Three Minutes to Learn about LUKSO Public Chain and its NFT Fashion

In January 2009, Satoshi Nakamoto first proposed the Bitcoin white paper: a peer-to-peer electronic cash system. Blockchain technology represented by Bitcoin has taken root from the geek circle in the first batch of forums, and slowly began to enter the public’s field of vision. In 2013, the founder of Ethereum believes that many programs can use blockchain principles to achieve further development. Since then, smart contracts have been deployed on the blockchain.

Back to 2021, the blockchain has undergone tremendous changes in the past 12 years, and Bitcoin has also become a world-renowned cryptocurrency. The public chain has also achieved unprecedented development, from the previous “Only Ethereum” to the current state of global competition among multiple public chains. BM (Daniel Larimer)’s EOS, Da Hongfei’s NEO smart economy, Justin Sun’s TRON, South Korea’s ICON, these old public chains have shined in 2017. Binance Chain, Huobi Chain, Polkadot, Cosmos, Solana, Fantom, MATIC, Avalanche, Algo, Near and other new-generation projects are all rising stars in the public chain industry.

Speaking of the rising star in the public chain industry, we have to mention our protagonist LUKSO today.

LUKSO is a field-specific blockchain infrastructure that provides a series of standards and solutions for physical and digital consumer products. It was co-founded by former Ethereum engineer Fabian Vogelsteller (creator of ERC-20, ERC-725) and Marjorie, allow developers and creatives to determine the distribution of wealth and influence in lifestyle, have a common public profile, create digital identities and certificates, and build a tokenized community. LUKSO’s goal is to create a new set of applications, focusing on fashion, games, creativity and life cases.

Figure 1. Premier League player NFT based on LUKSO

The team actively talks with fashion brands and gets in touch with many English Premier League football clubs. It aims to create a fully digital fashion experience, create identities for users’ avatars, purchase digital clothing, and build a digital economy for a 1.4 trillion dollars industry.

Currently the Universal Profile of the digital identity community based on IPFS and ERC725/LSP3 protocol has been launched, which is developed by LUKSO, and this is just a small beginning of LUKSO’s digital economy.

Figure 2. Universal Profile based on LUKSO

The LUKSO blockchain will be a smart contract blockchain based on EVM (Ethereum Virtual Machine). In fact, LUKSO may be the first blockchain in the world to adopt and run the Ethereum 2.0 PoS consensus algorithm, also known as the combination of “Casper” and the EVM smart contract execution engine. Its main network is scheduled to go online in Q4 2021. At present, without sharding, the average throughput of the test network can reach 245 TPS (about 450 TPS at its peak), which is about 25 times that of Ethereum, and there is still much room for improvement. Unlike other public chains, the Casper FFG consensus algorithm used by LUKSO can connect more than 70K verification nodes at the same time, achieving truly efficient decentralization.

The LUKSO blockchain consists of three parts: beacon chain client, validator client and execution engine client (EVM).

Figure 3. LUKSO blockchain architecture

Among them, Beacon Chain is the core part of LUKSO, which runs the POS consensus mechanism through the Casper FFG algorithm. The staking of LYX is completed in the Beacon Chain. Validator client is the module for all validator nodes to verify the blockchain, the package broadcast of the blockchain will be carried out here. The final eExecution engine is an improved Ethereum execution engine that can complete a series of transaction operations specified in the smart contract. Developers can easily use web3.js, ether.js and erc725.js for Dapp development on LUKSO.

As one of the co-founders of LUKSO, Fabian Vogelsteller, was once a core engineer of the Ethereum Foundation. From 2015 to 2018, Vogelsteller participated in the construction of Web3.js, the ERC20 underlying protocol and the ERC725 protocol used by LUKSO. Ethereum engineers account for more than 80% of the blockchain field, which is why LUKSO decided to develop on the basis of Ethereum, they are aiming to build a faster and more decentralized blockchain.

The construction of the blockchain is not accomplished overnight. The scientific research team led by Vogelsteller first researched the Byzantine Consensus Algorithm (BFT) and POSDAO. In the process of repeated testing, the team abandoned BFT. Then the team discovered that the HBBFT algorithm that implemented POSDAO had a limit on the number of verification nodes. In the following research, LUKSO tried the Aura algorithm developed on Parity and applied it on Ethereum. After the Beacon Chain in the first phase of Ethereum 2.0 came out, LUKSO quickly combined it with EVM to build a high-speed decentralized blockchain that can execute smart contracts.

After repeated exploration and testing by the Vogelsteller team, the LUKSO mainnet has gradually taken shape and will have the following characteristics:

  • Compatibility with Ethereum tools
  • Highly decentralized (70K+ verification nodes
  • High throughput on a single shard (the current test peak is 450 TPS, but it can definitely be higher)
  • Fully compatible with any development on ETH2.0, LUKSO network can be adopted at any time

LUKSO started with the public chain, but it is not limited to the public chain. Its goal is to create a vibrant, innovative, democratic, and fashionable digital economy circle, allowing the infrastructure layer to make a new economy around photocopying and digital consumer products.

LUKSO means “luxury” in Esperanto. In connecting fashion (Chanel, Burberry, Nike) and blockchain (Ethereum, PoA network), the LUKSO team has excellent consultants. Fashion and its upcoming digital disruption is the first use case of the LUKSO ecosystem.

LUKSO not only creates NFTs for physical fashion goods, but also brings the world of luxury goods to the blockchain, and provides the infrastructure for the development of digital fashion.

Figure 4. Digital economy of LUKSO

Superstructure is decided by the economic background. We believe that with the support of LUKSO’s powerful public chain, a brand new digital economy will no longer be far. People can easily use the applications on LUKSO to create an ecosystem that may surpass Defi. Let’s look forward to the launch of the LUKSO mainnet and the early arrival of the spring of the digital economy.

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Sharing expertise. Building a relationship. We intend to provide you a better experience in the crypto market.