We organized AMA successfully with Hon’ble Mr. Fabian, Founder, LUKSO $LYXe on 30th of August, 2020 in our Telegram Group.

CryptoProfitCoach with Hon’ble Mr. Fabian Vogelstellar, Founder, LUKSO $LYXe

Crypto Alexander | @CryptoProfitCoach Never PM for funds admin
Hiiii all Community members…
I hope you are making good profit with us in trading…
I welcome our Hon’ble Guests Mr. Fabian, Founder of LUKSO and Ms. marjorie | lukso.io, LUKSO Team
The fastest growing blockchain platform Lukso.io

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
Really excited for the AMA with Mr. Fabian Vogelsteller, Founder of LUKSO and
author of ERC-20 the token standard behind 90% of all tokens.

Fabian Vogelsteller admin
Hi Happy to be here!

marjorie | lukso.io admin

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
I Welcome Fabian Vogelsteller
–on behalf of our community I ask you to enlighten us regarding LUKSO, the
Blockchain dedicated to the new digital lifestyle space.
Welcome all

Fabian Vogelsteller admin
LUKSO is a new Blockchain dedicated to the new digital lifestyle that we see coming.
Currently most applications in Blockchain are around finance and business logics. We will bring blockchain to the masses by making this wonderful technology interesting and usable for everyone.
We target a whole new set of applications that are focused on fashion, gaming, creatives and lifestyle use cases. We believe that every Blockchain functions like its own ecosystem, and its value thrives innovation and interoperability within this ecosystem.
Crypto admin | @CryptoProfitCoach Never PM for Funds admin
As usual, I’ll start things off with some introductory questions before then
opening up to the community for Q&A Top questions / participants will receive
rewards = )
Starting out, can you provide us with a high level description of LUKSO platform
as well as the LYX and LYXe Token?

Fabian Vogelsteller admin
As mentioned above, we focus on what we call the “new digital lifestyle”.
LUKSO itself is a EVM based Blockchain, run as an Ethereum side chain (meaning we use the secureity of the Ethereum mainnet).
LYX is the native token, or cryptocurrency of the LUKSO blockchain.
My work at the Ethereum Foundation in recent years has been instrumental for DeFi to appear. For the ones who don’t know it.
I created the ERC 20 token standard, the standard that is used by most of the tokens today.
In 2015 I’ve built the Mist Browser, the first web3 browser, where we defined how dApps work.
Over the years 2015–2017 it was downloaded 15M times, but we retired the Mist browser in 2017, as other browsers like Brave had a bigger team, and we wanted to focus on other things at Ethereum.
I have also built the current version of web3.js. The most used developer tool in the Blockchain space, with around 900k downloads a week (You can check that here: https://npm-stat.com/charts.html?package=web3)
npm-stat: download statistics for NPM packages
The Ethereum space defines most of the current Blockchain landscape, and my work has been instrumental in this journey.
We see LUKSO as a continuation and a extension of the Ethereum space.
Side chains have the ability to create larger scale, at a lot less cost, while increasing throughput.
— -

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
great info..it’s really pleasure to know about your journey :blush::+1:
Could you please share some of the biggest “lessons learnt” after navigating the crypto ecosystem for over 7 years now? You have created ERC 20, the standard that literally is used by 90% of all tokens, what are your lessons from that?

Fabian Vogelsteller admin
The number one lesson is that: you can not buy an ecosystem, it needs to grow naturally. This is waht happened in Ethereum, and other projects, but I see many projects which are artificially trying to create a community. This will ultimatively fail.
ERC20 was adopted by basically the whole crypto community. Every exchange, most wallets and many business are able to use or accept ERC20 based tokens. USDT is one and BNB was one as well :wink:
But the reason WHY it become so big, is because it is an open standard, that is not opinionated, and that benefited everyone. This openness is what created the 40Bn token industry and all the tokeneconomics talk we see today (This was not a thing, when proposed the standard in November 2015)
I am taking the same approach with the standards we propose with LUKSO. In fact their are an extension of the standards i have propsed in the Ethereum ecosystem. You can read ERC725 (about https://erc725alliance.org) for example.

