What is LUKSO?
- Universal Public Profiles
- Digital Identities
- Tokenized Communities
Using “digital twin” technology, LUKSO looks to map physical commodities to virtual networks and use blockchain technology to ensure the authenticity and uniqueness of virtual commodities and items. The project envisions the future to contain an internet of blockchains where different blockchains serve different communities and different purposes. LUKSO’s goal is to establish itself as the de facto blockchain standard for the future creative economies.
The project is guided by three main principles: Identification, virtualization and tokenization. The LUKSO whitepaper writes:
We have now come to understand LUKSO’s guiding principles: authentication, virtualization, and tokenization. They allow us to further connect and integrate physical and digital product dimensions, to strengthen individual experiences with and around them, and to build strongly relational communities. It has become clear that the trinity of these components is leading the way into the future of diverse lifestyle economies. As a holistic approach, this allows information, value, and ownership to flow freely within and between each component. By providing these three basic building blocks for innovation, LUKSO is leaning forward, helping creative professionals to design new features of the modern lifestyle system, and leading the way toward this end.
I highly recommend reading their whitepaper, its very comprehensive and paints a clear vision for the project. Well thought out and well written, you can find it here.
There are two main people on the LUKSO team that really help the project stand out as potentially being one of the best projects around right now. The first is Fabian Vogelsellar.
Fabian is an under appreciated founder of Ethereum. Cardano and Polkadot are extremely hyped projects along with their leaders; Gavin Woods and Charles Hoskinson and justifiably so. Fabian’s contributions and projects outside of Ethereum are flying under everyone’s radar. He authored the ERC-20 token while at Ethereum which spawned the ICO craze of 2017-2018. His other accomplishments include but are not limited to;
Created Ethereum’s first decentralized web3 browser Mist
Created the Ethereum wallet and web3.js library
It’s mind boggling that this project doesn’t have more eyes on it considering its founder has such a stellar record of creating products within the Ethereum ecosystem.
Marjorie Hernandez is the CEO, architect, strategist and innovation consultant for the network. She’s also responsible for LUKSO’s concept, design, operations and product development. Before she founded LUKSO, Marjorie built and let EY’s innovation lab in Berlin. During EY’s innovation lab, she worked closely with the Ethereum network and IOTA foundation before eventually going on to start LUKSO. She has spent many years working in art direction across Europe and is a production expert/hybrid entrepreneur.
Apart from two phenomenal founders, LUKSO also has a stellar team with connections to huge fashion brands like Nike and Chanel. Founders with incredible backgrounds plus a team with incredible connections and successful backgrounds sounds like a recipe for success.
This is the hardest part of LUKSO to evaluate right now as the project is still very much in its early stages with its main-net launch scheduled for Q2 2021. Rather than try to explain the technology in my own words, I’ll attach Fabian’s quote:
“The Ethereum space makes up around 80% of all blockchain developers and is by far the most active, therefore LUKSO should be a Blockchain based on Ethereum’s technologies. A Blockchain that has more throughput, a high decentralized potential, and a better standards basis with a focus on new applications, protocols and users.
Compatibility to the Ethereum tooling
High decentralization (70k + validators)
High throughput(we currently tested at peak 450 TPS, but we can surely go a lot higher) on a single shard
Full compatibility to ETH2.0 development, which the LUKSO network can adopt at any time
By combining an execution environment(Catalyst) with a beacon chain running Casper, FFG, LUKSO will likely become the first ETH 2.0 Blockchain to execute smart contracts, even before Ethereum itself.
I’m putting this project in the same boat as my SingularityNET Fundamental analysis which you can read here. The project has huge potential but is in such an early stage of development that there isn’t any solid evidence that shows proof of concept. Investing in this project now should be based on your faith in its leaders, a strategy that I’m a strong believer in. Although technology definitely plays a crucial role in the success of a crypto project, teams and leaders of the projects are the ones who make things happen. I would place Fabian to be on the same level as Charles Hoskinson and Gavin Woods, everyone else just hasn’t realized his accomplishments nor the magnitude of what LUKSO is looking to accomplish.
I’ll be writing a separate blog post on this in April, but essentially what we’re going to be seeing in the next 10-20 years is what a lot of people are calling the metaverse, when the digital world and the real world become synonymous. When this happens, digital clothing, digital land, digital goods and all things digital really, are going to be the assets of the future that everyone wants to own. In this world, a world that is rapidly approaching, I believe LUKSO is well positioned to capitalize on and be the main player. Time will tell if they can execute on their vision, but for now I’m a HODLer.
Short term price Predictions: With the launch of LUKSO’s mainnet later this year, there’s almost a guarantee that this will have a nice run this year. Other catalysts of short term gains include but aren’t limited to:
-Partnerships with any designer or fashion brand from Chanel to Nike
-partnerships with other NFT projects
-any other various news
The project is currently valued at around $70 million and so any big news can make this sky rocket, I predict LYXe goes in the range of $3 billion to $5 billion this year. For the long-run, this can easily be worth hundreds and the potential behind the project can be worth tens if not hundreds of billions of dollars.
Let me know what you think of the project! I would love to hear some alternative perspectives.