FAQ

LUKSO is a next generation EVM blockchain based on Casper PoS that will revolutionize the way brands, creators and users interact in Web3 and with blockchain technology in the New Creative Economy. LUKSO was founded by Fabian Vogelsteller and Marjorie Hernandez. Fabian is a former Lead DApp Developer at Ethereum and author of ERC20 and web3.js - both of which are the foundation for today's DeFi and NFT protocols. Marjorie Hernandez is an innovation and product expert who previously created and managed EY's Digital Innovation Lab in Berlin.

The initial 12 LUKSO Standards Proposals (LSPs) represent the core building blocks of the LUKSO ecosystem. LSPs aim to increase functionality and user-friendliness within the blockchain ecosystem and to standardize identity, asset representation and smart contract interaction. The core LSPs are extremely extensible, allowing for many new use cases, while simplifying the developer and user experience. These standards are ‘unbiased’ - meaning they are generic enough to enable new use cases that have not yet been conceived.

Universal Profiles are interoperable blockchain-based profiles which enable verifiable identities in the digital world. They allow for universal logins that make remembering usernames and passwords a thing of the past, while also giving you full control of all your virtual assets and identity. Universal Profiles simplify the onboarding process to Web3 for users, brands and creators, while also improving accessibility, security and functionality.

Through the LSP6 Key Manager, different levels of access methods can be added, including access to dApps and other environments. Universal Profiles also improve security for users on-chain, as they allow users to react to received assets/tokens (eg. reject transfers) via LSP1 Universal Receiver. Universal profiles make economic and verifiable interactions possible and are the core building block for the new creative economies.

With LSP8 Identifiable Digital Asset as well as LSP7 Digital Asset, NFT and token metadata inputs are very extensible and smart contract readable. The metadata inputs could also be changed over time, allowing NFTs to evolve post-minting. NFTs and tokens on LUKSO can have multiple creators and inform receivers of assets, making complex smart contract automation possible.

The LSP6 Key Manager allows for relay transactions, enabling third parties to pay for a user's transaction fees (GAS). Any future transaction relay service can be set to work with Universal Profiles. Since relay services are backend systems that execute users transactions on their behalf, no initial funds are needed for users to use their Universal Profiles. LUKSO will subsidise early adopters by running a public relay service, allowing anyone to interact with the LUKSO blockchain without complexity.

Co-Founder, Fabian Vogelsteller, proposed the ERC725 smart contract standard in 2017 to create a blockchain-based account system. The ERC725 standard is a base for anything that needs to store public and verifiable information about itself as well as a generic standard to execute arbitrary smart contracts. It is also the base of many LSPs, which bring additional functionalities to tokens, NFTs, and is a core standard of Universal Profiles.

Two ERC725 sub-standards for storage and execution allow for flexible and generic smart contracts:

a) ERC725X: can call any function of any other smart contract or deploy contracts independently, allowing for token transfers or calling functions on other smart contracts.

b) ERC725Y: is a generic key-value storage of information in a smart contract, that can be updated and changed over time.

LUKSO will be using a Casper Proof of Stake (PoS) consensus engine and a Ethereum Virtual Machine (EVM) smart contract execution engine. While the network will be leveraging ETH2.0's technology stack, LUKSO is a separate and new layer-1 blockchain.

LUKSO is a Proof of Stake (PoS) blockchain. Compared to blockchains that use Proof of Work (PoW), PoS uses 99% less energy, as no competitive hash generation is used to find consensus on the latest canonical block head.

LUKSO is EVM compatible, which means the execution engine is fully compatible with all Ethereum tools and is easy to use by developers familiar with the Ethereum toolchain (web3.js, ethers.js, truffle, etc). LUKSO is not a competitor to Ethereum, rather, more like a sibling for a different space that is working to bring blockchain technology to millions of new users. We aim to simplify the onboarding process, increase security and allow dApps to be built for a whole new audience.

Staking of the LUKSO blockchain's native token will be possible after mainnet launch. Note that becoming a validator comes with risk, and your computer is expected to run 24/7, otherwise your deposit (stake) will be slashed (penalized) by the system. If you would like to run a validator node on the L16 test network you can find more information here.

LYX is the native utility token of the LUKSO blockchain and is required to secure this decentralized infrastructure. It is used to pay for transaction fees to validators and once the network is live, individuals/entities who wish to validate the network (PoS) will be able to lock (stake) it.  LYX will not be available until the mainnet launches.

LYXe is LYX on the Ethereum blockchain and is the token that investors received for participating in the project's reversible ICO (rICO). Once the mainnet launches, there will be a migration of LYXe to LYX onto the LUKSO blockchain. Both LYXe and LYX represent the same asset but on different blockchain networks.

LYXt, or Test LYX, is the asset used on test networks such as L14 and L16. LYXt holds no monetary value and is obtainable through faucets (L14 Faucet and L16 Faucet).

The Reversible ICO was introduced by LUKSO Co-Founder and former Ethereum Lead DApp Developer, Fabian Vogelsteller. A rICO allows you to reserve tokens and buy them over time without price risk from a smart contract. This allows for fair ICOs that enable a level of trust and security for token investors that other ICOs do not give.  As tokens are gradually purchased, exposure to the project is predictable and stoppable. LUKSO's rICO, for LYXe, took place between May 2020 and February 2021.

You can read the technical FAQ for more answers.