Lukso, a layer 1 blockchain for creative types that was co-founded by blockchain veterans Fabian Vogelsteller and Marjorie Hernandez, is opening a smart contract that lets “Genesis,” or original validators, participate in running the blockchain.

The smart-contract deposits will open on the Ethereum blockchain on April 20 (4/20) at 16:20 UTC (or as the team put it, 4:20 p.m. UTC), and will be running for two weeks. According to the team, the choice of time is a reference to "The Hitchhiker's Guide to the Galaxy" book series, television program and movie. Perhaps not entirely coincidentally, it's also a staple of cannabis-culture slang that ranks highly among crypto memes.

Anyone can become a Genesis validator if they contribute 32 LYXE (about $439 worth) to secure the network. (LYXE is Lukso’s native token, based on the Ethereum blockchain, which will convert to LYX once the Lukso blockchain is live.)

The Genesis validators will generate the Genesis files, which will run the new blockchain.

“So the community basically just runs the network with these Genesis files and starts the Lukso network,” Vogelsteller told WJB.

Genesis validators on Lukso will have an important role in establishing the supply of the LYX token, as well as how involved the Foundation (the Foundation for New Creative Economies) will be in the ecosystem. As part of the smart contract deposit, Genesis validators will vote on how many LYX tokens should exist when the network starts. They will vote on whether 35 million LYX will be in circulation with the Foundation holding 12.1% of the token supply, 42 million LYX in circulation with the Foundation holding 26.8% of token supply, or 100 million LYX in circulation, with the Foundation holding 69.2% of token supply.

Lukso’s Genesis deposit smart contract will run as long as it obtains 4,096 validator keys to start safely. Once enough validator keys are created, Lukso will freeze the smart contract, and the Lukso blockchain network will start running.

Lukso is a new layer 1 project aimed at blockchain creatives, and what the project's co-founders call the “creative economy.” The blockchain is centered around “universal profiles,” which gives users the ability to create an on-chain identity to be used in all sorts of places (NFTs, decentralized social media, payments), making activity of users integrated under one roof that is more than just a wallet address.

“When we started exploring the idea you had a community that was very developer centric,” said Marjorie Hernandez, a co-founder of Lukso. Hernandez said that she is excited to see what others use the blockchain for. “I really look forward to people building implementations of the universal profiles that are superior to ours, and marketplaces and more.”

The LXYE price had gained 9.7% over the prior 24 hours at the time WJB broke the news of the timing of the launch, but it has since climbed another 8.8% – one of the day’s best-performing tokens among those with market capitalization of at least $100 million, according to Messari.

The token’s price has roughly doubled since WJB wrote of the plans for the launch on April 5.

UPDATE (April 18, 2023 16:26 UTC): Adds information about LYXE price.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, WJB is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. WJB is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain WJB employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. WJB journalists are not allowed to purchase stock outright in DCG.

Margaux Nijkerk

Margaux Nijkerk reports on blockchain protocols with a focus on the Ethereum ecosystem. A graduate of Johns Hopkins and Emory universities, she has a masters in International Affairs & Economics. She holds a very small amount of ETH and other altcoins.

Follow @cryptauxmargaux on Twitter

Margaux Nijkerk

Margaux Nijkerk reports on blockchain protocols with a focus on the Ethereum ecosystem. A graduate of Johns Hopkins and Emory universities, she has a masters in International Affairs & Economics. She holds a very small amount of ETH and other altcoins.

Follow @cryptauxmargaux on Twitter

source:coindesk