LUKSO

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Discover LUKSO's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is LUKSO?

LUKSO (LYX) is a layer 1 blockchain and cryptocurrency designed to revolutionize the creative economy, particularly in the fashion and lifestyle industries. It aims to provide a platform for creators, designers, and brands to tokenize their intellectual property, digital assets, and products. The blockchain utilizes a Proof of Stake consensus mechanism and features innovative standards such as Universal Profiles, which enable interoperable blockchain-based identities and simplify the onboarding process for Web3. LYX is the native cryptocurrency used for transaction fees, governance, and staking on the network.

How is LUKSO used?

LUKSO (LYX) is the native utility token of the LUKSO blockchain, designed to support the new creative economy by empowering creators, designers, and lifestyle experts. Here are the key ways LYX is used:

  1. Staking and Validation: Validators use LYX to secure the network and participate in the consensus mechanism, ensuring the integrity and stability of the blockchain.

  2. Transaction Fees: LYX is used to pay for transaction fees, similar to how Ether (ETH) is used on the Ethereum network.

  3. Tokenization of Assets: LYX enables the tokenization of high fashion and lifestyle items, allowing users to upload relevant information and receive a tokenized ownership token. This token includes vital details such as origin, launch date, designer, materials used, and other key details.

  1. Design Spaces and Communities: LYX facilitates the creation of design spaces, which are digital environments centered on tokenized assets and shared goals. These spaces enable designers and creators to raise funds globally and build new digital experiences.

  2. Passive Income: LYX can be staked for passive returns, which are paid out in the same token, providing an incentive for users to participate in the network's validation process.

  3. Interoperability and Smart Contracts: LYX is used to interact with the LUKSO blockchain's smart contracts, which are designed to be highly extensible and readable. This allows for complex automation and the integration of Universal Profiles, enhancing user experience and usability.

Overall, LYX is the core token that drives the LUKSO ecosystem, enabling a wide range of functionalities and use cases focused on the creative economy.

How do I store LUKSO?

To store LUKSO (LYX) tokens, you can use various wallets that support the Ethereum Virtual Machine (EVM) blockchain. Here are some options:

  1. MetaMask: MetaMask supports LUKSO, allowing you to manage your LYX funds directly within your web browser. You can add LYX to MetaMask like any other ERC-20 token.

  2. Hardware Wallets: Ledger, Trezor, and other hardware wallets capable of storing ERC-20 tokens can be used to store LYXe, which is LYX on the Ethereum blockchain. For Ledger users, you need to download the Ethereum app on your Ledger device.

  3. Other Wallets: You can also use wallets like Trust Wallet, imToken, TokenPocket, and iToken Wallet, which support LUKSO.

  1. Custom Network Setup: To use your hardware wallet with MetaMask, you need to connect your hardware wallet to MetaMask, add LUKSO as a custom network, and switch the network to "LUKSO".

These wallets provide a secure and convenient way to store your LUKSO tokens.

How to buy LUKSO?

To buy LUKSO (LYX) tokens, follow these steps:

  1. Decide on an Exchange: Choose a reputable cryptocurrency exchange that supports LYX, such as Uphold, KuCoin, Gate.io, CoinEx, or MEXC.

  2. Create an Account: Sign up for an account on the chosen exchange, verifying your email address and identity.

  3. Make a Deposit: Fund your account using a debit card, credit card, wire transfer, or Bitcoin.

  1. Buy LYX: Use your deposited funds to purchase LYX tokens.

Additionally, you can use Transak to buy LYX with fiat currency in five effortless steps:

  1. Select Fiat Currency: Choose your fiat currency and enter the amount you want to spend.
  2. Choose Payment Method: Select a payment method and see the equivalent LYX amount.
  3. Input Wallet Address: Enter your LYX-supported wallet address.
  4. Verify Information: Login with your email and verify your information.
  5. Complete Payment: Finish the payment using credit cards, Apple Pay, Google Pay, or bank transfer to receive LYX in your wallet.
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History of LUKSO

LUKSO (LYX) has a rich history that began in 2017 when it was founded by Marjorie Hernandez and Fabian Vogelsteller, a prominent developer known for creating the ERC-20 token standard on Ethereum. The project aimed to create a blockchain network tailored to the emerging creator economy, focusing on lifestyle, fashion, games, and creative use cases.

