The launch of Fabian Vogelsteller’s new project, LUKSO, a layer 1 blockchain designed for the “creative economy,” has the potential to disrupt the business world. Vogelsteller, the inventor of the ERC-20 token standard, which is the blueprint for creating tokens that are compatible with the Ethereum blockchain, has turned his attention to a new project that could compete with Ethereum itself, which is currently the dominant smart-contracts blockchain with a market capitalization of $217 billion.
LUKSO is focused on catering to creative, fashion-oriented, and art-world types. Its launch comes amid an explosion in NFTs for everything from collectibles to art and music, along with a plethora of imagined metaverses, which are potential applications of the blockchain.
The adoption of blockchain technology has the potential to revolutionize various industries, and LUKSO’s focus on creative applications presents a promising use case. The blockchain’s potential for decentralized identity, smart-contracts, and supply chain management could transform the fashion industry, allowing for greater transparency and accountability throughout the supply chain.
Furthermore, the creation of a comprehensive all-in-one profile, known as a “universal profile,” on LUKSO could simplify the user experience and encourage wider adoption of blockchain technology in the business world. Vogelsteller believes that the universal profiles could be used for decentralized autonomous organizations, online stores, services, and anti-money-laundering and know-your-customer processes required by authorities. By storing, using, and cross-checking public information on a universal profile, organizations can have a better understanding of their customers and their activities, increasing transparency and mitigating risks.
Moreover, LUKSO’s focus on the “creative economy” could have implications for intellectual property rights, allowing for greater protection and monetization of digital assets. The ability to easily identify creators and their works on the blockchain could also lead to a more equitable distribution of royalties and revenues.
The launch of LUKSO presents exciting possibilities for the business world, from transforming supply chain management in the fashion industry to improving customer identification and intellectual property rights. As the blockchain continues to mature, we can expect to see more innovative use cases that could revolutionize various industries.