The token co-creator ERC20 is building a blockchain for the fashion and lifestyle industry

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While exclusivity has always been a feature of the fashion industry, the uniqueness of objects can now be owned and transferred to the virtual world using blockchain technology.

"A key advantage of blockchain technology is that it makes it possible to make uniqueness and ownership visible and executable on a decentralized basis, as creators of culture, it is the next logical step for the fashion and design industry to enable their brands and creations of living in the digital world, "said Marjorie Hernandez, CEO of LUKSO.

Hernandez, an experienced architect and trademark expert, has already developed many ideas and concepts for established artists around the world. Now, Hernandez is looking at blockchain technology as the next big wave of innovation to hit the fashion and lifestyle industry.

Accompanying Hernandez is Fabian Vogelsteller, famous developer Ethereum responsible for the co-creation of the Token ERC-20 standard, which is the most widely used smart contract standard in the world that started the ICO wave of 2017. The 34-year-old is also responsible for well-known open source projects such as the first decentralized browser of Ethereum called "Mist", the Ethereum portfolio and the web3.js. library

Together, Hernandez and Vogelsteller are creating a blockchain network for fashion and lifestylestry. Known as "LUKSO, "It's an induStry specific ecosystem based on blockchain that aims to create a new global standard for the fashion, lifestyle and luxury goods sector. The Blockchain LUKSO invites the fashion and lifestyle sector to extend its online presence beyond social media, creating a unified experience for companies and consumers who live both online and offline.

We are building a whole blockchain ecosystem for the fashion and lifestyle industry. This is not an app with a token, but rather a basic level, based on the Ethereum Virtual Machine (EVM). In addition to this foundation, many use cases, which are relevant to the fashion and lifestyle industry, can be implemented. Authenticity is the first case of use we are seeing, as we see it as the first fundamental step, "explained Hernandez.

According to Hernandez, in order to guarantee the authenticity of luxury goods through the LUKSO blockchain, "digital twins" of physical objects are created. These digital copies are equipped with chips that track and record the elements on the LUKSO blockchain network. Trademarks and designers who are part of the LUKSO ecosystem will be able to record the objects themselves after the goods have been manufactured. In turn, this technology will bring great benefits to consumers.

Users who purchase items from the LUKSO ecosystem will have the certification number of where the goods were made. They will also be able to see the serial number, track where the materials come from and much more. What is truly unique in LUKSO is that objects can also be sold or exchanged within the ecosystem. Designers can also provide incentives for consumers. This was something we could not do before, but the blockchain allows for dynamics between brands and consumers, creating a new economy, "Hernandez said.

In other words, personalization, authenticity and tokenization will shape landscapes that will not be controlled by an entity or a geography, but by a completely new community.

A specific context Blockchain in the works

While both Hernandez and Vogelsteller understand that the concept of creating digital twins can be applied to many industries, the duo emphasizes the importance of a "context-specific blockchain", built specifically for the fashion industry and of lifestyle.

Technically speaking, the same concept can be applied to many sectors, but we are giving the LUKSO blockchain network a specific context because it allows a particular group of people to have their own blockchain. In turn, you have resources available only to that group of people, rather than offering it to the whole world. For example, the problem of having overly full blockchains can be seen with Ethereum and Bitcoin. However, if you want to have something in production today, you need to start Blockchain by sector, user groups or specific use cases. This is what I call "context-based blockchain," Vogelsteller told me.

Furthermore, a focal point for Vogelsteller was the advantage of decentralized networks for the benefit of all participants. Research will be conducted to improve and refine the chain governance of this specific sector network in the coming months. And even if the LUKSO infrastructure does not yet exist, an internal test network is running and, according to Vogelsteller, a public test network will soon be opened.

Blockchain technology is not the challenge here, but rather launching the network at the right time. Blockchain just went into production a year ago and the main theme is now the supply chain, but people have not started thinking about all the advantages of owning things on the blockchain, or the possibilities of customer engagement. This is the next big topic for the fashion industry and we will start when the time is right for startups and brands. In the technology sector, you can run too early or too late, and now we're a little too early. The plan is to start the main network in 2019, "said Vogelsteller.