Public Funding and Token Creation

In 2020, LUKSO conducted a public funding event using a Reversible Initial Coin Offering (rICO) on the Ethereum blockchain. This innovative approach allowed participants to purchase LYXe tokens over an eight-month period without a commitment to the entire process. Buyers could discontinue their participation and have their remaining Ether returned at any time. The rICO received nearly 10,000 Ether in funding.

LYXe Token and Genesis Deposit Contract

The LYXe token was created on the Ethereum blockchain as part of the rICO. It served as the preliminary representation of LYX before the mainnet launch. The Genesis Deposit Contract was used to prepare the mainnet launch, allowing validators to deposit LYXe and vote for the initial coin supply. The contract featured checks to prevent duplicate deposits and allowed for a freeze with a delay function to give validators time to prepare.

Mainnet Launch and Token Migration

On May 23, 2023, the LUKSO mainnet was launched using the genesis files created from the deposits on Ethereum. The LYXe token was later migrated to LYX, the official coin of the LUKSO blockchain, using the LUKSO Migration Bridge. This migration marked a significant milestone in the project's history, transitioning from its Ethereum-based token to a native coin on its own blockchain.

LUKSO Network and Features

The LUKSO network is a Layer-1 blockchain designed to provide distinct security, interoperability, and adaptability advantages. It is built using the Ethereum EVM stack and is compatible with other EVM-based blockchains. The network focuses on enhancing user experience through the integration of Universal Profiles, digital certificates, and economic communities. These features aim to redefine how assets are managed, collections are showcased, and brands are experienced.

Current Status and Future

Today, LUKSO continues to evolve as a platform, offering a range of innovative features and tools for developers and users. The project's focus on the creator economy and lifestyle use cases sets it apart from other blockchain projects. As the ecosystem grows, LUKSO is poised to become a significant player in the blockchain space, driving innovation and adoption in the years to come.

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How LUKSO works

LUKSO (LYX) is a Layer-1 blockchain network designed to support the new digital lifestyle and creative economies. It is built using the Ethereum EVM stack, making it compatible with any other EVM-based blockchains. This compatibility allows developers familiar with the Ethereum toolchain to easily use LUKSO without significant changes to their workflow.

Key Features
  1. Universal Profiles: LUKSO introduces Universal Profiles, which are interoperable blockchain-based profiles that enable verifiable identities in the digital world. These profiles allow for universal logins, eliminating the need to remember multiple usernames and passwords while maintaining full control over virtual assets and digital identities.

  2. Digital Twin Technology: LUKSO maps physical commodities to virtual networks through digital twin technology, ensuring authenticity and uniqueness in virtual commodities. This technology also allows for the tracking of physical commodities by configuring traceable chips on the network.

  3. Tokenomics: The LYX token is the native utility token of the LUKSO blockchain. It is used to pay for transaction fees and is required for validators to participate in securing the network. The token supply is capped at 42 million, with an initial distribution of 37% in circulation, 27% allocated to the foundation for network maintenance, and 36% reserved for future supply.

  1. Reversible ICO (rICO): LUKSO pioneered the rICO, a new form of ICO that allows investors to reserve tokens and purchase them over time without price risk. This mechanism ensures a level of trust and security not found in traditional ICOs.

  2. Smart Contract Standards: LUKSO supports advanced smart contract standards such as LSP8 for identifiable digital assets and LSP7 for digital asset NFTs. These standards enable complex smart contract automation and allow NFTs to evolve post-minting.

  3. Transaction Relayer: The LSP6 Key Manager allows for relay transactions, enabling third parties to pay for a user's transaction fees. This feature makes it possible for users to interact with the LUKSO blockchain without needing initial funds.

