What is LUKSO (LYXe) And How Does It Work? | KuCoin Crypto Gem Observer
Driven by the digital revolution, more and more fashion items and collectibles will be created as NFTs. The fashion and collecting industries are regarded as the blue ocean of the NFT market, and LUKSO is already pioneering this.
So, what exactly is LUKSO? What is so special about it? What will it bring us?
In this article, we will talk about the blockchain for the new digital lifestyle —— LUKSO (LYXe). Let’s take a look.
What Is LUKSO?
LUKSO is a multiverse blockchain network where the worlds of fashion, gaming, design and social media intersect. LUKSO allows developers and creatives to dictate the distribution of wealth and influence from lifestyle activities, have Universal Public Profiles, create Digital Identities and Certificates, and build Tokenized Communities.
Blockchain technology can help create new virtual worlds. Especially when transitioning from physical items to virtual goods, it is possible to leverage their advantages of cryptocurrencies. LUKSO maps physical commodities to virtual networks through “digital twin” technology and uses blockchain technology to ensure authenticity and uniqueness in virtual commodities. Plus, by configuring chips traceable on the network, the LUKSO blockchain allows physical commodities to be tracked, bringing a new virtual reality to the fashion and lifestyle industry.
What Is Unique About LUKSO?
LUKSO pioneered the Reversible ICO, also known as rICO, is a new form of ICO. In a rICO, investors reserve tokens, which are then automatically purchased over a period of time (8 months). During this time, the investor can choose whenever they want to return tokens still within their reserve time at any point and redeem the corresponding amount of ETH. The Reversible ICO was checked with BaFin, the highest regulatory authority in Germany and is in accordance with German security law, bringing new on-chain investor protection to the controversial ICO mechanism.
Furthermore, the LUKSO founders envision an “internet of blockchains” - multiple blockchains serving different purposes for different communities. LUKSO aims to establish itself as the de facto blockchain standard for the creative economies, allowing creators and developers alike to build and participate in the beginning of a New Digital Economy.
Who Created LUKSO?
Fabian, LUKSO’s founder, also authored the ERC-20 token standard, which opened up the ICO wave in 2017. In addition, Fabian is also responsible for some other renowned open-source projects, like Ethereum’s first decentralized web3 browser Mist, Ethereum wallet, and web3.js library, the most used developer tool in the Blockchain community.
Vogelsteller’s co-founder Marjorie Hernández is LUKSO’s CEO, architect, strategist and innovation consultant. She joined Ernst & Young in 2015 and established an innovation lab before founding the LUKSO project in 2018. Now serving as CEO, Marjorie is responsible for LUKSO’s concept, design, operations, and product development.
What Is The LYXe/LYX Token?
LYX is the native token of the LUKSO Blockchain, and is required to secure this decentralized infrastructure. "LYXe" is LYX on the Ethereum Blockchain, and is the token that the Reversible ICO returns. Both LYXe and LYX represent the same asset but on different Blockchain networks. Once the mainnet starts there will be a migration of LYXe to LYX on the LUKSO Blockchain. The initial supply of LYXe is 100,000,000, and the token distribution is as follows:
- Founder & Collaborators 5%
- Private Sale 10%
- KuCoin Spotlight Token Sale 1%
- Public Sale 20%
- Future Development 5%
- Reserve Pool 9%
- Community DAO 5%
- Grant Program 5%
- Ecosystem Building 40%
LYXe/LYX is used to pay for transaction fees and need to be locked (staking) to participate in block production.
Under the hype of NFT, LUKSO had an amazing performance in early March. As the digital world moves forward, LUKSO will play a more important role. Due to the innovations and technical advantages we mentioned before, and the fact its mainnet will be launched soon, LUKSO is quite worth looking forward to!
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