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What is LUKSO? Understand LYX Token in one article
LUKSO is a Block chain platform designed for digital identity, fashion, and creative applications, aiming to drive new standards in the digital and lifestyle industries.
The modern lifestyle industry is undergoing rapid transformation, requiring creators to coordinate projects more efficiently, interact with consumers, and achieve automated interactions. This transformation is reshaping the way assets are managed, series are showcased, and brand experiences are created. By providing new avenues for shaping trends and unleashing creativity for creative professionals, a system that connects originally fragmented industries enhances collaboration and interaction. This technological platform opens up space for the development of innovation and future creative work. LUKSO is the pioneering platform driving this transformation in the creative industry.
What is LUKSO (LYX)?
LUKSO is a blockchain platform founded by Fabian Vogelsteller and Marjorie Hernandez, dedicated to serving the modern digital lifestyle industry, covering fields such as fashion, gaming, design, and social media. The project is led by the Foundation for New Creative Economy (FNCΞ) and is committed to building a sustainable, Ethereum Virtual Machine-compatible Block chain platform.[EVM]The first layer Block chain of Ethereum Virtual Machine (EVM), aiming to drive innovation in the creative field.
LUKSO's roadmap begins with the Testnet launch in July 2023, supporting the migration of Smart Contracts and complying with the updated LSP standards. In September 2023, the Mainnet privately launches the Genesis Non-fungible Token, allowing early users to enter LUKSO's Universal Page ecosystem. After the public launch of Mainnet, the platform is open to all users, allowing exploration of comprehensive functionalities without the need for Genesis Non-fungible Tokens. This significant development greatly expands the platform's user base.
Fabian Vogelsteller, the founder of LUKSO, played a key role in the early development of Ethereum, contributing to core blockchain standards such as ERC20 and ERC725. Marjorie Hernandez, with her background in fashion and technology, turned this vision into reality by cleverly integrating blockchain with the creative industry. Together, they have built LUKSO into a leading blockchain in the creative field, driving innovation and opening up new avenues for digital creators in the age of digitalization.
How does LUKSO work? Digital ecosystem and ConsensusAlgorithm
The LUKSO network is building a digital ecosystem that combines identity recognition, virtualization, and tokenization, reshaping the future of creative industries such as fashion, gaming, and design. LUKSO's core vision is to provide tools for creators, consumers, and brands to innovate their interactions, transactions, and collaborations in the digital environment. With the rise of tech-savvy consumers, especially millennials and Gen Z, there is an urgent need for a more integrated and collaborative digital environment to achieve seamless interaction between the physical and digital worlds. LUKSO is dedicated to connecting these worlds and creating a platform that transcends traditional industry boundaries, bringing creators and consumers closer together.
Identity recognition is the first key pillar in the LUKSO digital ecosystem. digital identity is the foundation of establishing a transparent and trustworthy network where creators, products, and consumers can interact safely. These identities allow individuals and organizations to establish their presence on-chain and verify through immutable Smart Contracts on the Block. This ensures that participants have complete control over their digital identity, allowing for Decentralization of self-sovereign identity management, rather than being controlled by any centralized institution. In addition, these identities are portable, cross-platform, and interoperable, allowing users to seamlessly carry their reputation and credentials across different environments.
Virtualization is the second pillar. In the LUKSO ecosystem, products and experiences are not limited to the physical world. Virtualization allows for the creation of "phygital" collections - physical items with unique digital identity - and fully digital products. These digital experiences are crucial for the fashion industry, as virtual clothing can be used in virtual environments such as games or social media. By promoting the coexistence of physical and virtual products, LUKSO enhances the user experience, allowing consumers to own, showcase, and trade their assets in both physical and digital environments. Virtualization also enables creators to develop immersive experiences, allowing users to interact with products in new creative ways.
