The Universal Profiles: A Holistic On-Chain Identity for Crypto Users
Lukso, a blockchain project, has introduced Universal Profiles, a feature designed to provide users with a comprehensive “on-chain identity” that includes a recoverable crypto account and a profile for interacting with decentralized applications. The Universal Profiles can be utilized for various blockchain applications such as NFTs, decentralized social media, and payments, consolidating user activity under one account that goes beyond a simple wallet address.
Recovery Options and Enhanced Functionality
Unlike the traditional Externally Owned Accounts (EOA) on the blockchain, which have limited recovery options and cannot attach information readable by smart contracts, the Universal Profiles offer recovery through a smart contract account or a key manager in case of lost keys. Additionally, Universal Profiles can attach various types of information, like photos or videos, that can be accessed by other decentralized applications or “dapps” on the blockchain.
Bringing Web3 Accessibility to the Masses
Lukso’s mission is to make web3 more accessible to the general public and bring brands to the blockchain. By onboarding users who have not yet experienced blockchain technology, Lukso aims to simplify the process and remove the barriers of entry. The Foundation for the New Creative Economies, the entity behind Lukso, is allocating LYX tokens for gas usage, eliminating the need for users to pay transaction fees. The project also plans to establish a marketplace for relay providers, allowing users to choose their preferred relay for gas payment.
Lukso’s Ambitions
Lukso’s mainnet went live in May, and the project currently boasts approximately 46,000 validators running the network. Fabian Vogelsteller, co-founder of Lukso and an Ethereum veteran, envisions Lukso surpassing Ethereum in the future. However, for now, he positions it as an improved version of Ethereum with enhanced user-friendly features and usability.
Hot Take: Lukso’s Universal Profiles Pave the Way for Mass Adoption
Lukso’s introduction of Universal Profiles is a significant step towards making blockchain technology more accessible and user-friendly. By offering recovery options and expanding the functionality of blockchain accounts, Lukso aims to attract users who may have been hesitant to enter the crypto space. Additionally, by eliminating transaction fees for users and creating a competitive marketplace for gas providers, Lukso is fostering a more inclusive and cost-effective blockchain ecosystem. With its ambitious goals and focus on improving usability, Lukso has the potential to become a major player in the blockchain industry and bring the benefits of web3 to the masses.
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