lukso review

A blockchain built completely from the ground up. At the helm is the creator of Ethereum’s ERC-20 and ERC-725 standards. Lifestyle and digital fashion with luxury brands has their focus. Add to this NFTs, Web3 gaming and the metaverse.

At the core of their project is the Universal Profile. Users of Lukso projects don’t need to create seed phrases. You don’t need to go to an exchange to buy the native token first. And there’s no need to sign transactions. 

Are you getting excited? Most certainly I am excited about this project. We’re talking about Lukso and its LYX token. We already tagged them as a gem, over a year ago. See our dedicated video about them. It’s time to have another look at them, with their mainnet being imminent.

LUKSO’s Background

Fabian Vogelsteller and Marjorie Hernandez founded Lukso back in 2017. They’re also a married couple. Fabian came straight out of Ethereum, where he created the ERC 20, ERC-725 tokens, and web3.js.

  • ERC-20 is the standard for all ETH tokens. It also started the ICO wave and stood at the cradle of DeFi.
  • ERC-725 is a proposed standard for blockchain identity. There’s more on blockchain identity coming up.
  • Web.3js is the most used library for JavaScript on blockchain.

Marjorie is an entrepreneur, architect, and expert in design, technology, and blockchain. She’s also an experienced product expert and excels in brand strategies. Lukso targets lifestyle, art, and fashion. Various luxury brands are already lined up with Lukso. They see Lukso as the New Creative Economy.

So, let’s have a look at what the Universal Profile is and why it is so important. It’s part of the 3 core building blocks:

Universal Profile in LUKSO

These form the core of Lukso. They are interoperable blockchain-based profiles. This makes passwords or usernames a thing of the past. Instead, you have a universal login. Most importantly, you have full control over your virtual assets and identity. As a result, onboarding new users, brands, or creators, becomes easy and simple. 

You can also choose between an anonymous or public profile. They are also gas-less. This leads us to the next core building blocks of Lukso, the LSPs.

LSPs or Lukso Standards Proposals

Devs can add different levels of access to a Universal Profile. They can do this with LSPs. These are also an essential and integral part of Lukso. They are the Lukso Standard Proposals. There are various LSPs. These LSPs are the core building blocks on Lukso. They have a variety of functions, for instance:

  • Increasing user-friendliness and functionality.
  • Standardize identity.
  • Represent assets.
  • Interact with smart contracts.

They are also flexible and extensible. Meaning that they will be able to accommodate new use cases. Even use cases that haven’t seen the light of day yet. And this makes the circle round again because LSP0 is an ERC-725 account. I just described what an ERC-725 is. So, here are some of the LSPs and what their function is:

  • LSP0 or the ERC725 Account. It allows you to transfer assets or attach information to a smart contract. 
  • LSP1 is the Universal receiver. This notifies you about in- and outgoing transactions. But it does more, for example, you can reject assets or tokens.
  • LSP5 keeps track of all your digital assets. It’s your portfolio.
  • LSP7 deals with Digital Assets or tokens. 
  • LSP8 – Identifiable Digital Asset. These are the NFTs or NFT 2.0. NFTs are an important part of Lukso. The Lukso NFTs will have unlimited metadata. In addition, this metadata can change or update over time. You can also batch transfers. NFTs will be a focal point for Lukso. How exciting is that?

Cultural Currencies

So, in other words, these LSPs take care of everything that is going on within the Lukso blockchain. And of course, all LSPs are interoperable. There are also Cultural Currencies. These are extensible tokens beyond DeFi. They’re part of introducing social blockchain. 

It also shows the importance of building Lukso from scratch. No other blockchain has anything like this. Nothing like the Universal Profile or the LSPs. And on top of all this, Lukso will also offer gas-free transactions. So, do you already have your Universal Profile?

The Mainnet Is Coming to LUKSO

Currently, Lukso is in the 3rd version of its testnet, L16. L14 launched in 2019. They used this for building and testing. For instance, this saw the creation of 15,000 Universal Profiles. And Marjorie is also owner of ‘The Dematerialised’. This is an expiriential marketplace of virtual goods. In other words, phygital fashion assets. Lukso wants to shine in the phygital space. The Dematerialised launched NFT sales in 2021 with brands like:

Lukso will keep working with similar luxury fashion brand names. L15 launched in 2021. Its goal was to connect the execution chain with the consensus chain. They used the Lukso Orchestrator for this. However, after 2 weeks, the chain stalled. But, Ethereum had already connected both chains, so they were saved by the bell.

L16 launched in 2022 and is still up and running. This is a Proof-of-Stake network. It’s also the last testnet before the mainnet launches. There’s a browser extension, but this doesn’t work when MetaMask is installed. However, an update on the mainnet is due on 22nd January. It’s expected that the team will reveal the mainnet launch date. Part of this wait is the legal set up for the mainnet.

Some alpha projects that currently already run on Lukso, besides the Materialised, are,

  • Universal Page — Build your personalized website and sell digital assets directly to your audience.
  • Keez Protocol  —  Create a DAO, propose, and vote 
  • Lukso Me — Name service
  • Lookso — A decentralized social feed combining user-generated content with blockchain events

Since this announcement about the mainnet, the Lukso token, LYXe, saw some positive price action. 12 Over the last 30 days, the price of the LYXE token went up by 55.9%. LYXe is the token that you can buy on Ethereum. 

More About LUKSO

Once the mainnet goes live, there will be a mechanism to swap LYXe for LYX 1:1. Most likely this will be a bridge. LYX is the native token on the Lukso blockchain. There’s also LYXt, this is the testnet token and has no value. However, currently only 15% of tokens circulate. This will double once the mainnet goes live. So, a temporary price dump may be in the cards.

Furthermore, once the mainnet goes live, you can start staking the LYX token. For this, they use Casper FFG consensus mechanism. Or, Casper the Friendly Finality Gadget, the next generation PoS. Lukso is also EVM compatible, so devs can use all Ethereum1 tools. On the other hand, it may well be that Lukso becomes the first blockchain that can work with the new ETH2 PoS algorithm. For this, it will combine Casper and EVM.

All this looks exciting to me. Let me know what you think about Lukso. Do you see a bright future for this project, similar to what I see? 

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