What is LUKSO? An Introduction to the Blockchain for the New Creative Economies

What is LUKSO- Introduction to the blockchain
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All about the LUKSO blockchain and the BuildUP #2 Hackathon

LUKSO is a notable player in the realm of blockchain and decentralized technologies, rising in 2023. It operates as a Layer-1 blockchain network, with particular relevance for creative and social industries transitioning into the Web3 era. This guide provides an examination of LUKSO, delving into its standards, protocols, and potential to transform interactions between creators, brands, and consumers in the digital space. Join us as we unravel its layers and showcase how it is shaping new creative economies.

Table of Contents

Introduction to the LUKSO network

Developed by blockchain veterans Marjorie Hernandez and Fabian Vogelsteller, LUKSO is a Layer-1 blockchain network that utilizes the features of Ethereum 2.0 to create a decentralized digital environment. It aims to meet the needs of current digital lifestyles and creative applications.

The LUKSO mainnet launched in May 2023, and reflects the project’s efforts to make blockchain technology more accessible. By incorporating advanced smart contract standards, LUKSO seeks to enhance user experience and contribute to the wider adoption of blockchain technology. As Vogesteller explained earlier this year to CoinDesk:

“It’s Ethereum, just fancy, and it’s Ethereum in its essence, but what Ethereum is missing is the easy-in, the usability, the normie kind of capacity.”

Fabian Vogelsteller, inventor of Ethereum’s ERC-20 token standard

LUKSO Standard Proposals

The LUKSO Standard Proposals (LSPs) are at the heart of LUKSO’s innovation. These next-generation smart contract standards are revolutionizing both the developer and user experience on the blockchain.

LSPs serve as the foundational building blocks that facilitate smoother user onboarding, interoperable digital identities, and a more holistic blockchain interaction.

Universal Profiles

Central to LUKSO’s ecosystem is the Universal Profile (UP), a modular, smart contract-based account system that represents a significant leap towards true Account Abstraction.

Universal Profiles web3 social Lukso network

UPs empower creators, brands, and individuals to create secure, upgradeable profiles, complete with attachable information. This not only provides users with a robust digital identity but also facilitates seamless navigation and interaction across any kind of dapp in the Web3 landscape.

NFT 2.0

In the realm of non-fungible tokens (NFTs), LUKSO is making significant strides with the introduction of NFT 2.0, aiming to address and transcend the constraints observed in existing standards. NFT 2.0 is envisioned as a new chapter in tokenization, equipped with standardized metadata protocols, secure mechanisms for asset transfer, and improved interoperability across different platforms and applications.

Central to this innovation are LUKSO’s token standards LSP7 (DigitalAsset) and LSP8 (IdentifiableDigitalAsset), which are designed to provide a secure, interactive, and user-centric experience.

By doing so, NFT 2.0 on LUKSO seeks to enhance the utility, accessibility, and versatility of NFTs, catering to the evolving needs and complexities of digital asset management and ownership.

The LYX token

Delving into the network’s tokenomics, the LYX token emerges as a fundamental component of the LUKSO ecosystem, facilitating transactions, smart contracts, and overarching network operations.

Its distribution has been thoughtfully orchestrated to ensure transparency, signaling a move towards more decentralized governance and active community participation. In a way, it serves a role analogous to ETH in Ethereum and is indispensable for both users and developers engaging with the LUKSO Blockchain.

The BuildUP #2 Hackathon

For developers, creators, and enthusiasts interested in contributing to the growth of decentralized digital ecosystems, LUKSO hosted the BuildUP #2 Hackathon in October and November 2023.

This four-week event provided a collaborative space for innovation and meaningful contributions to the LUKSO ecosystem, fostering a sense of community and shared development.

LUKSO BuildUP 2 Hackathon

There were also enticing incentives up for grabs, with a prize pool that surpassed €250,000 in LYX tokens. Overall, the BuildUP #2 Hackathon was the ideal stage to influence and drive the evolution of new creative economies.

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