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 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.
This article was originally posted on Cointelegraph.com