The Lukso Digital Wallet
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By @Luksolukson
We are getting closer and closer to the mainnet of Lukso. Fabian and Marjorie are literally building the platform for the next wave of mainstream Blockchain applications.
Today we’re going to talk about Lukso’s Digital Wallet. I’m going to take you through the components seen in the sneak preview.
Disclaimer: Please keep in mind that this is my personal research which I am sharing with you. My advice is to always do your own research to confirm information.
The brands they showed in the App:
Off-White
Dior
Gucci
Balenciaga
Nike
Adidas
Pharrell
Chanel
The Fabricant
In the app we see the following products:
Crocodile Binder Clip Bag (Off-White x Virgil Abloh)
Saddly bag (Dior)
Dionysus leather shoulder bag (Gucci)
Triple S (Balenciaga)
AIR FORCE 1 low ‘’The 10’’ (Nike x Off-White)
NMD Human Race (Adidas x Pharrell x Chanel)
DEEP — Pants (The Fabricant)
https://www.instagram.com/p/BtLlDTPhH0P/
DEEP — White Denim Jacket (The Fabricant)
https://www.instagram.com/p/BoqMGIUiiQK/
In the app we see 4 examples of tokens:
13.45 LYX (Lukso)
15k WOM (Word Of Mouth) [Partnership]
2,050 FAB (The Fabricant) [Partnership]
1.50 AIR (Nike) [Advisor]
It seems that multiple tokens can be managed in the app. All affiliated brands can create their own token on the Lukso blockchain. Adding this to your Universal Profile will automatically display it in the app. You can imagine that you can use these tokens to buy items or bid on auctions. As a seller, you can also receive these tokens when you make a sale. One can potentially also receive royalties or airdrops through the wallet address of the Universal Profile.
LYX is required to perform transactions on the Lukso blockchain. Every transaction made in the app must be processed on the blockchain. Those transactions will cost transaction fee (tx fee). This is similar to the Ethereum network. It may not always be necessary to pay for these transactions since Fabian indicated earlier that brands will probably pay for these transactions themselves. In addition, relay services can also offer a solution. These are companies that pay for the transactions for you. You may be able to get these for free by viewing ads, you may get them for free if you sign up for newsletters or you may be able to buy some transactions in bundle. All I see is the ease-of-use.
The outcome is that the app-user hardly notices anything about communicating with the blockchain. Something that does not exist in this form today. So that is the power that such an app brings. So anyone who knows how to use an app (by now almost everyone in the world) can use the Lukso Digital Wallet. Mainstream adoption here we come 🌍
Connections:
WOM — Word of Mouth has an official partnership with Lukso. They are currently looking at whether WOM will use the Lukso blockchain.
The Fabricant also has an official partnership with Lukso. There has been a collab with RTFKT x The Fabricant through the digital marketplace The Dematerialised. Which, by the way, was founded by the co-founder of Lukso: Marjorie Hernandez. This drop was completely sold out in no-time ⚡️
Balenciaga has a collaboration with Reflaunt. Reflaunt promotes a circular economy where they connect brands and retailers with the second-hand market. Reflaunt has an official partnership with Lukso. https://balenciaga.reflaunt.com/
Nike does not have an official partnership with Lukso (yet) but Lukso does have Daniel Heaf as an Advisor. Daniel Heaf has worked at Burberry in the past and works at Nike as Vice President Nike Digital/Direct at the moment.
In the article on WWD, Marjorie Hernandez says:
“You can trade a Karl Lagerfeld photo against a Chanel handbag or Off-White sneakers versus your digital fashion dress. It’s a completely different product experience, but all of a sudden they’re tradable against each other because they speak the same language, they exist in the same currency.’’
It is not clear whether it will be possible to make trade proposals. If this is possible with the app, it would be very revolutionary. At the moment it is not easy to safely exchange items with each other on the blockchain.
Explanation of the demo app:
1: Here you will see the tokens you own in the app. This is broken down into the brand, number of tokens and the logo of the brand. On the left you can see how many tokens you own. These are the tokens that are linked to your Universal Profile. On the right you can see your LYX balance. You need LYX to pay the transaction fee or to buy/sell items.
2: In these tabs you can see what kind of items you own. Now we see 3 bags, 11 sneakers and 4 digital assets. With these tabs you can easily switch between the different types of items.
3: With this button you can receive items. I’ll explain more about this later in the article.
4: When you click on a token you will see this screen. This shows which token it is and what your balance is. The token name is also shown.
5: This button is used to send tokens.
6: This button is used to receive tokens.
7: This is the button to receive items.
8: You can show this QR in stores or send it to people. Then they immediately know which Universal Profile to send the item to.
9: This string of numbers and letters represents the product code.
10: This is the description of the product.
11: You can see the information of what the product is made of, what color it is, and what the hardware is.
12: On the left you can find the retail price for the product.
13: On the right you can find the market price for the product.
14: You can view the owner history of the product here.
15: With this button you can scan QR codes.
16: If you have clicked on ‘claim item’ you get this screen. You then need to click on ‘scan’. The app will open your camera so you can scan other QR codes.
17: Here you can see your wallet address aka Universal profile. What exactly is a Universal profile? This is a wallet you can use anywhere. Benefits?
1 wallet where all your belongings are. With your Universal Profile you can log in anywhere. So you don’t need different accounts anymore!
18: These are the options under security. You can change your password. You can make a backup of your Item in your wallet. You can also import an existing wallet.
19: With the display currency you can select the currency you are used to. USA is often the default.
20: With this button you can transfer items to another wallet.
This article will be updated as soon as I get more details.
If you’ve made it this far, YGMI!
Did you think this was interesting? Let me know!
For questions or comments, you can reach me at:
Twitter: https://twitter.com/luksolukson
Telegram: https://t.me/luksolukson
Discord: Luksolukson#8369
