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Enter the World of LUKSO: A New Blockchain for Creative Minds
Fabian Vogelsteller, the inventor of the ERC-20 token standard, is launching a new blockchain called LUKSO. Vogelsteller, a self-taught German programmer who helped shape the Ethereum ecosystem in its early days, is now focused on creating a blockchain that caters to the creative, fashion-oriented, and art-world communities. According to Vogelsteller, existing blockchains still need to meet the needs of these communities, leaving a gap that LUKSO aims to fill.
LUKSO will have a window of opportunity for validators to join the network, and validators can join through the Genesis Validator Smart Contract Deposit. The Genesis Validator Deposit Smart Contract will allow users to deposit LYXe, an ERC-20 token that went live in a reversible ICO round in June 2020, to become a genesis validator. Once the main net goes live, LYXe will be converted to LYX, the native token for LUKSO.
Each validator on the LUKSO blockchain needs to lock up 32 LYXe to participate in the block validation process. This is similar to the 32 ETH required to be “staked” on Ethereum to participate as a validator. Validators will play a crucial role in the LUKSO blockchain, as they will verify and add transactions.
#Ethereum veteran @feindura is launching a new blockchain for creative types, @lukso_io, and the genesis validator smart contract deposit will go live in the next few weeks, @cryptauxmargaux reportshttps://t.co/w1lUZV0lqn
— CoinDesk (@CoinDesk) April 5, 2023
Just like Ethereum was born out of Bitcoin, LUKSO will be born out of Ethereum. The Genesis Validator Deposit Smart Contract will be deployed on the Ethereum blockchain in the coming weeks, allowing validators to join the LUKSO network. LUKSO aims to offer a range of features that will appeal to creative types, including non-fungible tokens (NFTs), decentralized identities, and decentralized marketplaces.
The rise of NFTs has highlighted the need for a blockchain that can cater to the unique needs of the creative community. With LUKSO, Vogelsteller hopes to provide a platform that allows creators to showcase and monetize their work while maintaining control over their intellectual property. Vogelsteller’s expertise in creating the ERC-20 standard, which has become the blueprint for creating tokens compatible with the Ethereum blockchain, gives him a solid foundation for building LUKSO.
Overall, LUKSO is an exciting development in the blockchain space, and it will be interesting to see how it develops and grows over time. As the blockchain ecosystem continues to evolve, it is clear that there is a growing need for blockchains that can cater to specific communities and use cases. LUKSO is poised to fill an important niche in this space.
