What is LUKSO (LYXe)?

In this article,  Bitkub Academy will introduce you to LUKSO, the lifestyle-focused blockchain network.





What is LUKSO (LYXe)?



LUKSO is a multiverse blockchain network designed to facilitate everything involving the “Digital Lifestyle” like fashion, gaming, design, and social media. It allows developers and designers to create various lifestyle activities through Universal Public Profiles (UPP), which acts as identification for users. Digital certificates and tokens can also be created on LUKSO.





What are LYX and LYXe?



LYX is the main coin of the mainnet, the LUKSO network. It is used for paying transaction fees or staking to earn rewards.



LYXe is the representation of LYX on the Ethereum blockchain for testing purposes. When LUKSO officially opens, LYXe will be transferred to LUKSO.



Therefore, LYXe and LYX are the same asset but are on different blockchains.





Developers



The co-founder and developer of LUKSO is Fabian Vogelsteller. He was one of the ethereum developers and created the ERC20 token, which is the main token on the blockchain. Moreover, Vogelsteller also worked on many well-known open source projects such as Ethereum wallet, Mist, the first decentralized web browser on the Ethereum blockchain, and Web3.js Library, the most used developer tool in the blockchain community.



Another co-founder of the project is Marjorie Hernández, who founded Innovation Lab before launching LUKSO in 2018. She now acts as the CEO of LUKSO and is responsible for designing and developing products for the network.





LUKSO’s Unique Points



LUKSO (LYXe) has 3 main unique points:



First of all, it has the Universal Public Profiles (UPP) system, which is a system used for creating universal user profiles on the blockchain. These profiles can be used for user identification on all platforms and users can have full control over its ownership and activity. The profile will be permanent and cannot be blocked or shut down by anyone, even the platforms that use it. This is made possible by the decentralized and immutable nature of blockchain technology. 



If you think of social media platforms like Facebook, Twitter, and Instagram, users have to create separate profiles for each of them, but with LUKSO, users can create just one profile that can be used across all platforms, even the ones that haven’t been connected to the network yet. This means everyone won’t have to remember usernames and passwords for multiple accounts anymore. This UPP system also makes it easy to verify the identity of users and the decentralized record will be a single source of truth that cannot be tampered with, making it extremely beneficial for the new creative economies. 



Second of all, LUKSO has the ability to create various types of NFTs. One of the most notable types is flexible NFTs that can have multiple creators. So, one creator can grant someone else the permission to edit the NFT. Another interesting type is dynamic NFTs, which can change in appearance depending on the temperature or the weather as reported by an oracle.



LUKSO is also developing NFTs for the luxury goods and fashion industry with brands like Chanel and Nike. In Helsinki Fashion Week 2020, LUKSO created a “Digital Village” that displayed collections from 30 international designers. All of the pieces were minted into NFTs on the LUKSO blockchain, then displayed in the fashion show. This event introduced the new era of fashion to the world.



Lastly, LUKSO has what is called “Cultural Currencies” or digital tokens that can act as the connective medium for lifestyle communities.  Since digital tokens can store value and can be transferred, they are suitable for all socio-creative activities.

In reference to statistics from Coinmarketcap on January 5, 2022, LYXe is ranked as the 239th highest in terms of market capitalization, with around 226 million U.S. dollars or around 7.5 billion Thai baht. LYXe’s maximum supply is fixed at 100,000,000 with a current 15,205,915.71 LYXe in circulation. 



Additionally, LYXe once made an all-time high at 3,221.04 baht and is hovering around the price of 497 baht at the time of writing.





Interesting Technology



LUKSO combined the blockchain technology with Radio-Frequency Identification (RFID) which is the technology that uses radio waves to identify an object. This technology is small and can be installed on products, pets, or even people.



LUKSO uses RFID to combat counterfeiting in luxury goods and fashion items because products that are tagged with RFID and recorded on the blockchain can always be traced through the supply chain. LUKSO is working on this with world-class brands like Nike, Chanel Highsnobiety, and Instagram.





Conclusion



LUKSO (LYXe) is a blockchain for a new creative economy that will connect the fashion world, the designer world and the luxury lifestyle with the digital world. This is to create a forward-looking ecosystem that will erase various limitations for many businesses, especially fashion and luxury goods, making it more accessible in both the digital world and physical world, while being more sustainable and transparent at the same time.





Reference



LUKSO, Kucoin, Morioh, Wikipedia, Cryptocashew, Medium