When was the LTO Network coin issued?

LTO Network issued its native token, LTO, in 2017 through an initial coin offering (ICO) that raised approximately $22 million.

Dec 26, 2024 at 09:04 am

When was the LTO Network coin issued?

Key Points:

• LTO Network's native token, LTO, was issued in 2017 through an initial coin offering (ICO).
• The ICO raised approximately $22 million, with LTO tokens priced at $0.012 each.
• LTO is a utility token used to power various applications and services within the LTO Network ecosystem.

Steps Involved in LTO Network Coin Issuance:

1. Concept and Development:
The LTO Network project was conceived in 2017 by Rick Schmitz, a Dutch entrepreneur, and Bart van der Ven, a software engineer. The team aimed to develop a blockchain-based solution to address the challenges of document management and workflow automation.

2. Initial Coin Offering (ICO):
To fund the development and launch of the LTO Network, the team conducted an ICO in September 2017. The ICO offered a total of 1 billion LTO tokens for purchase, with a price of $0.012 per token. The ICO concluded after raising approximately $22 million.

3. Token Distribution:
The LTO tokens were distributed to participating investors according to the terms of the ICO. The token distribution percentages were as follows:

• Seed Round (1%): 10,000,000 LTO
• Private Sale (23%): 230,000,000 LTO
• Public Sale (75%): 750,000,000 LTO

4. Token Allocation and Usage:
The LTO tokens were allocated for various purposes, including:

• Network Operations (25%): Used to fund the development and operation of the LTO Network.
• Development Fund (25%): Allocated for future research and development within the LTO ecosystem.
• Community Growth Fund (20%): Dedicated to supporting community initiatives and partnerships.
• Ecosystem Development (20%): Reserved for projects and partners building on the LTO Network.
• Team and Advisors (10%): Compensation for the founding team and advisors.

5. Token Listing and Trading:
After the ICO, the LTO token was listed on several cryptocurrency exchanges, including Bittrex, Binance, and HitBTC. This allowed investors to trade and speculate on the value of LTO.

FAQs:

Q: What is the LTO Network used for?
A: The LTO Network is a blockchain platform for document management and workflow automation. It provides decentralized solutions for securely storing, managing, and exchanging documents in a tamper-proof and transparent manner.

Q: What is the utility of the LTO token?
A: The LTO token is a utility token that is used to:

• Pay for transaction fees on the LTO Network.
• Stake to participate in network governance.
• Incentivize network participants for providing services.

Q: Where can I buy LTO tokens?
A: LTO tokens can be purchased on cryptocurrency exchanges such as Bittrex, Binance, and HitBTC.

Q: Is LTO a good investment?
A: The investment potential of LTO depends on various factors such as market conditions, team execution, and adoption of the LTO Network. Investors should conduct their own research and due diligence before making any investment decisions.

Q: What is the future of the LTO Network?
A: The LTO Network team has ambitious plans to expand the platform's capabilities and use cases. The team aims to integrate with enterprise systems, develop new applications, and establish partnerships to drive the adoption of the LTO Network in various industries.