LegalThings One

A fair legal system for everyone

Winner of the Blockathon by the
Dutch Ministry of Justice and Security

Buy LTO Tokens Token info Read FAQ

Discover LegalThings One

Picture this. A contract or law visualized in such a way that it is understandable for both computers and humans. Not only the rules that you are agreeing upon in a contract, but also the consequences behind those rules. With Live Contracts, we enable equality of rights for all parties involved.

The LegalThings One Whitepaper gives an indepth description of the technical concepts behinds LegalThings One. Reading this paper requires some knowlegde of computer engineering.

A Live Contract is an agreement that is formalized as a Finite State Machine. LegalThings One runs Live Contracts and stores information in a provable, immutable way on a public decentralized storage.

For users that want to buy LTO we have set up a 4-step process. LegalThings One has chosen the Waves platform for storing, trading, managing and issuing digital assets. You can buy LTO by iDEAL, credit cards and different cryptocurrencies: Bitcoin, Bitcoin Cash, Ether, Ripple, Litecoin, Monero and Dash.

Since a smart contract is also self-executing, there is no possibility for any party to breach the the agreement. This means that there is no need for a trusted third party, no bankers, no lawyers, no judges. Right? Well yes, you can accomplish this, but it does mean some serious limitations.

"We show that the fundamental legal structure of a well-written financial contract follows a state-transition logic that can be formalized mathematically as a finite-state machine (also known as a finitestate automaton)."
— Mark D. Flood and Oliver R. Goodenough

Meet the Team

Advisors

Partners

More team members Buy LTO Tokens

Timeline

Past, present and future

The launch — with salmon and champaign

May 2014

Started in 2014 as platform to create, share and sign contracts in a digital way. After the success of our first company FIRM24.com, we believed that DTM (Document Transaction Management) would be the next big thing after ERP and CRM-systems.

Pushing the last commits while driving to the client

May 2015

We released the first version of the LegalThings platform. This version introduced a document and form builder, a document management system, advanced user and permission management and digital signing.

Pushing the last commits while driving to our first client.

Explaining how a process can be defined as Finite State Machine

Jan 2016

For FIRM24 we had created software to run the procedures behind an incorporation. Other customers were also interested in these digitized procedures. We did a small pivot, now focusing on digitizing the contracts as finite state machine, rather than just signing.

Looking at a hash

Sep 2016

We have explored different methods of providing proof of signed documents. While other parties relied on trust and certifications, we wanted a better solution. We started using the blockchain for proof of existence.

Working on registering states on Ethereum

May 2017

We experimented with Ethereum Smart Contracts and found out that it could only be used for self-enforcing agreements. Inherent constraints make them unusable for legally binding contracts.
Instead, we found a much better solution in using our FSM in combination with the blockchain.

Team with Dutch Minister of Justice, Stef Blok

Sep 2017

During the blockchain hackaton organized by the Dutch ministry of Justice and Security, we demonstrated that a whole law can be digitized as a FSM and stored on the blockchain. This won us the first prize in the event which included the assignment to create the first digitized Dutch law on the blockchain.

6 Dec 2017

Our token pre-sale starts on the 6th of December. For 24 hours, the pre-sale is open only for members. You can register to be whitelisted and participate in this members-only pre-sale. After the whitelist pre-sale, we'll continue with a public pre-sale.

Dec 2017

We'll launch the LegalThings One platform as beta. All token holders will be able to use the platform. New content, like (live) model contracts will be added in the coming months.

Q2 2018

All tokens represent the full capacity of the LegalThings One platform. During this sale we'll sell licenses (represented by LTO tokens) for the platform.

Q4 2018

We'll publish the Live Contract syntax as open standards under the CC-BY-SA license. Software to run Live Contracts will be available under the MIT license. This will allow third-parties to to create and run Live Contracts without relying on LegalThings One.

2019

To set precedence of the legality of data stored on the blockchain, we'll initiate trials in several countries. The following countries are candidates for these trials: United Kingdom, United States, India, Russia and the Netherlands.

View our customers

Token sale

Pre-sale token distribution

LTO sold
0

Token usage

Full node Required license
Full node with whitelabled environment Run a single full node with a whitelabled LegalThings One environment
100,000 LTO
Live Contract interactions (250 per week) Perform up to 250 interactions with Live Contracts per week per 250 LTO
1,000 LTO
Lease to the LTO foundation
User 1 user on a LegalThings One environment is allowed per 500 LTO
500 LTO
Live Contract interactions (100 per week) Perform up to 100 interactions with Live Contracts per week per 500 LTO
500 LTO
Create Live Contracts (5 per week) Create up to 5 Live Contracts per week per 1000 LTO
1,000 LTO
Live Contracts pre-package Get access to one set of Live Contract templates (HR-, Sales-, Software- or Rental contracts) per 10,000 LTO
10,000 LTO

Token distribution
Tokens are immediately available upon purchase. Excess tokens may be sold on the Waves Decentralized Exchange (DEX). You never spend LTO tokens, only trade, lease or hold them.

Running a full node
Organization you can host their own full node by HOLDing LTO tokens. As an enterprise, you can intergrate Live Contract with your existing software platform. As law firm or legaltech start-up, you can offer Live Contracts in addition to static contracts and other legal services.

