KuCoin AMA Series — LUKSO — Full Transcript
Dear KuCoin Users,
Theme: “The Future of Tokenization with the God Father of the ICO”
Time: 19th, May, 2020, 17:00–18:00 (UTC+8)
KuCoin hosted an AMA (Ask-Me-Anything) session with LUKSO in the KuCoin English Telegram Group.
Guest:
Fabian Vogelsteller — Founder of LUKSO
Johnny — CEO of KuCoin Global
Igor Barinov — Tech Lead — xDAI STAKE and POA Network
Jasmine Zhang IOSG Venture Partner
2,000 USD worth of LYXe has been presented to users as red envelope giveaways after the AMA session (including random and lucky red envelopes)!
Introduction to LUKSO
LUKSO is a multiverse blockchain network where the worlds of fashion, gaming, design and social media intersect. It redefines how assets can be managed, collections showcased, and brands experience. It is the technological playground for creative professionals to shape emerging trends and unleash their creative force.
Q&A from KuCoin
Q: We could see an obvious pike of ICO trends starting from 2017, and please tell us more about ICO?
A (@Fabian Vogelsteller): I would say ICOs started with mastercoin back in 2013, but we called them colored coins back then. After I proposed ERC20 and people realized how easy it is to create a token using a smart contract, everything exploded. In simple Terms ICOs are a way to buy tokens, usually a smart contract that converts it automatically.
ICOs peaked in 2018 almost 3 years after the first ones on Ethereum.And collected over 40Bn USD in fundraised money.
Q: Why choose LUKSO as the 6th Spotlight project, what advantages that LUKSO has propelled your decision?
A (@Johnny — CEO of KuCoin Global): The creation of Spotlight is aiming to select the high-quality blockchain project for all the users. On the other hand, through utilizing our industrial advantages in which more high potential blockchain projects could be nourished, LUKSO is the one that has opened a new gate for blockchain application scenarios.
First of all, LUKSO is the World’s First Reversible ICO project. The r-ICO brings new on-chain investor protection to the controversial ICO mechanism, which has been checked and approved by the German Regulatory Authority Agency. Secondly, LUKSO smartly visioned in the fashion industry where its innovative blockchain technology and applications could be landed, and what lies ahead, a massive industrial depth awaits for exploring. It maps physical commodities to virtual networks through “digital twin” technology and uses blockchain technology to ensure authenticity and uniqueness in virtual commodities. Finally, the transferring history, manufacturing tracking of merchandise may easily get fulfilled on the LUKSO blockchain to avoid being annoyed by transparency and counterfeit concerns.
Q: What’s your background in Ethereum and how did you get to know Fabian?
A (@IGOR): I started working with Ethereum in 2016, where I used the tools built by Fabian, like web3.js, when we were building POA.network. We met personally in 2018 and since then have stayed in contact and continued to bounce ideas off each other. POA network was the first to start an authority node network based on nodes registered as notaries in the US. It brought significant throughput as a sidechain bridged to the Ethereum mainnet. Recently we’ve introduced an on-chain random number generator to POA which has opened up new use cases for the chain.
One of these is POA Mania, a savings lottery where participants can use their current POA tokens to win daily emissions without risking their current holdings. Currently I am working on xDAI STAKE, the staking token for the permissionless xDAI chain. It is an ERC-677 token, which adds a new function to the ERC-20 standard first proposed by Fabian. The standard improves user experience when transferring xDAI STAKE between two chains, which is a big part of the model. STAKE originates on the Ethereum mainnet, but is bridged to the xDai Chain using the TokenBridge, another one of our ecosystem tools. STAKE is then used by validators and delegators to protect the xDai chain through a new Proof-of-Stake algorithm called POSDAO. Users can bridge STAKE between the two chains (or other chains, it is a multi-chain staking token) for staking opportunities or liquidity purposes.
Q: .Kindly sharing with us how you and Fabian met? Can you briefly share more about the very Fabian in your eyes？
A (@Jasmine Zhang): I met Fabian first time on the opening ceremony of my last company and he was one of the panelists that I invited to speak.
I knew Fabian as early Ethereum developer and a real thought leader on blockchain technology. We exchanged thoughts some time and I can see that he gave great points in the industry.
By the time that I knew that he is going to launch Lukso, I am very excited especially I also know the other founder Marjorie well. I think it’s an innovative idea and I wish it can make a big difference.
Q: What LUKSO network could benefit the blockchain and what makes LUKSO unique by comparing with the other public chains?
A (@Fabian Vogelsteller): We are the first Blockchain that dedicated itself to these new kinds of blockchain applications that go strongly beyond finance. The rest of the world is currently not using Blockchain, because it’s too complicated and nerdy.
I have built the first interfaces for smart contracts, as well as the first tools for dApp developers. I also proposed the first ever smart contract standard, and we have a lot more ideas and standards in the pipeline that will make interacting with blockchain seamless.
