Introduction

04/18/2023 14:35 • Daily Digest • 73 views

On April 18th, it was announced that Fabian Vogelstell, one of the proponents of the Ethereum ERC-20 standard, and others, are planning to launch the Layer1 blockchain project LUKSO, which will launch the Genesis Validator deposit smart contract on April 21st at 00:20. Anyone can become a Genesis Validator as long as they hold at least 32 LYXes.

Layer1 blockchain project LUKSO will launch Genesis Validator deposit smart contract on the 21st

On April 18th, 2021, Fabian Vogelstell, who was one of the creators of the Ethereum ERC-20 standard, announced their plans to launch the Layer1 blockchain project LUKSO. This platform is to support various ecosystems such as fashion, gaming, lifestyle, and social media, and its smart contract will be initiated on April 21st, which will allow anyone to become a Genesis Validator. In this article, we will explore the details of the LUKSO blockchain project.
# LUKSO Blockchain Project
The LUKSO blockchain project is a decentralized ledger technology that enables the decentralized creation of digital assets. The system is developed to support lifestyle brands and creators to develop their NFTs and digital assets marketplaces.
The team behind LUKSO includes more than 20 individuals with years of experience in blockchain technology and expertise in different sectors. The project is backed by several investors including Huobi, Coinbase Ventures and many more.
# Genesis Validator Deposit Contract
The Genesis Validator deposit is a smart contract that allows anyone to become a Genesis Validator in the LUKSO network. The minimum requirement is to hold at least 32 LYXes to become a validator, which will allow you to secure the network and earn more LYX tokens as a reward.
As a Genesis Validator, you will facilitate the blockchain consensus and approve transactions. You will be entitled to receive a reward in the form of newly minted LYX tokens for your participation in securing the network. This method is known as Proof of Stake and is different from the traditional Bitcoin and Ethereum mining methods.
# Benefits of LUKSO Blockchain Platform
The LUKSO blockchain platform offers a unique proposition for various industries such as fashion, gaming, social media, and art. The platform offers seamless interaction between creators and consumers, which will facilitate the creation of new digital assets and amplify their market value.
Furthermore, since the platform operates on a Proof of Stake consensus mechanism, it is more energy-efficient than its counterparts that follow the Proof of Work consensus mechanism. This makes it more environmentally sustainable and cost-efficient for users.
# Conclusion
The LUKSO blockchain project is an innovative platform that offers various opportunities for creators and consumers in different industries. Anyone who holds at least 32 LYX tokens can participate in securing the network as a Genesis Validator, and receive rewards in tokens for their participation in securing the network.
# FAQs

Q1: How do I become a Genesis Validator?

Ans: Becoming a Genesis Validator is simple. Hold at least 32 LYX tokens, and you can initiate and participate in the Genesis Validator deposit smart contract.

Q2: Is LUKSO environmentally sustainable?

Ans: Yes, LUKSO follows Proof of Stake consensus mechanism which makes it more energy-efficient and environmentally sustainable.

Q3: Which industries can LUKSO support?

Ans: LUKSO can support various industries such as fashion, gaming, social media, art, and much more.
# Keywords
LUKSO, blockchain, Genesis Validator, smart contract, Proof of Stake, fashion, gaming, social media, digital assets marketplace.

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