Ethereum Pioneer Unveils New Blockchain for Creatives and Artists – How Does It Work?
Fabian Vogelsteller, the visionary behind it LUXURY project, aims to establish an all-inclusive ecosystem for creative professionals by “constructing a comprehensive toolset, ecosystem and marketplace centered around NFTs, based on a universal profile.”
Known for developing ERC-20 and ERC-725 token standards for Ethereum (ETH)Vogelsteller has helped formulate a set of rules for tokens on the Ethereum blockchain.
This has not only simplified matters for developers, but also ensured the predictability of any newly minted ERC-20 token.
Vogelsteller left Ethereum Foundation in 2018 to focus on its new project: layer 1 blockchain called LUKSO, which is preparing for launch.
One of the goals, he told CoinDesk, is to improve the standards he proposed while working on Ethereum.
Vogelsteller highlighted that this new blockchain, tailored for the “creative economy”, aims to compete with the massive Ethereum network.
However, he argued that the user experience on Ethereum is not as simple as it needs to be for mass adoption to be reached.
The average Joe and Jane have a hard time following transactions on the chain and determining which address belongs to which wallet.
Vogelsteller said there is a solution: a universal profile – a comprehensive all-in-one profile that contains all the necessary activity on the chain.
“It may be a wallet, but it’s much more than that,” Vogelsteller told CoinDesk. “It’s a whole profile. It has a name. It has a picture. It can be managed by multiple devices, by multiple keys, with different permission levels.”
These universal profiles also come with the so-called “key managers” that allow users to add multiple keys to their chain accounts that are assigned or perform different actions.
On the one hand, the key manager will check the purpose of each key, restricting specific activities to certain devices as needed, and on the other hand, these multiple keys can serve as a backup system if the user loses access to a key, the founder said.
Born out of Ethereum as it was born out of Bitcoin
Vogelsteller argued that the potential for creative applications on the blockchain can be seen in the immense popularity of non-fungible tokens, which have been adopted for various uses, from art and music to collectibles and much more.
That said, these systems are difficult to use and haven’t matured yet.
Vogelsteller said that
“One of the benefits of starting a new network was thinking about how we can improve the fundamental direction of the blockchain.”
LUKSO will be born out of Ethereum as Ethereum was born out of Bitcoin (BTC)he said, adding that it will use Ethereum as a sort of on-ramp.
A Genesis Validator Deposit Smart Contract on the Ethereum blockchain will go live in a few weeks, the founder stated, and time will be given for validators to join LUKSO.
The Genesis Validator Deposit Smart Contract will allow users to become genesis validators by depositing an ERC-20 token called LUXURYwhich went live in an initial coin offering (ICO) in June 2020.
And when the mains starts, LYXe will be converted to LUXURYLUKSO’s original token.
Furthermore, Vogelsteller was inspired by the decentralized blockchain identity standard he created for Ethereum, but has decided to turn it into a series of LUKSO Standard Proposals, or LSPs, and the blockchain account in the ecosystem called LSP0.
LSP0 has several functions, he explained. It turns ERC-725 into a smart contract-based profile, while handling the functionality and making the profiles more user-friendly.
In addition, it combines a crypto-type wallet, similar to an Ethereum account, with smart-contract storage.
In addition to linking a regular crypto account to these profiles, users can also link any public information they choose, including their Twitter account and NFTs.
Individual users, as well as teams and organizations, will be able to create any profile on LUKSO to identify themselves as in Web3.
This profile, the founder said, will also act as their blockchain account, which is meant to make the user experience more seamless.
Meanwhile, according to an article shared in January, LUKSO is a network based on Ethereum’s Proof of Stake (PoS) technology, and unlike Ethereum, LUKSO will start as a PoS blockchain with an Initial Genesis Validator Set that anyone can join .
“LUKSO’s Mainnet will be launched in a completely decentralized manner. This means that you, the community, will run most, if not all, of the validators,” it says.
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Learn more:
– How ERC-20 and ERC-725 unlocked the tokenization of everything
– Ethereum Core developers announce date for long-awaited Shapella upgrade – here’s what you need to know
– William Quigley, co-founder of Tether and WAX, on company fundamentals, crypto investing and more
– Everstake CEO: Many delegators fail to understand what staking is – and that can lead to problems
– Who created Ethereum?
– What is Proof-of-Stake?