  1. Sustainability: LUKSO is a Proof of Stake (PoS) blockchain, which uses significantly less energy compared to Proof of Work (PoW) blockchains. This makes it a more sustainable option for the environment.
Migration and Compatibility

LUKSO has three tokens: LYX, LYXe, and LYXt. LYX is the official coin of the LUKSO blockchain, LYXe is the token on the Ethereum blockchain used for the rICO, and LYXt is the test token used on the LUKSO test network without monetary value. A migration bridge is available to migrate LYXe to LYX.

In summary, LUKSO is a blockchain network that integrates innovative smart contract standards, Universal Profiles, and digital twin technology to create a new digital economy. Its token, LYX, is used for transaction fees and network security, and its sustainable PoS consensus mechanism makes it an environmentally friendly option.

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LUKSO's strengths

The token LUKSO (LYX) has several strengths that make it a promising investment opportunity:

  1. Utility Token: LYX is the native utility token of the LUKSO blockchain, which allows users to participate in securing the network by staking it. This utility token is essential for validators to secure the network and for users to interact with LUKSO features.

  2. EVM Compatibility: LUKSO is EVM-compatible, making it easy for developers familiar with the Ethereum toolchain to use and build on the platform. This compatibility ensures that all Ethereum tools can be used seamlessly on LUKSO.

  3. Security and Transparency: The LUKSO blockchain is designed to be transparent, resilient, and neutral. It leverages blockchain technology to ensure that all transactions are unalterable and transparent, which is particularly important for high-value items like luxury goods.

  1. Tokenization and NFTs: LUKSO enables the tokenization of fashion and lifestyle items, allowing users to upload information about their items and receive a tokenized ownership token. This token includes vital details like origin, launch date, and materials used. Additionally, LUKSO supports advanced NFT standards like LSP8 and LSP7, which enable complex smart contract automation and multiple creators.

  2. Supply Chain Management: The platform improves supply chain management by leveraging a decentralized infrastructure, making it easier to track items and prove ownership. This is particularly useful in the fashion industry, where counterfeit items are a significant problem.

  3. Sustainability: LUKSO is a Proof of Stake (PoS) blockchain, which uses significantly less energy compared to Proof of Work (PoW) blockchains. This makes it a more environmentally friendly option.

  1. Innovative Standards: LUKSO has introduced innovative standards like the Reversible ICO (rICO) and the LUKSO Standard Proposals (LSPs), which enhance the user experience and provide new features for developers and users alike.

  2. Strong Team: LUKSO was co-founded by Fabian Vogelsteller, a respected developer in the blockchain sector who created the ERC-20 token standard and other significant upgrades to Ethereum. This experienced team brings credibility and expertise to the project.

These strengths position LUKSO as a versatile and innovative platform that can bring significant value to the fashion and lifestyle industries, making it an attractive investment opportunity.

LUKSO's risks

LUKSO (LYX) carries several financial risks that investors should be aware of. One of the primary risks is the high volatility of the cryptocurrency market, which can lead to rapid losses due to decentralized and non-regulated markets. Additionally, LUKSO has been given a high risk assessment by InvestorsObserver due to its recent price movements and market capitalization changes, indicating that it can be easily manipulated by limited trading activity. The token has also experienced significant price drops in the past, such as a 70% decline over a year, and has underperformed many other top crypto assets. These factors contribute to a high-risk profile for LUKSO, making it essential for investors to carefully consider their investment decisions and be prepared for potential losses.

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Did LUKSO raise funds?

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LUKSO’s team

  • Fabian Vogelsteller: A blockchain veteran and co-founder of LUKSO, known for creating the ERC-20 token standard on Ethereum. He was part of the Ethereum Foundation and helped shape the Ethereum space by building the official Ethereum Wallet and other tools.
  • Marjorie Hernandez: A multi-faceted innovation and product expert, co-founder of LUKSO, and a trained architect. She has experience in art direction, brand strategy, and digital transformation, having led EY’s Innovation Lab in Berlin.

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