What is the LUKSO Network?
LUKSO is a Layer-1 blockchain network dedicated to existing and coming digital lifestyles and creative use cases. It is built using the Ethereum EVM stack and compatible with any other EVM based blockchains, including other platforms or protocols built on Ethereum.
Will LUKSO be the main platform to integrate LSPs?
The LUKSO blockchain is the first mover to integrate the LUKSO Standard Proposals (LSPs). In conjunction with the surrounding ecosystem, Universal Profiles greatly enhance the interaction and convenience of using the blockchain and dApps. This advantage stems from the seamless integration of Universal Profiles. With a dedicated network like LUKSO, we can implement well-thought-out, upgradable standards directly from the start. This clean-cut approach allows us to bypass the challenges of retrofitting standards into an existing system. You can read more about it in the Network Proposal article or the LSP Introduction.
Who defined the LUKSO token supply?
The LUKSO genesis validators were given 3 different options for the LYX token supply. They collectively decided on a token distribution of 42M LYX by voting for it while depositing LYXe. After the Genesis Validator Contract was closed, the network started with the related genesis files.
Why did LUKSO launch as a Layer-1 Blockchain?
LUKSO is a L1 blockchain designed to provide distinct security, interoperability, and adaptability advantages, creating a network effect that supports a newly independent economy without compromising its key aspects.
LUKSO is dedicated to define and design standards that significantly enhance the user experience of interacting with blockchain technology. However, the full potential of the LSP Standards and how they can be used to build new user experiences (e.g: Universal Profiles) can't be realized if only a fraction of the network is adopting them and onboarded through them. Interactions between Universal Profiles and protocols that implement the LSPs as their core building blocks bring substantial value and ensure a easier usability and upgradability for everyone once:
- Universal Profiles are the initial accounts through which users are joining LUKSO and onboarded in any other blockchain ecosystem.
- Protocols, projects and dApps implement the LSPs to build new innovative business models with new experiences for users and consumers.
This create a new network and offers a space to evolve and refine these new concepts without the constraints from current landscapes and the obligations of being "fully backward compatible".
LUKSO also wants to ensure smooth user onboarding and subsidize early adopters using Universal Profiles. Creating a network effect of convenience through subsidization would not have been sufficient on existing Layer-1 blockchains due to high gas costs or Universal Profiles being a smaller subset of deployed accounts.
Despite L2 solutions offering lower costs, they often suffer from interoperability issues, governance concerns, and the need for rolling back data to the main network, risking the siloing of assets and profiles. Depending on the rollup type, different sacrifices like calculation, smart contract execution, or finality time have to be made on top.
Rollups, while providing scalability, present their challenges. They are only as secure as the speed at which assets can be exited to the main chain. Moreover, not every protocol or activity implemented on the rollup can be exited, as not everything is an asset. This limits their applicability and functionality for new account systems.
While standalone applications might not see the necessity of having their own Layer-1 network, LUKSO provides a distinct realm for a new core blockchain account ecosystem, necessarily needing the robust and secure foundation to utilize its full potential.
What's the token distribution of LUKSO?
What's the difference between LYXt, LYXe, and LYX?
- LYXt is the currency for developers used on our official LUKSO Testnet without monetary value. LYXt can be acquired for free using the Testnet Faucet. The Testnet is maintained by a set of whitelisted node operators to ensure stability.
- LYXe is the LUKSO token on the Ethereum Blockchain, used to start off the LUKSO Mainnet in a distributed way. It was created in 2020 during the rICO of LUKSO and started as main token before the mainnet was released. It acted as the preliminary representation of LYX on Ethereum. However, the distribution changed and additional LYXe was burnt. You can see the LYXe token on Etherscan.
- LYX is the official coin of the LUKSO Blockchain, similar to ETH on Ethereum. People that acquired LYXe before the mainnet launch can migrate their LYXe to LYX using the LUKSO Migration Bridge.