Tokenization is the third pillar, essential for the democratization of value creation and distribution in the digital ecosystem. It allows brands, creators, and communities to conduct their on-chain issuance of Tokens on the LUKSO Block, which can be used as Digital Money, reward systems, or governance tools. As cultural currencies, these Tokens enable communities to participate in collaborative decision-making, voting, and value exchange. For example, Token holders may gain exclusive event participation rights, limited edition products, or exclusive community access. The Token economy helps to maintain consistent incentives among participants, fosters closer relationships between creators and audiences, and drives the circulation of value within the ecosystem.
LUKSO's digital ecosystem, relying on identity recognition, virtualization, and tokenization, provides a foundational layer for the thriving development of the creative industry. It creates a trustworthy, Decentralization environment where all participants - creators, brands, and consumers - can interact, transact, and innovate across traditional boundaries. By leveraging blockchain technology, LUKSO not only promotes a more transparent and secure market but also lays the foundation for the future of digital creativity.
Consensus Algorithm
The Consensus Algorithm of the LUKSO blockchain ensures the smooth operation of the Decentralization network, verifies transactions, and maintains security in the absence of central authority. LUKSO initially adopted the HoneyBadger Byzantine fault tolerance（01928374656574839201BFT）Consensus Algorithm, the algorithm is optimized for asynchronous environments, suitable for expected network delays and failures. The HoneyBadger BFT model is particularly suitable for the unpredictability of the Decentralization environment, ensuring that even if some network nodes fail or operate maliciously, Consensus can still be reached.
One key aspect of the LUKSO Consensus model is its delegated Proof of Stake (DPoS) system. This system allows users to delegate their voting rights to validators responsible for verifying transactions and creating new blocks. The floating validator set determined by smart contracts makes the Consensus mechanism more dynamic and scalable. Validators are selected based on their reputation and stake in the network, which incentivizes them to stay honest. The community can vote to eliminate malicious or unresponsive validators to ensure the integrity of the blockchain.
Using the Ethereum Virtual Machine (EVM) on the LUKSO network further enhances the flexibility and scalability of the Consensus Algorithm. The compatibility of EVM enables LUKSO to leverage the proven infrastructure of Ethereum, including its Smart Contract functionality. This allows developers to build decentralized applications (01928374656574839201DApp）and easily deploy Smart Contracts, fully utilizing the vast ETH ecosystem. The decision to adopt the EVM ensures interoperability with other blockchains and benefits from the continuous improvement of the Ethereum ecosystem for LUKSO.
In addition, the Consensus Mechanism is designed to handle various creative and business use cases, covering everything from the management of digital identity to the promotion of complex Token economies. Smart Contracts on LUKSO can automate a variety of processes, including executing transactions and handling the governance of Decentralization organizations. This not only reduces reliance on intermediaries, but also reduces Transaction Costs and accelerates operations. Taking tokenization as an example, the Consensus Algorithm ensures the security and transparency of ownership transfer, whether it is a physical item or a digital asset.
The HoneyBadger BFT Algorithm and DPoS system are not only highly secure and efficient, but also provide strong resistance to network attacks and ensure a high level of fault tolerance. LUKSO's Consensus Algorithm ensures blockchain integrity and reliability even under adverse conditions by decentralizing network control to a group of validators. This level of security is crucial for digital ecosystems involving sensitive data, identities, and assets.
LUKSO's Consensus Algorithm - a fusion of HoneyBadger BFT and DPoS - lays a scalable, secure, and robust foundation for the network. The integration of EVM further ensures flexibility, enabling developers to create innovative decentralized applications while safeguarding the integrity of the network.
Application Scenarios of LUKSO
LUKSO is a blockchain platform designed for the creative industry, providing unique use cases in the fields of fashion, design, and digital ownership. It cleverly connects the physical and digital worlds, while empowering creators and consumers with more power.
The application scenarios of LUKSO promote collaboration, transparency, and the spirit of innovation in the creative economy.
Main Functions of LUKSO
LUKSO is an innovative Block chain platform dedicated to connecting the creative industry with Decentralization technology. Its core function provides strong support for the fashion, design, and lifestyle sectors, driving innovation and development in these industries.