There is a new digital lifestyle coming and LUKSO will be a base layer for it. We see fashion, gaming and social media merging, and we need a transaction layer for those new use cases.
Ever heard about purely digital fashion? That’s actually a thing and incoming, and LUKSO will play a significant role here :) I hope you have seen our digital hoodie: https://twitter.com/lukso_io/status/1262318776164417536?s=20, Exclusively for KuCoin Spotlight buyers :)
Also tokenization is so far only seen on the level of monetary and or protocol tokens, but soon it will be all about social tokens, influencer tokens and brand tokens
Q: Tell me about your understanding of rICO? Will it be the mainstream like ICO?
A (@Johnny — CEO of KuCoin Global): It’s admitted that ICO is an innovative financing method, but it has limitations. ICO brings a super effective and prompt way to help the projects (start-ups) get instant financing support. However, it’s inevitable to meet a bunch of opportunists who are raising the fund by disguise and advocating in “Blockchain Faith”, So now investors are moving away from ICO.
The flexibility that r-ico has brought to the market is providing a more user-friendly financing method ahead. A lock-up mechanism is applied to allow users to observe the development of a project and ultimately enable them to decide whether to return the purchased token or keep in the wallet. It could effectively protect the benefit of the investors and block unqualified projects into the market.
Got something more to share, r-ICO is granted and authorized by Germany compliance institutions which further proof of the regulatory utility of the mechanism. r-ICO is bound to stimulate and concrete the market while ICO is gradually losing public credibility.
Q: Since you are also advising LUKSO, how has your work been together?
A (@IGOR): LUKSO and POA network have worked together on several projects. LUKSO uses BlockScout, a POA-developed open-source block explorer. Our recent work involves collaborations on new consensus mechanisms called HBBFT and POSDAO. HBBFT stands for Honey Badger Byzantine Fault Tolerance, it is a consensus algorithm that is very robust. It can tolerate a number of failed nodes, delayed message delivery, and makes progress on blockchain consensus even in difficult conditions. POSDAO is a new proof-of-stake algorithm which has the capability to use different underlying consensus algorithms to ensure agreement on what blocks to include in the chain. Currently POSDAO is integrated with AuRa consensus, where validators take turns sealing blocks. POA has been working on developing these concepts into an efficient and resilient consensus protocol.
LUKSO, along with lab10, have worked on integrating HBBFT into Parity (now OpenEthereum), and are now working on incorporating POSDAO with HBBFT. This will provide an additional, robust consensus model for POSDAO. Other blockchains may choose to use POSDAO to incorporate a Proof-of-Stake or delegated Proof-of-Stake consensus, and we recently upgraded the xDAI chain to POSDAO. It is the first POSDAO network to-date. On the xDai stable chain, the native coin xDai is pegged 1:1 with DAI, and the underlying staking token that protects consensus is STAKE. We plan to incorporate HBBFT in the future as our work with LUKSO progresses.
Q: What kind of cryptocurrency exchange platform do you think KuCoin is?
A (@Jasmine Zhang): KuCoin I think is one of the most reliable and strongest exchanges. Since it started, it has been growing steadily and gathered a wonderful dedicated team.In terms of evaluating an exchange, I usually check it’s trading volumes & pairs, security & tech and reputation.
And I think KuCoin has been doing really well in all of the points and has been kept so low key and modest.I met quite some team members and it’s easy to see that they believe in what they are doing and passionate about it.
So I am really happy to see they Lukso is launching on KuCoin. I think both can benefit and contribute positive vibes to the whole industry.
Q: What is the role, and function of the LYX and LYXe token?
A (@Fabian Vogelsteller): LYX is the native cryptocurrency of the future LUKSO blockchain. It is necessary for transaction fees that block producers receive, and also necessary for staking — if you want to become a block producer. You will also be able to delegate your stake, if you’re a smaller holder.
LYXe, is basically LYX on Ethereum. LYXe is the token we are using for the Reversible ICO, and exchanges before the network launches. There will be a migration process from LYXe to LYX, once the network launched.
On top of the spotlight and rICO details, I would also recommend reading about our past activity, most of it can be found in our reddit: https://reddit.com/r/lukso
Q: After LUKSO got listed on KuCoin, kindly disclose more about the next Spotlight project?
A (@Johnny — CEO of KuCoin Global): In defining the Spotlight, we are more prone to the quality than numbers/quantity. The launching of Spotlight is initially envisioned to assist and propel the projects into the market by deploying an insight on aspects of technology and high potentiality. To be honest, it’s not an easy job to locate the most appropriate project in a limited period by applying the criteria that fits in and meet the conditions.
Frankly, we got some of them in my list, but it takes time to go further assessment, I believe the next round will be happening very soon, so stay tuned with us.
