The Rise of ERC-20 and the Creation of Lukso: An Interview with Fabian Vogelsteller
– ERC-20, the token standard for issuing tokens on the Ethereum blockchain, became the industry gold standard for ICOs.
– Fabian Vogelsteller left the Ethereum Foundation in 2018 to focus on developing a new blockchain called Lukso.
– Lukso is a blockchain specifically focused on mainstream use cases like lifestyle, fashion, social media, and content creation.
– Vogelsteller proposed the ERC-20 standard based on a concept from Vitalik Buterin and it became the first smart contract standard.
– Lukso recently launched a mainnet similar to Ethereum, attracting a growing number of validators.
The Motivation Behind Lukso
Fabian Vogelsteller explains that the motivation behind developing Lukso was to create a blockchain for lifestyle and fashion, catering to more mainstream use cases rather than just finance or DeFi. The goal was to attract a new ecosystem that didn’t currently exist and to get people to adopt new building blocks.
The Creation of ERC-20
Vogelsteller reveals that the ERC-20 standard was proposed based on a concept from Vitalik Buterin. The idea was to create a smart contract standard, and the name “ERC-20” was randomly chosen. The focus was on going with the flow and figuring out how to use this new technology.
The Traction of Lukso
Lukso recently launched a mainnet that is similar to Ethereum in terms of technology and consensus algorithm. The network started with 10,300 validator keys and has now grown to around 23,000 validators. Vogelsteller emphasizes the goal of attracting a new crowd and ecosystem to create a thriving economy.
The Future of Bitcoin and Token Standards
Vogelsteller expresses his thoughts on Bitcoin and token standards like BRC-20. He believes that Bitcoin is limited, not a generic programmable blockchain, and outdated. As for BRC-20, he jokes about its name and highlights the importance of creating new standards.
The Journey of Lukso
Lukso conducted an ICO in 2019-2020, introducing a reversible ICO where participants had the option to get refunds within a specific period. The foundation currently holds around 26% of the LYX tokens in circulation and is building everything from the resources they have.
Hot Take
Fabian Vogelsteller’s departure from Ethereum to develop Lukso highlights the growing demand for blockchain solutions catering to mainstream use cases. The success of ERC-20 and the launch of Lukso’s mainnet indicate the potential for innovation and adoption in the blockchain industry.
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