Programmability Blockchain: EVM
LUKSO utilizes the Ethereum Virtual Machine (EVM) to enable users to easily create smart contracts and decentralized applications (DApps). These self-executing contracts eliminate ambiguity and automate secure transactions. By integrating with the powerful infrastructure of Ethereum, LUKSO ensures compatibility with existing blockchain tools, facilitating efficient collaboration and innovation in the creative industry. This approach not only drives the development of unique DApps but also empowers creatives to fully leverage blockchain technology while benefiting from Ethereum's rich resources and tutorial ecosystem.
Domain-specific Blockchains
LUKSO's domain-specific Block chain is tailored for the fashion and lifestyle industry, with a focus on scalability and adaptability. Compared to general Block chains, it provides creators with an exclusive environment to freely collaborate and develop Block chain applications that meet specific needs. This approach not only improves network efficiency but also enables creative individuals to innovate and build without the constraints of a general system. LUKSO's exclusive ecosystem facilitates seamless interaction between designers, brands, and consumers, providing a more customized and efficient Block chain experience for the creative industry.
Data Privacy
LUKSO protects data privacy through an anonymous system, allowing users to have full control over their personal information. With advanced encryption technology, users can autonomously decide which data to share and with whom when using decentralized applications. This approach maintains privacy without compromising platform functionality, ensuring that users can participate in the ecosystem securely. LUKSO minimizes unnecessary information exposure, enabling users to confidently interact and safeguard their sensitive data in a decentralized and transparent environment.
Network Scalability
LUKSO addresses the scalability issue of blockchain by optimizing vertical and horizontal scalability. The network can process millions of transactions per day, ensuring reliable performance in various use cases. LUKSO's future scalability will benefit from the progress of Ethereum, allowing it to grow with the expansion of the ecosystem without sacrificing speed or security. This approach ensures that LUKSO can meet the rising demand and maintain efficient operation, adapting to the wide application in the creative industry. Through continuous improvement, LUKSO will stay in sync with the ever-changing needs of users.
Stake Launch Platform
LUKSO's stake launch platform allows users to become validators, which is crucial for ensuring network security and receiving continuous rewards. LUKSO's validators mechanism is similar to Ethereum's Proof of Stake Consensus, ensuring the network's scalability, sustainability, and security. Becoming validators requires running execution and Consensus clients to ensure the security of the LUKSO blockchain. Validators earn rewards by assisting the network in reaching Consensus, playing a crucial role in building a secure future for LUKSO. The platform provides tools such as testnets and anti-phishing guides to help users prepare adequately before staking real LYX Tokens.
LUKSO Ecosystem
The LUKSO ecosystem empowers creation through decentralized platforms, promotes innovation, and enables users to control digital spaces.
Universal Page
Universal Page provides a user-friendly platform for creators to build custom Web3 stores for digital assets. Users can mint and personalize pages based on Non-fungible Tokens, and directly showcase and sell collections from branded pages without the need for programming knowledge. The platform supports the Non-fungible Token 2.0 standard, ensuring the security, upgradability, and on-chain reputation building for creators. This feature-rich environment eliminates gas fees, making it friendly for both experienced and Newbie digital artists, and has excellent scalability within the LUKSO ecosystem.
Universal Swaps
Universal Swaps is the Decentralized Finance platform of LUKSO, supporting users to swap tokens and provide liquidity. The platform incorporates social elements, allowing users to follow others' swap activities, thereby enhancing community interaction. Developers can build Decentralized Finance applications and tools on the secure and scalable network of LUKSO. Liquidity providers earn fees by participating in swaps, driving a vibrant economic ecosystem. Universal Swaps seamlessly integrates Decentralized Finance capabilities, encouraging developers and token holders to actively participate in LUKSO's expanding financial ecosystem.