Furthermore, a Reversible ICO (RICO) is working for LUKSO, a concept that Vogelsteller proposed during the Devcon4 of this year, the annual Ethereum developer conference. Specifically, the concept involves the creation of an intelligent contract for special purposes that allows investors to "reverse their committed loans".

A reversible ICO is a simple concept. Rather than sending money to an intelligent contract where the project has immediate access to those funds, participants will send money to a smart contract and invest that money over a period of time. Let's say that a participant commits $ 10k, which is transferred to the project property for a period of 2 years. Investors can withdraw their money at any time, minus the percentage that has already gone to the project. This returns power to investors, as they can substantially recover their money if the project is a scam. It is also important to show that we can regulate ourselves on the chain with our policies, "Vogelsteller said.

Moving fashion forward on the blockchain

While LUKSO seems to be a promising blockchain project, Hernandez and Vogelsteller are not the only ones to bring blockchain technology to the fashion and lifestyle sector.

For example, Rare Carat, an online retailer of diamond rings, recently announced a partnership with the emerging emerging technology company, Everledger, to start the Rare Carat Report. This free tool uses blockchain technology and Artificial Intelligence (AI) to enable consumers to intelligently evaluate diamonds for sale anywhere in the world, both online and offline.

And according to the dott. Sharon Raneri, co-founder and director of business development of MB8 coin, a cryptocurrency created specifically for luxury items and booking travel arrangements, blockchain technology is the future of Fashion-Tech.

"Blockchain is an immutable and distributed digital ledger that can be used in many ways, across a range of different industries." Moving the supply chain of the fashion industry into a blockchain solution could have advantages in terms of transparency, traceability, sustainability, authenticity. , greater efficiency and compliance ", said dr. Raneri.

Echoing Hernandez, also notes Raneri,

The use of blockchain combined with smart labels with RFID chips would allow to record and track the supply chain from all parts, from raw materials, production processes, shipments, to dealers and customers. & Nbsp;Labels may also include other details, such as product images, precise sizing data, Designer details, pricing, and customer feedback ratings. For the retailer, applications could include inventory level monitoring and automatic reordering. The authenticity of products in the fashion industry is crucial and would be easily verifiable when using a blockchain to reduce counterfeiting and fraud. There are many advantages for a Blockchain-based solution for the fashion industry. "

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While exclusivity has always been a feature of the fashion industry, the uniqueness of objects can now be owned and transferred to the virtual world using blockchain technology.

"A key advantage of blockchain technology is that it makes it possible to make uniqueness and ownership visible and executable on a decentralized basis, as creators of culture, it is the next logical step for the fashion and design industry to enable their brands and creations of living in the digital world, "said Marjorie Hernandez, CEO of LUKSO.

Hernandez, an experienced architect and trademark expert, has already developed many ideas and concepts for established artists around the world. Now, Hernandez is looking at blockchain technology as the next big wave of innovation to hit the fashion and lifestyle industry.

Accompanying Hernandez is Fabian Vogelsteller, famous developer Ethereum responsible for the co-creation of the Token ERC-20 standard, which is the most widely used smart contract standard in the world that started the ICO wave of 2017. The 34-year-old is also responsible for well-known open source projects such as the first decentralized browser of Ethereum called "Mist", the Ethereum portfolio and the web3.js. library

Together, Hernandez and Vogelsteller are creating a blockchain network for fashion and lifestylestry. Known as "LUKSO, "It's an induStry specific ecosystem based on blockchain that aims to create a new global standard for the fashion, lifestyle and luxury goods sector. The Blockchain LUKSO invites the fashion and lifestyle sector to extend its online presence beyond social media, creating a unified experience for companies and consumers who live both online and offline.

We are building a whole blockchain ecosystem for the fashion and lifestyle industry. This is not an app with a token, but rather a basic level, based on the Ethereum Virtual Machine (EVM). In addition to this foundation, many use cases, which are relevant to the fashion and lifestyle industry, can be implemented. Authenticity is the first case of use we are seeing, as we see it as the first fundamental step, "explained Hernandez.

According to Hernandez, in order to guarantee the authenticity of luxury goods through the LUKSO blockchain, "digital twins" of physical objects are created. These digital copies are equipped with chips that track and record the elements on the LUKSO blockchain network. Trademarks and designers who are part of the LUKSO ecosystem will be able to record the objects themselves after the goods have been manufactured. In turn, this technology will bring great benefits to consumers.

