LUKSO (LYXE)

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Fashion and Digital Lifestyle

LUKSO focuses on fashion, art, music, gaming, design, and social media. It enables users to create, buy, trade, and wear digital fashion items in games or as social media filters. For example, virtual versions of yourself can wear digital clothes bought on LUKSO. It supports a digital wardrobe where fashion items are stored on the blockchain, allowing authenticity and ownership to be verified.

Universal Profiles and Identity

LUKSO offers Universal Profiles that act as a single login across many apps on its network. These profiles are owned by users, not third parties, and can carry reputations and digital assets. This means you only need one profile to access many platforms, simplifying user experience.

NFTs and Digital Assets

LUKSO develops advanced NFT standards (NFT 2.0) that improve metadata, secure transfers, and asset interaction. This allows for more complex and interoperable digital assets, such as limited edition tickets or unique collectibles, with better user control over accepting or rejecting transfers.

Creative Economy and Interoperability

LUKSO serves as a base layer for developers and creatives to build new applications and digital economies. It supports experimentation and innovation in lifestyle activities, aiming to bring blockchain to mainstream users by connecting various creative industries.

Smart Accounts and Token Standards

LUKSO uses smart contract-based accounts for secure and flexible token transfers. Its token standards (LSP7 for fungible assets and LSP8 for non-fungible assets) provide improved control, metadata, and interaction features compared to traditional tokens.

High Performance and Scalability

LUKSO’s blockchain can handle high transaction speeds (up to 245 TPS on test networks) and supports many verification nodes, enabling efficient decentralization and scalability for its applications.

Advantages

• LUKSO is a layer-1 EVM blockchain using an unmodified version of Ethereum, making it compatible with many decentralized applications.
• It supports Universal Profiles, which simplify user experience by allowing one profile to replace multiple online accounts and passwords.
• The ecosystem enhances community engagement, governance, and creative content management with new token standards that allow multiple platforms to sell a single piece of content simultaneously.
• Validators earn rewards in LYX tokens, which also play a key role in governance and platform development.
• LUKSO aims to unify digital life through smart profiles and offers an open, permissionless playground for decentralized applications.
• It has a focus on social, culture, and creators, targeting new creative economies like fashion, gaming, and design.
• The blockchain offers advanced security features with multi-user smart contract access and tailored permissions.

Disadvantages

• The project requires continual development and maintenance, and some developers have left.
• There is no mobile wallet available yet.
• The price and market activity have shown some decline and volatility.
• Some community members express concerns about poor price action and uncertain long-term prospects.
• Liquidity depends on team, investors, and projects injecting funds, which may not always be consistent.
• The ecosystem is still evolving, and some features or tools may not be fully mature or widely adopted yet.

Founders of LUKSO

• Fabian Vogelsteller: A blockchain developer and former Ethereum Lead DApp Developer. He is known for creating the ERC-20 token standard and tools like web3.js and the Ethereum Wallet. Fabian co-founded LUKSO and introduced the Reversible ICO (rICO) concept.

• Marjorie Hernandez De Vogelsteller: Co-founder and CEO of LUKSO. She has a background in innovation consulting and strategy, having worked at Ernst & Young where she established an innovation lab. Marjorie leads LUKSO’s concept, design, operations, and product development.

• Sarah-Jane Godman-Boritzki and Silke Bolms: Also co-founders involved in the fashion-tech and lifestyle aspects of LUKSO, supporting the use of blockchain in fashion and creative industries.

Investors in LUKSO

LUKSO has raised funding in 1 main round from 4 institutional investors. Some of the known investors include Enigma Ventures, Warburg Serres, Agnostic Capital, and Valeria Kholostenko. The latest funding round was about $2.39 million in May 2020. These investors support LUKSO's blockchain platform focused on the fashion, lifestyle, and creative industries.

Halal Status of LUKSO

LUKSO is a layer-1 EVM blockchain similar to Ethereum, built for social, culture, and creators.

Islamic Scholarly Views on Crypto

Islamic scholars are divided on whether cryptocurrencies are halal or haram. Some scholars consider cryptocurrencies like Bitcoin and Ethereum halal because they function as a medium of exchange and store of value, while others raise concerns about volatility and speculative trading.

Reasoning

Since LUKSO operates similarly to Ethereum, which some scholars have deemed halal, LUKSO can be considered halal by extension, provided it is used in a manner consistent with Islamic principles.

Answer: Yes, LUKSO can be considered halal because it is a blockchain similar to Ethereum, which some Islamic scholars have ruled permissible.