Ethereum co-founder launches new cryptocurrency, attracts millions in investment
Ethereum co-founder launches new cryptocurrency, attracts millions in investment
Fabian Vogelstellerone of the co-founders of Ethereum, along with Vitalik Buterin, has launched a new cryptocurrency that has caught the attention of investors and has surpassed the market value of $100 million.
The project, named LUKSO, aims to develop an ecosystem for the new Internet era, the so-called Web3.
As regular internet users, we rely on centralized and trusted services to store and protect our data, making us susceptible to privacy breaches, data breaches, and the inability to take ownership of the data that is ours.
That’s where Lukso comes in, with technology that allows users to own and transfer digital assets on the internet over a cryptographically secure network.
The currency that powers the LUKSO blockchain is LYX. Prior to the mainnet launch, investors will be able to trade LYXe, the equivalent token on the Ethereum blockchain. Users can migrate these pre-launch tokens to official coins after the network is activated.
The LYXe token was launched with a circulation of approximately 15% of the final supply of 100 million. This amount consists of approximately 8% for sales and marketing expenses, approximately 6% of the public sale and 1% of the initial offering of KuCoin.
Since the sale never crossed the first general token sale threshold, the project never introduced a second public sale and about 14% of the excess tokens were added to the reserve pool.
To date, more than 580 million LYXe have been migrated from a total inventory of 15 million. Despite a slight bug delay, everything seems to be running smoothly.
What is Luxo?
Unfortunately, the whitepaper doesn’t provide much clarity on the new project. With 146 pages of complex words, it is difficult to understand your proposal in a simple way. However, we know that the project is based on Ethereum and follows the Proof of Stake style, with possible future sharding plans.
Lukso’s main goal is to implement the Ethereum ERC725 Improvement Proposal, presented by Vogelsteller himself in 2017. Such a proposal aims to improve the interaction with smart contracts, especially in the process of identity verification.
In practice, this means that the blockchain Lukso provides the ability to claim an identity when interacting with smart contracts.
For example, when opening a bank account, the bank’s contract may verify identity claims, such as biometric information or home address, provided by trusted issuers such as governments or postal companies.
This functionality can be useful in various situations. Currently, Etherscan is responsible for assigning identities, but it is not always a reliable source.
With Lukso, there is the option to reveal ownership of an email address by claiming an identity, which increases security and privacy.
Nevertheless, the need for this new blockchain to meet such specific requirements is a matter of debate.
Some question whether these improvements are really significant enough to warrant creating a new blockchain. Still, the Lukso project already has a market value of about US$140 million.
Fabian Vogelsteller
Fabian Vogelsteller is an experienced and respected developer and his ideas are slightly different from the Ethereum ecosystem. He decided to implement his ideas in a new ecosystem, Lukso, looking for a slightly different approach to other cryptocurrencies.
It is still too early to say what the future of Lukso will be. In the world of cryptocurrencies, there are successful projects, such as Charles Hoskinson’s Cardano, which also stood out since its ICO, even without major innovations related to ethereum.
Lukso, which was initially an Initial Exchange Offer (IEO), is now a fully functioning decentralized network with 10,000 validators. In terms of legal classification, it’s still unclear whether it’s considered a security or not, but that definition may depend on what happens to Cardano.
With its improvements and unique approach, Lukso can bring significant advancements in security and privacy. It remains to be seen whether the market will adopt its innovations and whether the project will become a promising option in the cryptocurrency market.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
