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Ethereum’s (ETH) standards for fungible and non-fungible tokens — ERC-20 and ERC-721 — have revolutionized the way crypto users and decentralized apps (DApps) interact. However, over the years, as the demand for more interactivity and security in web3 has increased, these standards' limitations have become more evident.
LUKSO is a Layer 1 blockchain platform that has introduced its own version of standards for fungible assets and NFTs. This Ethereum virtual machine (EVM)–compatible blockchain has implemented new standards — LSP7 and LSP8 for fungible and non-fungible assets, respectively — that significantly improve the security and flexibility of using cryptocurrencies and tokens on-chain.
Another innovative feature of LUKSO is the Universal Profile, which provides each user with a unified, flexible blockchain identity that can interact seamlessly across platforms and apps.
Using these innovations, the LUKSO chain has positioned itself as a next-gen, decentralized network for creative professionals, brands and social media users.
In this article, we examine this novel blockchain that some well-recognized names in the lifestyle and fashion industries have already adopted.