The Dematerialised
The Dematerialised is a digital fashion market dedicated to transforming the fashion industry through sustainability and inclusivity. It operates on the proof-of-stake blockchain of LUKSO, enabling designers and brands to create energy-efficient Non-fungible Tokens, reducing carbon footprint by 99% compared to traditional methods. The platform empowers creators to challenge traditional business models, providing transparent and fair ownership and distribution. The Dematerialised emphasizes accessibility, allowing global users to participate in digital fashion, creating an innovative and ethically responsible market.
Common Ground
Common Ground is a Decentralization social platform dedicated to creating a fair and user-centric community. It values privacy and data ownership, allowing users to control their own information and avoid the impact of invasive Algorithm. The platform cleverly integrates on-chain primitives, including community Token, smart Wallet, and Decentralization governance, through real-time communication tools. Common Ground adopts a collaborative model, encouraging user participation in the decision-making process to promote inclusivity and collective growth. Its goal is to connect global communities, redefine social interaction, and prioritize collaboration and transparency in the digital age.
What is LYX coin?
LYX is the native Cryptocurrency of the LUKSO blockchain, used for transactions and governance. Its total supply is 42,115,182 coins, and as of September 2024, 30,535,907 coins are in circulation.
LYX plays a crucial role in maintaining network security and functionality. It serves as the 'fuel' for transactions, Smart Contract execution, and stake, while also ensuring decentralized governance and incentivizing validators to maintain network integrity. Prior to the launch of the LUKSO Mainnet in 2023, LYXe, as an ERC-20 token on the Ethereum network, served as the predecessor to LYX. LYXe holders can now convert their tokens to LYX through a migration bridge. LYX enables users to interact with decentralized applications, participate in governance, and create innovative blockchain solutions for the creative industry. Additionally, it serves as a store of value and unit of account, reflecting the economic activity of the network.
As demand rises, LYX becomes an important asset to ensure Decentralization ecosystem through stake mechanism. Validators are rewarded for honest behavior and punished for inappropriate behavior. Its gas fee structure is jointly determined by users and validators, ensuring fairness and efficiency of transactions. As the LUKSO ecosystem expands, LYX will continue to be at its development core, becoming an important tool to drive the LUKSO creative economy. Through its diverse use cases, LYX promotes on-chain Decentralization, transparent and scalable digital experience. 01928374656574839201
On May 23, 2023, LUKSO Mainnet launched and issued 42 million LYX Tokens. The distribution process includes circulating supply from rICO, foundation reserves, and Tokens allocated to advisors, private sales, and user subsidies. The foundation holds 26.5% (11.1 million LYX), while 36.4% (15.3 million LYX) will be used for future distribution. During the Discovery Month, about 60% of the Tokens allocated to sales and advisors were distributed to participants, which not only stabilized the network, but also laid the foundation for its future rise. 01928374656574839201
Is LYX a good investment?
One of the major advantages of LYX is its focus on the creative economy, providing innovative tools for artists, designers, and brands. It supports secure decentralization applications and interactions within specific industry ecosystems. However, this focus may also be a potential disadvantage - the niche nature of the project may limit its widespread use beyond the lifestyle and fashion industries. Additionally, as Mainnet is relatively new, LYX still needs to prove its long-term stability and scalability in the competitive blockchain environment.
How to own LYX Token?
To obtain LYX Token, you can do so through a centralized Cryptocurrency exchange. First, you need to register a Gate.io account, complete the identity verification and deposit funds. After that, you can follow the platform's instructions to purchase LYX Token.
About LUKSO News
On September 14, 2024, LUKSO announced a partnership with Gitcoin. They launched a community-driven fundraising campaign, offering a $50,000 LYX reward. This round of fundraising adopts a quadratic funding mechanism, supporting both technical and non-technical projects, and increasing the impact of small donations. Technical projects need to integrate LUKSO standards, while non-technical projects focus on community participation. The application deadline is September 13, and donations are open until September 26. This is aimed at encouraging collaboration and innovation within the LUKSO ecosystem, empowering the community to drive its development.
Reference
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