ERC725 Alliance
This is the home of ERC 725, a proposed standard for blockchain-based identity authored by Fabian Vogelsteller, creator of the ERC 20 standard and Web3.js.
— -

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
Great info :blush::+1:
Could you please give a brief intro of LUKSO platform’s salient features? How it is better than other platforms for the digital lifestyle space, and what is the “digital lifestyle space”?

Fabian Vogelsteller admin
With LUKSO we are taking a different approach than most networks. We don’t believe in a blockchain future where one winner takes it all. @m_h_d_v and I are part of the crypto space since 2013, we have seen the rise and fall of altcoins.
We believe in an internet of blockchains, where many blockhains (probably many EVM chains) exists alongside each other.
These blockchains will differentiate each other not so much by the consensus algorithms, but by the community and the standards they use.
These networks will also be interoperable and interconnected.
LUKSO will be one of them. The one that brings in a whole new set of applications and users to the blockchain space.
Most people don’t understand how versatile a smart contract based blockchain is, and how we have barely identified the use cases that we can have.
Its in essence all about standards. Standards bring traction, allow startups to built new things and allow ease of use and compatibilty between different ecosystems.
On the technical side: LUKSO itself uses a plasma like approach to link into Ethereumf or security, but runs a lot faster and with a higher throughput than the ethereum mainnet. But thats not magic, many blockchain can do that.
What makes us different is the focus on these new type of applications and the standards that will blockchain be more user friendly than the web2 we have today.
— -

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
Great info
What is the functionality of the token of LUKSO: LYX and LYXe and why anybody wants to have LYX?

Fabian Vogelsteller admin
LYX is the native token of the LUKSO blockchain, you will have to use it to operate on the LUKSO blockchain. Pay for transaction fees and lock it to participate in the consensus of the network (staking)
Its the oldest and most known “token” use case, if you so will. Ethereum uses it, Bitcoin uses it and it is so far IMO, the only proven token use case that allows for security of a protocol and its value gain.
LYXe is the token you get when you participate in the Reversible ICO (https://rico.lukso.network). And which is also currently traded on KuCoin.
Reversible ICO of LUKSO — The Blockchain for the New Digital Lifestyle
LUKSO is dedicated to the new lifestyle space. A decentralized ecosystem for brands, innovators and creatives to use and build blockchain applications…
LYXe will be migrateable to LYX once the LUKSO blockchain starts. Likely you will simply send it to a smaert contract and provide your LUKSO address, to receive your LYX. They are 1:1 the same asset.
— -

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
Thanks for enlighten us in this regard
Now focusing on the team a little bit — what are some key differentiators LUKSO Token platform as well as LUKSO Token Project team has that make it particularly well-equipped to accomplish your goals ?

Fabian Vogelsteller admin
I have been part of the Ethereum Foundation from 2015–2018, my work was instrumental for tokens, DeFi and dApps. I defined a few other things that developers use on a daily basis, but that would go to far here (like the ethereumProvider that web3 browser uses).

My co-founder @m_h_d_v was part of EY, one of the biggest consulting firms in the world, where she built the Innovation lab in Berlin, she has extensive knowledge dealing with business clients.

Our team consist of blockchain developers and people that are well conntected and versed in the lifestyle industries.

The advisory board we have built over the last 1.5 years, is probably the most impressive when it comes to the direction we are working in. We have people from large fashion brands, lifstyle magazines like HighSnobiety and developers from the ethereum ecosystem. Note that these advisors act on a personal manner and have all advisery contracts with us. Thats probably very different from some of the other projects, that simply put names on their website, of people they have never asked…
In short, we have the vision, the knowledge and the connections :wink:
— -

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
Great info & vision
What products/tools does LUKSO currently have? What products/tools are being developed so that LUKSO has a real impact on this new type of ecosystem for brands, innovators and creatives?

