Fun

News Feed - 2023-07-27 05:07:00

Zhiyuan Sun3 hours agoERC-20 inventor discusses origins, new blockchains, BRC-20 and moreFabian Vogelsteller has been working full-time to create his new blockchain since 2018, with its mainnet launching just this May.636 Total views8 Total sharesListen to article 0:00InterviewJoin us on social networksIn 2018, Ethereum lead developer Fabian Vogelsteller contacted the community for a new standard for smart contracts he created alongside co-founder Vitalik Buterin. Dubbed ERC-20, Vogelsteller, at the time, only wished for input regarding the novel idea. Little did he know that ERC-20 would ignite a wave of initial coin offerings (ICOs) shortly after its inception to become the industry gold standard for issuing tokens on the Ethereum blockchain.


Just as ERC-20 tokens were gaining traction, Vogelsteller left the Ethereum Foundation the same year to focus on developing a new blockchain, Lukso. In an interview with Cointelegraph, the ERC-20 inventor discussed his motivation for creating his multiverse blockchain, as well as the latest token standard developments in the sector.Let’s pump that creator economy they are currently rekt. pic.twitter.com/tIGiGjTpYn— Fabian Vogelsteller (@feindura) July 20, 2023


Cointelegraph: Currently, ERC-20 is the gold token standard in the ecosystem. But in 2018, you left Ethereum to develop Lukso. What was the motivation behind that?


Fabian Vogelsteller: The human story behind it is that Marjorie [who is also Lukso’s co-founder], 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.


CT: What inspired you to create the ERC-20 standard?


FV:I proposed the ERC-20 standard based on a concept from Vitalik. We discussed this, and it became the first smart contract standard. I called it an Ethereum Request for Comment because I just wanted to have comments. And I thought we’d issue a number randomly, like 20. This was never really thought out. So everything was just us going with the flow and figuring out how we use this stuff.


CT: How does the traction currently look for Lukso?


FV: Basically, we built out this smart contract account completely over the last five or six years. On May 23, we launched a mainnet that’s exactly like Ethereum. It’s the same tech and the same consensus algorithm. We started with 10,300 validator keys that are only community members. Now, the network has been running for one and a half months, and we have around 23,000 validators and growing.


CT: So, if it’s so similar to Ethereum, what was your rationale for spending all these years to create your own blockchain instead of just launching it as a layer-1 or layer-2 on Ethereum?


FV: There are multiple reasons. Number one, 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. If I would go and propose an ERC and say, "Here’s a super smart contract account system," everyone will say we have ERC-20 already. You know, nobody would do anything; nobody would adopt this.


And the other thing is when you are proposing a base account, you have the problem that you need to pay for the deployment for users, and they also need to pay gas fees. In order to solve this problem, we basically create a new chain to subsidize early users.


CT: Another token standard that’s getting very popular recently is BRC-20 tokens. What are your thoughts on the future of Bitcoin or Inscriptions and Ordinals?


FV:The fact that it’s called BRC-20 makes it already a joke. Obviously, he [the developer] means that as a joke. It’s good if people like us to create new standards. That said, Bitcoin is extremely limited; it’s not a generic programmable blockchain, and it’s slow. I stopped using Bitcoin in 2014 because it’s just slow and outdated.


CT: You’ve been focusing your attention on Lukso for nearly six years now. How are you guys doing in terms of the runway?


FV:We did an ICO in 2019-2020, [and it] kind of kicked off the ICO wave. I made something called a reversible ICO. What we did is that people had eight months to buy LYX tokens with refunds. So, for example, after four months, if they realize, “Oh, Fabian is an idiot, and this project is shit," they could have gotten their money back. Out of the 42 million LYX in circulation, the foundation holds about 26% of it. We are building everything from the LYX we have. And we are operating from that.Fabian Vogelsteller (center). Source: Fabian Vogelsteller on Twitter


Magazine: ‘Elegant and ass-backward’: Jameson Lopp’s first impression of Bitcoin# Blockchain# Cryptocurrencies# Altcoin# Event# Ethereum# DevelopersAdd reactionAdd reactionRelated NewsHow to earn passive income with peer-to-peer lendingExistential threat? Why some banks are anxious about CBDCsForget about price! Polkadot Decoded 2023 says bear markets are for buildingBitcoin continues dominance as 3rd week of fund inflows correct previous months’ outflowsEra Lend on zkSync exploited for $3.4M in reentrancy attackZero-knowledge tech development heats up amid bear market

News Feed

Neon Link Announces Limited Presale Of The $NEON Token That Will Power A Thousand Blockchain Games
Neon Link Announces Limited Presale Of The $NEON Token That Will Power A Thousand Blockchain Games press release Press Release. LONDON, ENGLAND – February 2nd, 2023 – Neon Link,
US Lawmakers Caution Against Regulations Restricting Use of Self-Hosted Crypto Wallets
US Lawmakers Caution Against Regulations Restricting Use of Self-Hosted Crypto Wallets Four U.S. lawmakers have sent a letter to Treasury Secretary Steven Mnuchi
Bitget Wallet launches $10M ecosystem fund alongside Onchain Layer
Zhiyuan Sun14 hours agoBitget Wallet launches $10M ecosystem fund alongside Onchain LayerThe ecosystem fund is denominated in Bitget Wallet’s native token, BWB, which is scheduled for debut this quarter.921 Total views
Amaka Nwaokocha1 hour agoNo crypto plans for X: Elon Musk debunks scam token claimsElon Musk addressed the issue of scam tokens falsely claiming connections to the social media platform.1478 Total views5 Total sharesList
Bitcoin falls below $58K on Coinbase, first time in 2 months
Tom Mitchelhill5 hours agoBitcoin falls below $58K on Coinbase, first time in 2 monthsThe price of Bitcoin briefly dropped to $57,874 amid a wider sell-off in the crypto market, while $54.9 million in Bitcoin long positi
Brayden Lindrea7 hours agoWall Street Journal corrects article misciting Hamas’ crypto terrorism funding dataElliptic, the firm which The Wall Street Journal sourced the data from, said it was pleased to see the news o
Hong Kong launches Project Ensemble to support tokenization with wCBDC
Derek Andersen5 hours agoHong Kong launches Project Ensemble to support tokenization with wCBDCThe HKMA’s latest CBDC project will look at tokenized deposits in tokenized asset transactions.529 Total views1 Total share
Terra Proposal Seeks to Expand UST Stablecoin to 5 Different Defi Protocols
Terra Proposal Seeks to Expand UST Stablecoin to 5 Different Defi Protocols On January 6, Terra Research announced a proposal to expand the network’s stablecoin asset terrau
Demand for Crypto Analytics Continues as Messari Raises $21 Million
Demand for Crypto Analytics Continues as Messari Raises $21 Million The crypto analytics and market intelligence company Messari revealed on Thursday the firm ha
Ana Paula Pereira9 hours agoUS SEC deems spot Bitcoin ETFs filings as inadequate: ReportIn the eyes of the SEC, the recent filings from BlackRock, ARK Invest, Fidelity and other asset managers are not “sufficiently cle
Bitfinex Doesn’t Have to Compile Documents During Appeal, Judge Says
A New York judge has rejected a New York Attorney General’s office request to have Bitfinex and Tether collect all documents pertaining to an alleged $850 million cover-up and $900 million line of credit.
Arijit Sarkar54 minutes agoDeFi protocol Arcadia Finance hacked on Ethereum and Optimism for $455KA loophole in the code allowed the hacker to drain funds worth roughly $455,000 from Arcadia’s Ethereum and Optimism vau