LUKSO Launches Genesis Validator Deposit Smart Contract for Block Verification
On April 21st, it was announced that Fabian Vogelstell, one of the proponents of the Ethereum ERC-20 standard, has launched the Layer1 blockchain project LUKSO, which has now launc
On April 21st, it was announced that Fabian Vogelstell, one of the proponents of the Ethereum ERC-20 standard, has launched the Layer1 blockchain project LUKSO, which has now launched the Genesis Validator deposit smart contract. The Genesis Validator deposit smart contract will allow users to deposit 32 LYXe (ERC-20 tokens) to participate in the block verification process.
Public chain LUKSO launches Genesis Validator deposit smart contract
On April 21st, Fabian Vogelstell, a proponent of the Ethereum ERC-20 standard, announced the launch of the Layer1 blockchain project LUKSO. The project aims to enhance the infrastructure of the digital fashion and lifestyle industry by enabling secure and efficient blockchain-based solutions. As a part of this project, LUKSO has now launched the Genesis Validator deposit smart contract.
The Genesis Validator deposit smart contract allows users to deposit 32 LYXe ERC-20 tokens into the system to become validators and participate in the block verification process. This will help secure the blockchain and maintain its decentralized nature. This move is a significant step towards the implementation of Proof of Stake (POS) consensus, which is more energy-efficient than its Proof of Work (POW) counterpart.
What is LUKSO?
LUKSO is a blockchain developed specifically for the fashion, gaming, and lifestyle industries. The platform aims to enable new business models and foster innovation in these industries by providing a secure infrastructure for the development of decentralized applications (dApps). LUKSO leverages Ethereum’s existing infrastructure and ERC-20 token standard to enable the seamless integration of existing Ethereum dApps.
The Genesis Validator Deposit Smart Contract
The Genesis Validator deposit smart contract is a critical component of LUKSO’s blockchain infrastructure. This contract allows users to become validators by depositing 32 LYXe ERC-20 tokens, which can be withdrawn at any time. Validators help secure the blockchain by participating in the block verification process, for which they are awarded LYXe tokens.
Validators are chosen randomly to participate in the verification process by the system’s algorithm. This process ensures that no single validator has control over the blockchain, thereby maintaining a truly decentralized system. In case a validator is found to have acted maliciously or negligently, their deposit will be forfeited.
Advantages of the Genesis Validator Deposit Smart Contract
The Genesis Validator deposit smart contract has several advantages over traditional methods of block verification. Firstly, it allows for a more energy-efficient consensus algorithm as it is based on POS, which requires less computational power than POW. This makes LUKSO a more environmentally friendly platform.
Secondly, the deposit required to become a validator incentivizes honest behavior and discourages malicious intent. Validators are motivated to act in the best interests of the blockchain as they stand to lose their deposit if found to act maliciously.
Thirdly, the system’s algorithm ensures that no single validator has control over the blockchain, making it more secure and decentralized.
Conclusion
The launch of the Genesis Validator deposit smart contract is a significant milestone for LUKSO. The smart contract will enable the platform to move towards a POS consensus algorithm, which is more energy-efficient and secure than POW. This move also paves the way for the development of decentralized applications on the LUKSO blockchain.
Overall, LUKSO’s focus on the fashion, gaming, and lifestyle industries could lead to significant disruption and innovation in these sectors. The project’s use of the Genesis Validator deposit smart contract is an excellent example of how innovative blockchain-based solutions can benefit different industries.
FAQs
Q. What are ERC-20 tokens?
A. ERC-20 is a standard for tokens built on the Ethereum blockchain. These tokens are fungible, meaning that they can be used interchangeably.
Q. What is Proof of Stake?
A. Proof of Stake (POS) is a consensus algorithm used by blockchain networks to validate transactions. It requires validators to hold a certain amount of cryptocurrency to participate in the block verification process.
Q. What is Proof of Work?
A. Proof of Work (POW) is a consensus algorithm used by blockchain networks to validate transactions. It requires validators to solve complex mathematical equations to participate in the block verification process, which is energy-intensive.
#
This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/metaverse/21310.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
Bitcoin mining company SBI Crypto Co. sues Rockdale data center Whitstone US for false claims
According to reports, Bitcoin mining company SBI Crypto Co. (SBIC) is suing Whitstone US, a Rockdale data center in Texas, for falsely claiming to be ready for large-scale mining o
-
DTCC’s TIW Project Reprint With DLT Function Goes Unused
On March 11, the reprint of the Transaction Information Warehouse (TIW) project of the American Depository Trust and Clearing Corporation (DTCC) was launched in
-
Animoca Brands Refutes Fundraising Target Rumors Amid Crypto Market Turmoil
On March 25th, Animoca Brands, a Web3 game developer, denied any claim that it had lowered its fundraising target for the Meta Universe Fund by 20% to $800 million amid the turmoil
-
China Southern Power Grid Launches Blockchain-based Carbon Trading Project
It is reported that recently, China Southern Power Grid Yunnan Power Grid Co., Ltd. launched a national key research and development project of \”credible carbo…
-
The Rapid Growth of The Ethereum Layer2 Expansion Solution: Arbitrum’s Increasing User Participation and Cross-Chain Bridging Storage
According to the latest data from Dune Analytics, the number of users participating in bridging transactions for the Ethereum Layer2 expansion solution, Arbitrum, has exceeded 6000
-
The Mysterious DOGE Transfer: What Does It Mean?
On April 5th, according to Bitinfochart data, the fifth largest holder of DOGE, the \”DDuX Start\” address, transferred over 1.5 billion DOGEs, worth approximately $136 million, betw
-
USDC Redemption and Casting Amounts Increase Significantly
According to the report, according to The Block data, since last Friday, the redemption amount of USDC has reached $6.2 billion, and the casting amount has reached $1.66 billion, that is, the net redemption amount is slightly higher than $4.5 billion. The Block: Since last Friday, the net redemption amount of USDC has exceeded $4.5 billion Analysis based on this information:According to a recent report by The Block, the redemption and casting amounts for USD Coin (USDC), a stablecoin pegged to the US dollar, have increased significantly since last Friday. The redemption amount of USDC has surpassed $6.2 billion, while the casting amount has reached $1.66 billion. This implies that the net redemption amount is slightly higher than $4.5 billion. USDC is a popular stablecoin used in the cryptocurrency market. It is designed to provide users with a way to store and transfer US dollars on blockchain technology, thus offering faster and cheaper transaction fees compared to traditional financial systems….
-
The server returned an error message:Rate limit reached for default-gpt-3.5-turbo in organization org-9QdnwRZK5tvuwq885ta3oQOU on requests per min. Limit: 20 / min. Current: 30 / min. Contact support@openai.com if you continue to have issues. Please add a payment method to your account to increase your rate limit. Visit https://platform.openai.com/account/billing to add a payment method.
It is reported that the judge and creditor gave eight hours of testimony on the broker\’s proposal to sell assets to Binance.US. Judge Michael Wiles still hasn\’…
-
STX Prices Soar in the Crypto Market
On February 20, the market showed that STX rose to 0.8USDT, and is now at 0.7USDT, with a rise of 71.54% in 24H.
STX rose to 0.8USDT, while 24H rose 71…
-
What does Bitcoin Clone mean (What are the Bitcoin clones)?
What does Bitcoin Clone mean? What does Bitcoin Clone mean? In the context, \”Bit