Fabian Vogelsteller admin
We are working on the network tech, and have so far started a testnetwork using the PoA system. Its called L14: http://l14.lukso.network
We have created a new set of standards that we are proposing for users on our network:

LUKSO Improvement Proposals. Repository for the LUKSO Blockchain Improvement Proposals (LIPs) and LUKSO Standards Process (LSP). — lukso-network/LIPs
Most of them are sub standards ontop of my ERC725 standard, that is already propular within the ethereum ecosystem: https://github.com/ethereum/eips/issues/725
ERC: Proxy Account · Issue #725 · ethereum/EIPs
eip: <to be assigned> title: ERC-725 Smart Contract Based Account author: Fabian Vogelsteller <fabian@lukso.network>, Tyler Yasaka (@tyleryasaka) discussions-to: https:/…
We have implemented those standards and have created the first test use case for the past HelsinkiFashionWeek event: digitalvillage.io
your can see those profiles currently at https://universalprofile.cloud, all are smart contract based profiles using the new standards
Universal Profile Cloud
Directory to discover ERC725 based smart contract accounts.
There is a lot more details, but that will too much for this AMA

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
Thanks for enlighten us in this regard
What strategies is LUKSO using to create this new ecosystem? Why you are developing it?

Fabian Vogelsteller admin
We have written an extensive whitepaper explaining this new ecosystem: https://bit.ly/LUKSOWhitepaper
We are building a set of applications that will be important to kick start this ecosystem:
- a digital wardrobe
- a influencer token generator
- a marketplace for digital fashion

We are also working with other players to make some of those inital applications happen, like a VR club and other game and social environments.
Like the Mist browser, showed everybody how and why to build dapps, our inital application will spark an emergence of new applications in the blockchain space.
— -

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
Thanks for info
What is Reversible ICO “rICO”? Could you please enlighten us, How is it different from an ICO?

Fabian Vogelsteller admin
The Reversible ICO, is our ICO, but with a slight difference.
It is the safest/fairest investment ICO ever made 🙂
It basically means, you can reserve any amount of token at a certain price, and you will buy theese tokens over a period of (still) 6 months. This “buying over time”, is so that you can vet our project, and potentially return un-bought (still locked) tokens to the rICO smart contract for their ETH you put in at the beginning.
This basically lowers your risk, while you have time to decide if you like the project, without the exchange price risk.
As I created ERC20, and started with that the ICO graze, I see it as my duty to improve this space. So why not with my own ICO first. My hope is that others will copy the rICO idea, so that it becomes a standard investors demand.
It is better when we — the blockchain space, can show how to self-regulate, instead of regulators trying to regulate blockchain with paper laws…
hence the rICO :wink:
— -
Its running right now here: https://rico.lukso.network
Reversible ICO of LUKSO — The Blockchain for the New Digital Lifestyle
LUKSO is dedicated to the new lifestyle space. A decentralized ecosystem for brands, innovators and creatives to use and build blockchain applications…

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
Yeah they will surely copy you :blush::+1:
How you attract young people? Who are your potential Clients? Please enlighten us in this regard.

Fabian Vogelsteller admin
Gen Z is the next generation of wealth and the ones determining the future. If we look to fortnite and game skins, If we look to VR and coming of AR, if we look at the digitalisation of the fashion industry, we can see something big is emerging.
We will be the foundation for that new market, and its built on open standards, a public and open blockchain infrastructure and a lot of new creative ideas of how we as humans and as a community can operate.
It just requires a spark, as simple as one application where you can buy and wear digital fashion, and boom! we have a new ecosystem. We have plethora of applications that we already started working on.
— -

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
Thanks for enlighten us in this regard :blush::+1:
Switching gears to the competitive landscape — what sort of projects do you identify as LUKSO biggest competitors?

Also, if you don’t think there are direct competitors, what sort of trends or obstacles do you think need to be overcome in order for LUKSO to capture more market share?

Fabian Vogelsteller admin
In the space we are capturing like digital fashion and digital lifestyle, we are the first movers.
There projects that could be somewhat related like flow or vechain, but they don’t have the focus that we have.
The obstacles are the building 🙂 it takes time and its surely not a project ready in a few months. We are working on it since a while and It also takes to eductae the space about what we are doing.
This is new, and we are not only education the crypto space, but mostly the lifestyle space, as those are the mainstream users we want to attract.
The receipts for that are simplicty and fun with little entry barriers.
I always find that we are in “perfect time”, as the tings we talk about start to really take one, we are the first mover and the ones ready, while all others just get to understand this space :wink:
— -

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
Are you planning to list LUKSO Token on new Exchanges ? If any info in this regard you can provide us.

