Blockchain technology has been developing for years, reaching out to other industries, establishing partnerships and connections, solving problems, improving existing solutions, and more. In doing so, it has been preparing the grounds for mass adoption of blockchain technology, where companies, governments, and organizations from all corners of the world would switch to this emerging tech, in order to improve their businesses, cut unnecessary costs, and, generally speaking, establish a new, better way of doing things.
While it might not seem like blockchain has achieved major results, the fact is that this technology is now infiltrating deeper and deeper, not only into businesses but into the culture and daily lives of people from all over the world. Mass adoption is still far away, of course, but we are getting there, and projects such as LUKSO are evidence of that.
This is a very unique and interesting project that offers some unique solutions and products that can definitely bring a great change, which is why we decided to take a deeper look into what it has to offer in terms of solutions and benefits alike.
How Does LUKSO (LYXe) Work?
LUKSO is a multiverse blockchain network that allows the worlds of gaming, fashion, social media, and design to intersect and combine into unique solutions, use cases, and concepts. It aims to use the popularity of these industries to combine them with blockchain technology, and inspire adoption. In doing so, it aims to bring blockchain to the masses, while also relying on smart contract-based chains, industry-involving standards processes, and an innovative new direction of decentralized apps.
The project aims to be the blockchain for a new digital lifestyle, and it was created by Ethereum’s former developer, Fabian Vogelsteller, who is also the author of ERC20 and web3.js. Both of them are the foundation of modern DeFi protocols.
Now, in partnership with brand architect Marjorie Hernandez, Vogelsteller is working on creating a revolutionary new platform that will lead the next wave of mainstream blockchain applications.
What Problems Does LUKSO (LYXe) Solve?
Let’s start by looking into the solutions that LUKSO aims to provide. There are a few things that should be particularly noted here, including:
A unique way of bringing blockchain to the masses
LUKSO is a project that focuses on bringing blockchain technology to the masses, but it does it in a unique way. It is a network that combines the worlds of fashion, design, gaming, social media, and more, allowing them all to interact. These are industries that can benefit greatly from one another, but until now, they did not have something that would connect all of them in the same place.
LUKSO, through its smart contract-based blockchain, now supplies them with industry-involving standards processes and an innovative new direction of decentralized applications.
LUKSO also came up with several unique standards and tools that will bring forth a new economy, based on its three unique products. These are the three pillars of its design, and they include Cultural Currencies, Digital Certificates, and Universal Public Profiles. We will discuss each of them in detail in the next segment, as each of these brings its own, unique benefits.
Benefits of LUKSO (LYXe)
When it comes to the benefits that LUKSO has to offer, there is a lot to cover. The project can help users with:
One of the use cases of the project is that its users can own a variety of digital assets, such as digital collectibles that hold artistic or other kinds of value. Apart from that, users also get to own physical collectibles, participate in gamification, trade-in decentralized markets, and more.
Universal Public Profiles
More importantly, however, LUKSO offers three very unique services, with the first one being Universal Public Profiles. According to the project, blockchain-based user and company profiles will enable permanent identifiers in the digital world.
They will allow universal logins, which will eliminate the need for things like usernames and passwords. Meanwhile, they will also have full control over their digital assets. Universal profiles will also make economic and verifiable interactions possible, and are the core building block for the new creative economies, as LUKSO explains it.
The second product of the project is called Digital Certificates, and the way LUKSO explains it, this can also play a major role in the future. Essentially, users will be able to establish a digital identity for digital and physical products alike, while LUKSO itself will enable new forms of digital ownership.
The project introduced an additional digital layer to the ownership of creative goods, that will make unique characteristics permanent, and permanently visible. All products will be easy to link to a corresponding record of data, which means that physical and virtual worlds will establish a bridge that will make them closer. LUKSO calls this Phygital Ownership.
Lastly, the project also has something called Cultural Currencies. It came up with this concept due to the fact that tokens are becoming a new form of interest, status, value, participation, and alike, and they are starting to dominate on the global scale.
As such, they are becoming cultural currencies, and with them comes measurable and transferable value to all socio-creative activity.
The project also believes that digital tokens can be a connective medium for lifestyle communities, which gives them additional value, inclusiveness, and participative characteristics.
LUKSO is a project that understands that blockchain can reach mass adoption, but in order to achieve it, it first needs to give people a reason to come. Other projects that improve solutions have seen limited success when it comes to attracting users, as many tend to stick with what they know, even if new solutions offer a better alternative.
LUKSO will use trends and popularity to inspire people to come, and in doing so, it might be one of the projects that will give a real, major push to blockchain adoption.