Cryptocurrency

What’s behind LUKSO’s 56% pump over the past week?

Zegex

Over the past week, the Ethereum-compatible LUKSO token has seen the biggest gain, rising 56% to $7.51 at the time of writing.

But what is behind this strong performance?

What is Luxo?

Little is known about this project as a small cap token ranked #230 by market capitalization. Developers want to change this by enabling a “new creative economy.”

the term new creative economy (NCE) refers to a web3 concept that allows creators and content makers to get direct financial rewards for their efforts in addition to the usual views, shares and likes.

Unlike existing dominant advertising revenue models, NCE does not rely on being aggregated through “big tech” or media companies. So in theory, the NCE democratizes the Internet.

of Luxo The ecosystem is built on 10 standard proposals that represent the basic principles of the project. Contains concepts for standardizing how identities, assets, and smart contracts interact.

LUKSO draft standard
sauce: docs.lukso.tech

Standardization is considered key to enabling the future of Web3. For identities, for example, Universal Profiles provides an interoperable blockchain-based solution to validate identities in the digital world.

“This enables universal login without the need to remember usernames and passwords, while giving you complete control over all your virtual assets and identities.”

Blockchain-based identities are underpinned by ERC-725 standardIt was created in 2017 by Fabian Vogelsteller, founder of LUKSO. Vogelsteller also created his well-known ERC-20 standard.

ERC-725 allows proxy smart contracts that can be controlled by multiple keys or other smart contracts. As an open and portable identity standard, a user can obtain her identity across various dApps and platforms without handing over sensitive or personal information to a centralized organization.

“The ERC725 standard is the base for anything that needs to store public, verifiable information about itself, and is also the general standard for running arbitrary smart contracts.”

what’s behind the pump?

November 2021, Vogelstellar LUKSO mainnet launch will take place in the first half of 2022.

No further updates on when the mainnet will go live.But a tweet from Vogelsteller’s personal Twitter On October 18th, we hinted that the team was about to launch.

The project founders have launched a poll asking the community to vote on what percentage of the supply the LUKSO Foundation should retain. At the time of writing, he has one day left before voting closes.

Volgelsteller said determining ownership percentages influences other factors such as total supply. fundraising.

Assessing the current situation, he Ten%added that not all teams agreed with him.

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