Fabian Vogelsteller admin
We are in talks with the bigger exhcanges, we don’t want to list LYXe one many ofn the small ones, as they can list on their own, without talking to us.
Though we can not yet reveal these listings, you will have to give it time
— -

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
It’s enough to know :blush:
Alright last question before I open up to question from the Community — what are some exciting milestones LUKSO has in the coming months? Any big news/announcement ?

Fabian Vogelsteller admin
We have some announcements that we will reveal soon, as we have created a partnership with one of the biggest soccer clubs in germany.
Stay tuned for announcement of our network.
we are also scaling the team, so things will go faster.
We have some staretup partnerships that we also will announce in the near future, as creating such an ecosytem takes many players.
— -

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
That’s a great info for our community
Always exciting for LUKSO in making a better world with blockchain technology as putting the lifestyle monetization within anyone’s reach.= )
I think we can open things up to community Q&A ! Reminder that top participants will receive a reward! Community members are allowed to post their questions for next 10 minutes. 10 Best Question will be picked up by Mr. Fabian Vogelsteller to answer.. completely on his discretion. Question picked up by Mr. Fabian Vogelsteller to answer will make Question raiser eligible to receive rewards.

Infinite Crypto
In your opinion, what are the barriers that make it difficult for Businesses to adopt the usage of blockchain? What makes LUSKO so friendly for individuals and businesses?
Fabian Vogelsteller admin :

Good questions. Most of the early blockchain projects, tried to achieve strong decentralisation and therefore rejected requests from enterprises and the usual business world.
Projects later, that are on the fishier side, setup companies in jurisdications that many enterprises can not interact with. So even if they make progress, they can never have real impact in the knwon business world, due to their intransparency or negative perception.

We started LUKSO in germany, one of the most trusted jurisdications, and took the time to speak to the regulator first, before moving forward with a token sale etc.

We are also taking the Ethereum approach of making the netywork as decentralized as possible, but with less effort (as we benefit of the security of the Ethereum network), but are also open to current businesses and brands, and help them navigate this new decentralized world.

In this way we are open to both, the developer and entrepreneur, and the enterprise. While building on a good transparent basis.

Fabian Vogelsteller admin
There are a few questions regarding “why are you building on the Ethereum Blockchain”, let me sum those up here:
We don’t. LUKSO is its OWN blockchain, but we secure LUKSO as a side chain in the ethereum mainnent. We are also exploring other options like polkadot for that.

Fábio 🇵🇹
Most people find it difficult to understand the mechanics behind the Reversible ICO, what is LUKSO doing on it part to help people realize that this is a more better way of making ICOs? I’m optimistic other projects will start adopting rICO very soon?
Fabian Vogelsteller admin

We are the first rICO, so lets see after it ended. Then projects will see its the better way. If another ICO wave comes (and it will), then the rICO will be a viable option that improves trust.
I understand its complicated at first, but once you used its not. I can assure you DAI and DeFI in general is way harder to understand :wink:
Febri Yant0
Most of the priorities of the cryptocurrency community aresymbolic pricing. When prices go up, society rejoices and grows. When they fell, many people started throwing them in a negative way.
How will #LUKSO solve the negative problem when the price drops?
What are your plans to strengthen and develop the community so that more people see the product than the price?
Fabian Vogelsteller admin

The truth is investors that go by the daily price will always be emotional attached by the swings of the market. But a wise investor, someone who understands whats coming and helps built it will ignore the swings.
I have been part of ethereum since the beginning, we built when the price was up, we built when the price was down. As a builder, and as someone who truly is part of the community, the price is secondary. It will eventually reflect in what has been done anyway…
What is the main problem do you see in the Blockchain Technology Currently?
What solution does Lukso Provides to solve it with Blockchain?
Fabian Vogelsteller admin

The main problem is not so much a technical one, as it is a user experience one: Blockchain is almost impossible to adopt by the mainstream, if it stays to complicated and technical.

