It is undeniable that today’s digital lifestyle or the lifestyle of modern people with digital technology facilitates convenience. Digital technology has integrated into many people’s lives, whether it’s communication, work, shopping, entertainment, and countless more.
In this article, we will get to know another blockchain project that enhances the digital lifestyle, LYX or LUKSO. What is this project? How is it interesting? and things you should know before trading LYX.
What is LUKSO?
LUKSO is a blockchain network that can use smart contracts. It was created to support the adoption of physical and digital consumer or luxury goods — fashion, game, or social network- into the blockchain network. Not only that, it adds transparency features that are the hallmark of blockchain technology, to prevent problems. For example, counterfeiting, including supporting the development of new products.
LUKSO is co-founded by Fabian Vogelsteller, who invented the ERC-20 and ERC-725 token and NFT standards based on Ethereum, as well as web3.js and Mist Browser.
Information about LYX and LUKSO Blockchain Tokens
The LUKSO network has its main token, LYX, but LUKSO also has an ERC-20 standard token located on the Ethereum network, LYX. Since LUKSO has an ICO funding through Ethereum, that means LYX and LYXe are the same asset, only in different networks.
There are three main functions of LYX: to create and run smart contracts, to generate utility tokens and NFTs, and for transaction fees on the LUKSO main network. Asides, LUKSO also uses a Proof-of-Work consensus algorithm, with LYX awarded to miners who successfully build blocks.
As of March 2024, Due to the launch of LUKSO Blockchain (Mainnet) which resulted in network migration and the change of the token’s name from LUKSO (LYXe) to LYX, Bitkub Exchange will prepare the system to support such changes to enhance the features and efficiency and for the benefit of our customers.
For more information, please visit our website: here.
Highlights of LUKSO
LUKSO was created to be the ideal blockchain for digital lifestyles. In order to achieve the vision, LUKSO has a system that is the three pillars as follows:
- Universal Profiles (UP) — An international user profile creation system. With the use of blockchain to identify yourself in the digital world, users get 100% ownership of the profile. No one can delete or block that profile, unlike today’s social media platforms such as Facebook, X(Twitter), or Instagram, where users have to create separate profiles with UP and can only create one profile on all platforms. This includes future platforms as well.
- Non-Fungible Tokens (NFTs) — LUKSO supports the generation of multiple NFTs with attractive layouts. For example, flexible NFTs with multiple creators or dynamic NFTs, which are NFTs that can be displayed in a variety of ways based on data provided by Oracle: temperature, air, value, etc.
- Cultural Currencies — The LUKSO network supports tokenization on the network so that users can use the tokens for other uses. Just like creating tokens on Ethereum, only LUKSO’s are called Cultural Currencies to reflect the implementation and development of various communities on LUKSO in particular.
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