Leasing your tokens
You may lease your tokens to any node, allowing them to increase their interaction limit. Organizations may reward you for this by paying (USD or crypto currency) or providing a free service. Leasing tokens to the node of the LTO foundation allows you to view and interact with your Live Contracts through independent means, so not relying on the system of the counter party.

Token distribution

LTO Token

The LTO token represents a license. Companies and governments need these tokens to create, run and interact with Live Contracts.

Token holders are able to use the platform and network as long as they hold the tokens. The license is transferable. LTO tokens may be resold to any interested party by any means.

Why are we releasing tokens for an existing project?

We believe that Live Contracts can have a positive change on the world. Accomplishing this requires mass adoption. By tokenizing our license, we want to create an incentive for early adopters and a reward for the community that helps us push this technology.

In the long term, we envision Live Contracts becoming something bigger than our company. The project should grow to a self-sustaining crypto-economy for storing ownerless data. The LTO tokens are a first step towards this vision.

Please read the full description of LTO token and functionality.

Pre-sale : 10,000,000
Company reserve : 10,000,000
Team and advisors : 18,000,000
Bounty program : 2,000,000
Public sale : 60,000,000

In the press

FAQ

About LegalThings One
About Live Contracts
Buying LTO
Trading LTO
Storing LTO

1. What is an LTO?

A LegalThings One (LTO) token represents a license and gives the holder a limited, non-exclusive, revocable license to interact with Live Contracts.

2. How many LTO will be sold?

There is a total supply of 100.000.000 LTO of which 70.000.000 LTO will be available to the market.

3. What happens if all the LTO sell out?

In that case the following scenario takes place: A company buys 100,000 LTO to run its own customizable install. When the popularity of the LTO platform grows, the LTO price will increase. The LTO Platform will stabilize the price for the service by decreasing the required number of tokens needed to run a service. In this case the price for a customizable install is decreased to 80,000 LTO. In this case, the Company can sell its excess 20,000 LTO tokens on the exchange and can still run its platform.

4. What is the difference between a coin like Bitcoin and LTO?

Bitcoin is just a digital coin. An LTO is a license that is going to be used to interact with Live Contracts.

5. Who are behind the LegalThings One project?

LegalThings was founded in 2014 by software and blockchain developer Arnold Daniels, tax lawyer Rick Schmitz and business economist Martijn Migchelsen.

1. Who can buy LTO?

Every private investor, company or government body can buy LTO.

2. What is the price of an LTO?

The pre-sale price of an LTO is $0,25. During the main sale, the price will increase to $0,50.

3. What currencies do you accept?

We accept:

  • Euro's (through iDeal & Credit Card)
  • USD (through Credit Card)
  • Bitcoin
  • Bitcoin Cash
  • Ripple
  • Monero
  • Dash
  • Litecoin
  • Ether

4. How can I buy LTO?

  1. Click on BUY LTO TOKENS
  2. Fill in your information
  3. Select your payment method
  4. Set your Waves wallet address
    *if you don't have a Waves wallet address, you can create one here
  5. SAVE YOUR SEED. This is very important
  6. Finish the transaction
  7. Go to waveswallet.io
  8. Click 'IMPORT ACCOUNT'
  9. Insert your seed
  10. Finalize your registration
  11. Depending on your payment method, your tokens should arrive within 2 hours after the import
    *note: Bitcoin will likely take longer due to the confirmation time

1. Do I need a wallet for my LTO?

Yes you need a Waves wallet to store LTO in. However if you don't have one currently, you can create a wallet when purchasing LTO.

Warning: Do not use an existing Waves wallet on an exchange. Waves wallets on exchanges do not support holding LTO.

2. Why do I need a Waves wallet specifically?

At the moment, a Waves wallet is the only wallet that can hold LTO. This will change in the future.

3. Can I use a hardware ledger?

Waves doesn't support hardware ledgers yet. This may change in the future.

1. When can I trade my LTO?

When the main token sale (our aim is for Q2 2018) starts, the LTO will become tradeable.

2. Where can I trade my LTO?

After the start of the main sale, you can trade LTO on the Waves Decentralized Exchange. Other exchanges will follow shortly after.

3. How does trading LTO compare to other cryptocurrencies such as Bitcoin?

There is no difference when it comes to trading. At the start of the main sale, you're limited to one exchange for trading however.

1. What is a Live Contract?

A Live Contract is a formal agreement that allows interactions from humans. It is formalized in a way that is understandable for both humans and computers. The contract only shows the rules and presents the available options.

2. What is a Token-as-a-License (TaaL)?

Contrary to traditional licensing, token based licensing allows you to use the same licenses for different products and when the need arises. As tokens are sold or purchased on exchanges, the license is also transfered, so more users can use the software for a limited time.

For more information read the article on Hackernoon.

3. How many tokens do I need for a service?

  • Platform access (500 LTO)
  • Create Live Contracts : 5 per week (1,000 LTO)
  • Interactions with Live Contracts : 250 per week (1,000 LTO)
  • Live Contract pre-package (10,000 LTO)
  • Full node with whitelabled environment (100,000 LTO)

For more information read our article on Medium.

Stay informed

Sign up for our newsletter to stay informed about the latest developments.

Social