The standards I mentioned beforte (ERC725, etc) allow for blockchain accounts and interaction to be very easy, but also very secure. In this case you don’t start your app journey with a 12 word seed, or signing up on a crypto exchange, but with a simple app opening.
Rirat Pumpers
Do I first have to buy $ LYXE to buy in-game items or can I buy with my Visa credit card?
Fabian Vogelsteller admin

LYX will be used for transactions fees on the network to run smart contracts. This means any economic activity will require LYX to some degree. But for the users this can be hidden. If you are a brand that makes an app to buy your digital clothes, you will pay the transactions fees for your users, and deduct it from whatever payment you take from them.
So yes, you will be able to use anything, not just LYX
Evan Tama
The importance of community members in any project for it to attain it Mission and Vision cannot be overemphasized. Can you briefly tell us how much you value your community members?
How proactive are you in addressing concerns and queries that may be generated among your community members?
and what plans are you putting in place to ensure that continuous and endless support is being given to the community?

Fabian Vogelsteller admin

We focus on our builders community, many of which we even have locally, as Berlin is the biggest crypto hub in europe and probably the world right now.
We have a telegarm group of 2.5k people that welcomes everybody and is very active: https://t.me/LUKSO
and we use discord (https://discord.com/invite/E2rJPP4), where we have many internal and semi internal channels, where most of the activity is going on. Those conversations will go more and more public in the coming months.

But keep in mind: Everytime a project is quiet things are built, everytime its active things progressing less fast…

LUKSO — The Blockchain for New Creative Economies
LUKSO is the Blockchain for the New Creative Economies, dedicated to the lifestyle space. A decentralized ecosystem for brands, innovators and creativ…
What are the plans to attract NoN-Crypto people towards the Lukso Platform?
Fabian Vogelsteller admin

I answered that partly already in the AMA, but the main point is apps for things that you can not have right now, and a user experience, that is not like todays crypto complicated.
The main app we are initially building is for buying and wearing digital fashion, with real world brands.
how much longer will the ICO last? why can I see token trading while the ICO is still ongoing ?? 7.5k ETH / 5.3 million LYXe tokens in ICO. This 5 million token will be shared between ETH contributors?
Fabian Vogelsteller admin

The rICO will go until 21st February 2021, The trading is already ongoing, as we did a iitial IEO on KuCoin, and the LYXe that are unlocked from the rICO can be traded there.
5M LYXe are still left in the rICO, ~50%, the rest is currently reserved. If people go out of the rICO, the token become available again.

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
8 Winners selected… Two more to go

Could LUKSO help form more efficient markets for cultural goods in the post corona world?
Fabian Vogelsteller admin

In fact we want to create a total new market for totaly new cultural items :wink:
Digital fashion is one of those: Its a NFT with real application like AR filter wearing, dress yoruself in VR, or dress your game character. People want real brands in games, digital fashion and LUKSO is the answer.
We are seeing a lot more cultural assets comming and running on LUKSO, like influencer tokens, or tokens of your favorite youtuber. Those are not necessary money, but voting or contribution rights. Our imgaination is the limit of what we will see…

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
One more to go :blush:

I’m somewhat new to #LUKSO but it looks like the underlying technology has strong use cases and has also forged partnerships in the fashion space.
Do you guys have any plans or already built use cases for industries outside of fashion? thanks.
Fabian Vogelsteller admin

Good question. LUKSO is not meant only for fashion, we see the digital lifestyle space to span from gaming, to esports, to fashion, to influencers, to music and everything that will define our new digital lifestyle. You can read our https://bit.ly/LUKSOWhitepaper for a few more use cases outside of the fashion space.
Goal is to ignite a new eara of blockchain applications outside of finance and DeFi. A world thats far bigger than the whole blockchain space currently.
We will set the tone with our applications, provide important initial standards and start the network, the rest is up to the community, wherever it wants to evolve towards.

Crypto admin | @CryptoProfitCoach Never PM for Funds admin
10.Winners picked up by our Hon’ble Guest

Fabian Vogelsteller admin
Yeah 🙂
Each one will get 50 LYXe ! :boom:

Thank you very much for organizing this AMA

Feedback and comments are always welcome 😊

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