lukso review

Ethereum has remained a Blue Chip blockchain for a considerable amount of time. Over time, blockchains like Solana, BNB Chain, Polygon, among others, have come up with innovative solutions that have further enabled growth. The Marketcap of such chains has increased considerably which tells us that the future will be multichain.

So, blockchains are nowadays customized to solve certain problems. For example, BNB Chain is known for its speed, while Solana is becoming increasingly popular with its NFT Projects. However, the fundamental problem remains unsolved. Nobody is solving the wallet issue. Onboarding into blockchains is complex for a new user. The concept of wallets, public keys, and private keys creates a roadblock where Lukso is providing a solution.

What is Lukso?

Lukso is built from the ground up. It has a series of standards and solutions for physical and digital consumer goods. It’s focused on fashion, gaming, design, and social media. The blockchain is designed for the metaverse and NFTs and focuses on creating a digital supply chain. Lukso runs with a Casper consensus algorithm (PoS) combined with an Ethereum Virtual Machine (EVM) execution engine.

Also, Lukso created a set of novel smart contract standards called LUKSO Standard Proposals (LSPs). It has 3 fundamental pillars:

1) Universal Profiles – Smart contract-based user or creator profiles.

  • Visual: Interactive blockchain-based accounts, Upgradeable Security, access control, and better social recovery.
  • Gas-less: Subsidized gas fees for early adopters.
  • Smart: Action on incoming assets and transactions. Track your tokens, move assets to vaults, etc.
  • Extensible: Creators can store specific information in the metadata of the NFT, Updates in metadata are also possible.

2) NFT 2.0 – Extensible and composable NFTs with Universal Profiles.

  • Authentic: Verify the authenticity of NFTs by other smart contracts.
  • Safer: Restrict the NFTs sent to Universal Profiles that can work with them, preventing the lock of NFTs.
  • Unlimited Metadata: Can now store identifiers in the form of strings, numbers, or bytes (32 bytes).
  • Updatable: NFT Metadata can update or change over time.

3) Cultural Currencies – Extensible Tokens beyond DeFi. Introducing social blockchain.

  • Token Icons: Add metadata, description, links, and icons directly in the token contract.
  • Batch Transfers: Transfer NFTs in batches, reducing gas costs.
  • Notifications: Get notified for transfers (senders and receivers)
  • Unified: Easy to work with both types of assets, NFTs (LSP8) and Tokens (LSP7).

The LYX Token

LYX is the native token of the LUKSO Blockchain and is required to secure its decentralized infrastructure. You can use LYX to pay transaction fees and stake to participate in block production.

Also, “LYXe” is the wrapped version of LYX on the Ethereum Blockchain and is the token that the reversible ICO returned. So, once the LUKSO mainnet starts, there will be a migration of LYXe to LYX on the LUKSO Blockchain. Both tokens, LYXe and LYX, represent the same asset but on different Blockchain networks.

Positive Things of Lukso
  • The founder of Lukso, Fabian Vogelsteller, is also the creator of ERC-20 and ERC-725 token standards.
  • Big names sit on the board of Advisors Daniel Heaf – Nike – Vice President Digital Dr. Berndt Hauptkorn – CHANEL – President of Europe Caroline Drucker – Instagram – Head of Strategic Partnerships EMEA David Fischer – Highsnobiety – Founder & CEO
  • Lukso is already well-networked with the bigshots of the industry

What to Concern About Lukso

Only 15% of the total supply of LYX is circulating. The supply will double during the mainnet launch. Brace up for a possible temporary dump.

Upcoming Milestones on Lukso

The community is waiting for the upcoming mainnet. However, there are 2 important things the project needs to work on:

  • Legal Set Up for mainnet launch
  • Create the LYXe to LYX bridge
Important Lukso Alpha Projects

6 important Lukso ecosystem projects you should follow. The order in priority from highest to lowest:

  1. The Dematerialized – Marketplace. Extremely Popular. Hosts big brands. Will be a future game-changer. Cant trade yet.
  2. Universal Page – Build your personalized website and sell digital assets directly to your audience.
  3. Keez Protocol – Create a DAO, propose, and vote.
  4. Lukso Me – Name Service
  5. Lookso – A decentralized social feed combining user-generated content with blockchain events

Finally, Lukso is currently in L16 Testnet. The browser extension is available here.

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