187X Crypto Gem Lukso is all set to explode. Why? The big news is that Lukso mainnet launches tomorrow – May 23rd. What does this mean for Lukso ecosystem, especially its token Lyxe.
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What Is Lukso?
Lukso is creating the New Creative Economy. Think of this as a multiverse blockchain network and we need it because it is like actual internet where many things will come together, for example:
- Lifestyle industry
- Fashion – high-end brands
- NFTs 2.0
- Social Media
When we started writing the Whitepaper in 2018, we knew it was time for change and predicted a future we see unfolding today.
I’m excited to share my personal reflection on the ultimate blueprint for the New Creative Economy – LUKSO’s Whitepaper! 🔮✨https://t.co/ftJVkpbYGt
— Marjorie Hernandez (@m_h_d_v) February 3, 2023
This simply means, Lukso will easily attract millions of users. The team built Lukso from the ground up. It’s like Ethereum’s sister. It’s built on its protocol, not on its blockchain! Before we take a look at its mainnet event and Lyxe, let’s look at who founded Lukso. This is important because a strong team experienced team means a solid potential project that stays in game despite of bear markets. And that’s what Lukso is all about.
Meet, Fabian Vogelsteller and Marjorie Hernandez. Fabian was part of the Ethereum Foundation. A few of the things he built:
- The first official Ethereum Wallet.
- Web3.js, a tool that became the most used Java library.
- The ERC-20 token.
Tune in to CONTEXT with @blakefinucane of @boysclubcrypto where Co-Founder @m_h_d_v discusses how LUKSO provides tools for creative expression outside of traditional institutions, digital craftsmanship, building a brand in web3 and much more! 💭✨
🎧 https://t.co/BwTYpAbaGf pic.twitter.com/rEARLltrQ6
— LUKSO (@lukso_io) March 21, 2023
Marjorie is an entrepreneur and designer. She looks after the fashion part of Lukso. She also has her own website, Dematerialised (DMAT). Of course, built on Lukso. So, a very knowledgeable and established founder team. Now is the time to understand what is happening with Lukso on May 23rd.
LUKSO Mainnet and LYXe
On 23rd May, the Lukso mainnet is here. This is a big moment for the Lukso project. This also brings me to the LYXE token, the native token. However, the ‘e’ stands for Ethereum. So, once the mainnet is here, there will be a mechanism that will let you transfer LYXe to the Lukso chain. Here it will become LYX.
24 hours until LUKSO Mainnet officially launches! 🚀
Watch the first block of LUKSO Mainnet tomorrow at 4:20pm UTC 👇https://t.co/SAToLEmGcf
— LUKSO (@lukso_io) May 22, 2023
The current price is $12.01. Like the whole, its price is going slightly down. Over 1 year, it’s 114% up! The market cap is $187 million. There’s a finite supply of 100 million LYX. Currently, only 15.5 million circulate. However, during mainnet release, this amount will double. So, be ready for a possible temporary dump. That could be an accumulation time for you. Once again, this is not a financial advice and you must do your own research.
Lyxe’s ATH was $41.18. We are still 71% below that price. And it is one of the very few projects that has corrected only under 90% in this bear market. That’s a good thing! Now, if you are someone who gets into a project not just because it previously did some 200, 300X. If you are really an intelligent investor, you must try to understand what Lukso is actually building.
LUKSO & The Universal Profile
Let’s take a look at their Universal Profile (UP) and the LUKSO Standard Proposals (LSPs). That’s their core building block. When you create a Universal Profile (UP), it also creates a new wallet for you. That’s in your browser’s LocalStorage. Now you receive an email with an encrypted private key that’s embedded in a login link. This is only a temporary measure. The team is working on custom tools. Universal Profiles are also gasless. How’s that for a change?
Also, keep in mind, that MetaMask and hardware wallets don’t work with the UPs yet. However, if you already created a UP, Lukso will migrate this to the mainnet for you. Lukso based the UPs based on the ERC-725 account and the LSP3 standard. More on these soon.
Universal Profiles support transaction relay services.
A transaction relayer enables gas-less transactions by moving the gas cost burden away from the user to a third party service.
This mock relayer is an example that can be cloned to test how it works!https://t.co/NJ77TgdGHW
— LUKSO (@lukso_io) February 8, 2023
The ERC-725 token standard was also created by Fabian Vogelsteller. It proposes a unique identity standards protocol. It has both a generic key-value store and a generic execute function. In other words, it can hold keys and assets. This token can also add or remove data, without having to deploy a contract. It gives flexible contract storage. So, Vogelsteller used this token to base the LUKSO Standard Proposals (LSPs) on.
Let’s take a closer look at these LSPs. Before we go there, tell me, what do you think of Lukso? Do you see it become one of the leading blockchains? Drop me a line in the comments.
The LUKSO Standard Proposals (LSPs)
These LSPs all have different functions. Currently, there are at least 20 of them. They can all interact with each other. The LSPs are the core building blocks that Vogelsteller built Lukso on. For example:
- LSP0 (Zero) – That’s the ERC725 account. It’s the main LSP that kind of rules all LSPs.
- LSP3 – The Universal Profile metadata is here.
- LSP5 – Received assets. It shows you which tokens are in your account. You don’t need to add them, the LSP5 does this for you.
- LSP6 – Key manager. This allows various controllers to interact with the LSP0.
- LSP7 – Digital assets (tokens). The token contract that allows to create tokens.
- LSP8 – Digital assets (NFTs). The token contract that allows to create NFTs.
- LSP12 – Issued assets. This keeps track of issued assets.
So, as you can see, how great LSP0 is, the other LSPs compliment it and make it even better. It’s also flexible, you can always add new LSPs. You’re not stuck with something you designed 2 or 3 years ago. It also allows you to have an anonymous or a public account. This results in universal profiles, NFT 2.0, cultural currencies.
LSP smart contracts 0.8.0 are out, and its the biggest set of breaking changes we did so far, because 👉 mainnet is incoming.
If you build on LSPs, happy reading!https://t.co/FwkKL8oF6z
— Fabian Vogelsteller (@feindura) February 3, 2023
The NFTs are also special, they’re NFTs 2.0. They use the same ERC725 standard, LSP0. But you can attach various file formats. It’s also possible for multiple creators to work on 1 NFT. Or how about a reputation system, and you can also see who created it. As you can see, many exciting things are happening here.
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