Users who purchase items from the LUKSO ecosystem will have the certification number of where the goods were made. They will also be able to see the serial number, track where the materials come from and much more. What is truly unique in LUKSO is that objects can also be sold or exchanged within the ecosystem. Designers can also provide incentives for consumers. This was something we could not do before, but the blockchain allows for dynamics between brands and consumers, creating a new economy, "Hernandez said.

In other words, personalization, authenticity and tokenization will shape landscapes that will not be controlled by an entity or a geography, but by a completely new community.

A specific context Blockchain in the works

While both Hernandez and Vogelsteller understand that the concept of creating digital twins can be applied to many industries, the duo emphasizes the importance of a "context-specific blockchain", built specifically for the fashion industry and of lifestyle.

Technically speaking, the same concept can be applied to many sectors, but we are giving the LUKSO blockchain network a specific context because it allows a particular group of people to have their own blockchain. In turn, you have resources available only to that group of people, rather than offering it to the whole world. For example, the problem of having overly full blockchains can be seen with Ethereum and Bitcoin. However, if you want to have something in production today, you need to start Blockchain by sector, user groups or specific use cases. This is what I call "context-based blockchain," Vogelsteller told me.

Furthermore, a focal point for Vogelsteller was the advantage of decentralized networks for the benefit of all participants. Research will be conducted to improve and refine the chain governance of this specific sector network in the coming months. And even if the LUKSO infrastructure does not yet exist, an internal test network is running and, according to Vogelsteller, a public test network will soon be opened.

Blockchain technology is not the challenge here, but rather launching the network at the right time. Blockchain just went into production a year ago and the main theme is now the supply chain, but people have not started thinking about all the advantages of owning things on the blockchain, or the possibilities of customer engagement. This is the next big topic for the fashion industry and we will start when the time is right for startups and brands. In the technology sector, you can run too early or too late, and now we're a little too early. The plan is to start the main network in 2019, "said Vogelsteller.

Furthermore, a Reversible ICO (RICO) is working for LUKSO, a concept that Vogelsteller proposed during the Devcon4 of this year, the annual Ethereum developer conference. Specifically, the concept involves the creation of an intelligent contract for special purposes that allows investors to "reverse their committed loans".

A reversible ICO is a simple concept. Rather than sending money to an intelligent contract where the project has immediate access to those funds, participants will send money to a smart contract and invest that money over a period of time. Let's say that a participant commits $ 10k, which is transferred to the project property for a period of 2 years. Investors can withdraw their money at any time, minus the percentage that has already gone to the project. This returns power to investors, as they can substantially recover their money if the project is a scam. It is also important to show that we can regulate ourselves on the chain with our policies, "said Vogelsteller.

Moving fashion forward on the blockchain

While LUKSO seems to be a promising blockchain project, Hernandez and Vogelsteller are not the only ones to bring blockchain technology to the fashion and lifestyle sector.

For example, Rare Carat, an online retailer of diamond rings, recently announced a partnership with the emerging emerging technology company, Everledger, to start the Rare Carat Report. This free tool uses blockchain technology and Artificial Intelligence (AI) to enable consumers to intelligently evaluate diamonds for sale anywhere in the world, both online and offline.

And according to the dott. Sharon Raneri, co-founder and director of business development of MB8 coin, a cryptocurrency created specifically for luxury items and booking travel arrangements, blockchain technology is the future of Fashion-Tech.

"Blockchain is an immutable and distributed digital ledger that can be used in many ways, across a range of different industries." Moving the supply chain of the fashion industry into a blockchain solution could have advantages in terms of transparency, traceability, sustainability, authenticity. , greater efficiency and compliance ", said dr. Raneri.

Echoing Hernandez, also notes Raneri,

The use of blockchain combined with smart labels with RFID chips would allow to record and track the supply chain from raw materials, production processes, shipments, dealers and customers. Labels may also include other details, such as product images, precise sizing data, Designer details, pricing, and customer feedback ratings. For the retailer, applications could include inventory level monitoring and automatic reordering. The authenticity of products in the fashion industry is crucial and would be easily verifiable when using a blockchain to reduce counterfeiting and fraud. There are many advantages for a Blockchain-based solution for the fashion industry. "