LUKSO (LYX) is a flexible tokenization protocol that seeks to streamline bringing fashion and lifestyle products onto the blockchain. The project has an experienced team of developers and some unique aspects that make it stand out. Here’s everything you need to know about LUKSO.
LUKSO was co-founded by one of the most respected names in the blockchain sector, Fabian Vogelsteller. This pioneering developer is responsible for several major market maneuvers as a core member of Ethereum. He is best known as the developer who created the ERC-20 token standard and many other upgrades that reshaped the market.
Source – LUKSO (LYX)
Digitization vs Digitalization
The core of LUKSO is the concept of digitization versus digitalization. Digitization enables you to leverage some benefits of web2 services like easy transfers. It’s a conversion of products or processes to digital format. In comparison, digitalization involves changing the entire business model to support new features made capable through tokenization.
What Problems Does LUKSO (LYX) Attempt to Fix?
There are some crucial issues faced by the fashion industry that LUKSO seeks to alleviate. The network leverages a decentralized infrastructure to improve responsiveness and trackability. These features make it easy to improve supply chain management.
Fraud
High fashion has a $1.2T problem, fraud. There’s a huge percentage of the market that’s counterfeit items being sold as original products. The knock-off high fashion market is in the billions and causes real damage to the brands and the people who purchase products thinking they’re authentic.
Proving Ownership
Proving ownership of items can be a difficult task. In the past possession was the premier method aside from a certificate or registration. Blockchain technology enables a new level of ownership via tokenization.
Tokenization empowers product owners in multiple ways. Users can see the past ownership history of items which can also add to the value of the product. Additionally, you can see if there were past repairs or thefts.
Benefits of LUKSO (LYX)
LUKSO introduces a host of benefits to the market that should be pointed out. The platform provides secure tokenization services in a streamlined manner via an intuitive interface. This approach makes it easy to tokenize any item and opens the door for large-scale adoption.
Authentication System
LUKSO Blockchain verification systems provide a higher level of security and efficiency to the market. The network supports the creation and validation of blockchain identification systems. These profiles streamline onboarding and improve security for users.
In the digital era, virtual IDs are a great way to improve security. Notably, blocking IDs can be applied to humans, machines, and products to authenticate their originality with ease. LUKSO supports the use of RFID tags and other advanced sensors to streamline monitoring and authentication processes as well.
Developer Support
Developers can integrate LUKSO tools into their creations with ease. The network provides a developer toolset that includes a host of features to streamline dapp creation and integration. In this way, LUKSO serves as a foundational layer for new asset creation.
Support from the Fashion Industry
LUKSO ‘s focus on the fashion and lifestyle industries adds to its value. This $500B industry needs a more efficient model that eliminates fraud and adds transparency where needed. LUKSO offers a decentralized solution that can accomplish these tasks while providing a base layer for the creation of additional networks, platforms, and services.
Staking
Users can stake LYX tokens to secure the network and secure rewards. Staking is one of the easiest ways to secure passive returns. New users prefer staking because there is less risk of losing your original asset versus trading.
Immersion is Key
One of the main advantages of LUKSO is its ability to provide immersive experiences rather than just products. Doing so, enables creators to engage their community on a new level and drive participation and retention up. It also empowers the community to achieve goals and set standards.
How Does LUKSO (LYX) Work?
LUKSO launched on the Ethereum blockchain but quickly migrated to a custom-built network. The LUKSO blockchain is an EVM-compatible layer 1 network that offers high scalability and interoperability. LUKSO leverages this blockchain to ensure all transactions remain unalterable and transparent.
The LUKSO blockchain was created from day one to be transparent, resilient, and neutral. As a base layer, LUKSO subnets can leverage the ecosystem’s services and security while configuring their networks to meet specific needs.
Adding high fashion and lifestyle items to the blockchain is easy. Users can upload the relevant info regarding their item and receive a tokenized ownership token. This token will include vital data such as origin, launch date, designer, materials used, and other key details. Combine this strategy with other sensors like RFIDs to add even more trackability.
RFID
RFID sensors are tiny passive radio chips that can be easily integrated into physical products to give them a digital signature. LUKSO combines these technologies in a novel way. The system uses RFIDs and a unique ID to give all items a DNA-like history that can be added to as the product’s life continues.
Design Spaces
One of the core concepts of LUKSO is the use of design spaces to promote lifestyle, fashion, media, and creator communities. This structure focuses on making new digital experiences centered on tokenized assets and shared goals. It also enables designers and creators to raise funds globally.
Token
LYX is the utility token for the LUKSO ecosystem. This versatile asset helps communities build, develop, organize, and users interact with LUKSO features. Additionally, the token can be staked for passive returns which are paid out in the same token.
How to Buy LUKSO (LYX)
Currently, LUKSO (LYX) is available for purchase on the following exchanges.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. Restrictions may apply, depending on location.
Gate.io – This exchange was established in 2013 and is one of the more popular & reputable exchanges. Gate.io currently accepts most international jurisdictions including Australia & the UK. USA & Canadian residents are prohibited.
LUKSO (LYX) Driving Future Creative Works
LUKSO provides a combination of features that help creators take their ROIs up a notch. The network is a smart choice for those seeking daily use lifestyle-focused options. For now, LUKSO is on the rise which means it’s a project to keep tabs on.
You can learn more about exciting blockchain projects here.
The post Investing In LUKSO (LYX) – Everything You Need to Know appeared first on Securities.io.
