• Fabian Vogelsteller, an Ethereum veteran, is launching a new layer 1 blockchain called LUKSO.
• The blockchain is designed to cater to creative types in the fashion and art world.
• It would compete with Ethereum, the dominant smart-contracts blockchain.
Fabian Vogelsteller’s New Project
Fabian Vogelsteller, an Ethereum veteran who helped shape the ecosystem in the early days, is taking on a new venture – a blockchain to succeed where he says others have failed, in catering to creative, fashion-oriented and art-world types.
The Invention of ERC-20
One of the 39-year-old programmer’s most significant contributions to Ethereum was the invention of ERC-20, the blueprint for creating tokens that are compatible with the blockchain. This innovation led to the infamous initial coin offering boom of 2017-2018. Several of the biggest tokens by market capitalization are based on this standard.
The Launch of LUKSO
Vogelsteller is now turning his attention to a new project, LUKSO, a soon-to-be launched layer 1 blockchain that he says is designed for use within a “creative economy.” It would compete with Ethereum itself as it has a much larger market capitalization at $217 billion USD.
Use Cases for LUKSO
The explosion in nonfungible tokens (NFTs) used for everything from collectibles to art and music along with imagined metaverses can be seen as potential applications that could be run on this new platform according to Vogelsteller. He believes that existing systems are not yet mature or easy enough for everyday use and thus requires his new creation – LUKSO.
Joining The Network Through Validator Smart Contract Deposit
Validators will be able to join the network through what is being called a Genesis Validator Smart Contract Deposit which will take place prior to launch day. This deposit should ensure that there are participants ready and eager prior to launch day as well as helping increase security on launch day itself by having validators already participating in consensus building activities before they can even start trading or minting tokens on this new platform.