The ERC-20 inventor shares his vision for his Lukso blockchain

Fabian Vogelsteller, lead developer of Ethereum and inventor of the ERC-20 standard, left the Ethereum Foundation in 2018 to focus on his own blockchain, Lukso. Since the launch of its main network in May, Lukso has been gaining in popularity thanks to its focus on more everyday use cases, such as fashion and lifestyle. Discover in this article the vision and motivations that have guided Vogelsteller on this exciting adventure.

Fabian Vogelsteller discusses the evolution of token standards and the success of Lukso

The ERC-20 standard has been a real success story. Perhaps you don’t know it, but the mind behind this brilliant achievement is Fabian Vogelsteller, former lead developer of Ethereum. In 2018, Fabian left the Ethereum Foundation, the same year he invented the ERC-20, to devote himself to his own creation: the Lukso blockchain.

In an interview with Cointelegraph, the inventor of the ERC-20 shared his motivations behind the creation of Lukso, as well as the latest developments in token standards in the crypto industry.

The inspiration behind Lukso came from Marjorie Hernandez, Fabian’s ex-wife. At the time, she was nurturing plans to create a blockchain dedicated to lifestyle, fashion, social media and content creation.

Together, however, they chose a more focused approach, centered on use cases closer to the everyday needs of Internet users, in contrast to the financial and DeFi world that predominated in the ERC-20 token ecosystem.

With Lukso, Fabian Vogelsteller’s ambition is to offer a platform that enables users to take full advantage of the benefits of blockchain technology in their daily lives.

“The human story behind it is that Marjorie, also co-founder of Lukso, my wife at the time, had an idea of creating a blockchain for lifestyle and fashion. And I thought that’s a great idea.

So, the story evolved to create a blockchain specifically focused on more mainstream use cases, such as for lifestyle, fashion designers, social media, content creators and YouTubers. Anything that’s more like what the internet users today would use rather than the token, finance or DeFi world.”

Lukso: a new blockchain with a multiversal vocation

After more than 6 years in development, Lukso finally launched its main network last May, adopting Ethereum’s technology and consensus. With a growing community of over 23,000 validators, Lukso is generating increasing interest.

According to Vogelsteller, the creation of a new blockchain was essential to attract new users by offering specific use cases. By introducing innovative concepts, his aim is to stimulate adoption and provide a more user-friendly experience, while avoiding the deployment constraints and gas costs inherent in Ethereum.

“(…) We are trying to attract a new crowd, a new group of people, a new ecosystem — an ecosystem that doesn’t currently exist — to create our economy. But the main reason is to get people to adopt these new building blocks. You could never do this on Ethereum.”

While Lukso is growing in popularity, Vogelsteller remains an influential player in the development of token standards. His insightful criticisms of BRC-20 tokens and Bitcoin during the interview reveal a certain lack of enthusiasm for Satoshi’s invention… Be that as it may, the cryptosphere certainly owes him well-deserved recognition for ERC-20!