ERC-20 Inventor to Launch New Layer 1 to Compete with Ethereum on Web 3 Use Cases

Fabian Vogelsteller, the inventor of the ERC-20 token standard, is launching a new blockchain called LUKSO, aimed at catering to creative, fashion-oriented, and art-world types. Vogelsteller's LUKSO blockchain will compete with Ethereum.

The layer 1 blockchain is designed specifically for the "creative economy," offering a platform for fashion, art, and music creatives. LUKSO aims to become a whole ecosystem for creatives, providing a toolset, marketplace, and universal profile on which creatives can be identified easily, along with their works on the blockchain.

Vogelsteller believes that LUKSO's universal profile feature is a game-changer, allowing users to add information like their name, age, and picture to their on-chain account, making it easier to identify users and their on-chain activity. The universal profile feature also enables users to manage multiple devices and keys with different levels of permission, ensuring that users have full control of their accounts.

Furthermore, the key manager allows for backup systems in case users lose access to their keys. Vogelsteller sees benefits for decentralized autonomous organizations, online stores, services, and anti-money laundering and know-your-customer processes required by authorities.