Rick, thanks for doing an AMA and I’m balls deep in LTO.

    Do you feel many stakeholders at companies/agencies you’ve targeted are still sceptical of blockchain solutions – are you seeing a large shift in attitudes towards blockchain acceptance and how long do you feel it will be until widespread adoption of blockchain for production services in general?

    I work for one of the companies you mentioned and I still hear people sniggering at blockchain, which I personally find baffling but there’s a lot of old school budget holders out there.

  17. Does Microsoft’s DID solution hinder your plans at all in the space or will the target audiences be different? I heard Bill Gates dislikes tokenized blockchain solutions for whatever reason.

  18. Hi Rick,

    Thanks for all of the hard work you and your team do in driving innovation and blockchain onto the real world.

    As an American, I am curious if there are any current or potential clients in the US. I would certainly be interested in supporting those and helping drive adoption of the LTO Network.

    Are there any details about US clients that you can share?

    Thanks!

  19. Hi Rick great to see this AMA! Been following you guys since main net launch so it’s been great seeing the progress.

    2 questions:

    In a recent audio AMA you mentioned something about the decentralized Identities solving the DeFi echochamber problem, where you mentioned that LTO was working with someone from Goldman Sachs??? Can you elaborate on that? What kind of collaboration is it? How interested is Goldman Sachs in DeFi? And why did LTO catch their eye to help tackle DeFi and bring it into the real world?

    Finally, the UN land registry has been an exciting development. Can you give any information as to when we will see more TX for Afghanistan? Are we still in testing or is it fully live?

    Thanks so much!

  20. Hi Rick I’m the biggest LTO shillers in the crypto currency subreddit. They call me Barry Wood. My questions is when are we getting listed on a US exchange? Or at least is their any plans to soon?

  21. Considering your client uses LTO as gas fee, what will you do when the price suddenly pumped and your client start complaining?

    I know we can vote to reduce the cost, but that will take quite a while to implement

  22. Why do you think so many large organizations and institutions are so hesitant to jump on the crypto bandwagon?

    What more would it take to build confidence in the space for more big money to start pouring in?

  23. Hey Rick ! Great Project and I am really excited about the future of LTO. Any updates on the partnership with the United Nations Land Registry ?

    What is your long term vision for this type of blockchain use case? I am Ugandan and many land titles are horribly managed by my government.The whole sector is plagued with corruption and violence.This is a common problem throughout the continent. Can LTO help aid the struggle of land ownership and transferability in Africa. With the Netherlands Government partnership under your belt , Just How difficult is it to expand your governmental reach & influence ?

  24. Hello Rick!

    I am an engineering student and I am really into crypto ( I am part of LTO Network). The thing is that I want to go further in this new environment . I will end my career this year and I have some work pending requests in software engineering related companies ( one of them Deloitte), do you have any advice for people that want to go further in crypto?

  25. Hello! I was recently introduced to LTO by the amazing members here and got quite invested in it.

    Coming from a developing nation myself, I would like to know:
    What are the potential benefits or rather plans for developing countries, with and after the adoption of LTO? (Especially with the team partnering with govs and organizations.)

  26. Hello sir! Very excited to sew the AMA here on the CC subreddit! It’s great to see the collaboration with the UN for land registry and I would like to ask a more detailed question here. Let’s say a country is interested today, how quickly would it be possible to implement the Golandregistry solution? Of course understand it can differ per country, but are we talking about a few weeks, months or longer?

  27. Hi Rick, i am a huge fan of LTO and its possibilities.

    Without this sub however, I would have never have found out about LTO and with the LTO subreddit being so small is there any plans to get a larger, more noticeable name for the Network within the retail environment?

    This AMA is going to be great to help clear up any questions people had before they come to support LTO though.

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