What is LUKSO and How to add LUKSO to Metamask?

LUKSO is a trailblazing EVM blockchain. his guide will simplify your life by demonstrating how to add LUKSO to MetaMask wallet.

Prasanna Peshkar

Prasanna Peshkar

July 7, 2023 5:52 AM

What is LUKSO and How to add LUKSO to Metamask?

In the evolving world of cryptocurrencies, it’s crucial to keep your digital wallets up-to-date with the latest blockchain networks. This guide will simplify your life by demonstrating how to add LUKSO to MetaMask wallet.

LUKSO is a trailblazing EVM blockchain, rooted in the Casper PoS architecture, set to transform the interaction between brands, creators, and users within blockchain technology in the emerging Creative Economy. It’s the brainchild of Fabian Vogelsteller and Marjorie Hernandez, who are recognized innovators in their respective fields.

Fabian Vogelsteller, a key contributor to Ethereum as a lead DApp developer, is renowned for authoring both ERC20 and web3.js, the pivotal elements of contemporary DeFi and NFT protocols. Marjorie Hernandez, an expert in innovation and product development, was instrumental in founding and managing EY’s Digital Innovation Lab in Berlin.

LUKSO Standards Proposals (LSPs): The Foundation of LUKSO Ecosystem

The initial LUKSO Standards Proposals (LSPs) form the structural basis of the LUKSO ecosystem. They strive to enhance functionality and ease-of-use within the blockchain ecosystem while standardizing facets like identity, asset depiction, and smart contract transactions.

The fundamental LSPs are highly adaptable, paving the way for a myriad of new applications and simplifying both developer and user experiences. These standards are ‘neutral,’ indicating their broad-based application that fosters the emergence of yet unconceived use cases.

Universal Profiles: Revolutionizing Digital Identity

Universal Profiles are interoperable blockchain-based identities that enable verifiable identities in the digital realm. These profiles offer a universal login system that eliminates the need for traditional usernames and passwords, providing full control over all your virtual assets and identity.

They streamline the onboarding process to Web3 for users, brands, and creators, enhancing accessibility, security, and functionality.

LSP6 Key Manager and Advanced Access

The LSP6 Key Manager enables the addition of varied access levels, inclusive of dApp access and other environments. Universal Profiles enhance on-chain security for users, enabling users to react to received assets/tokens, such as rejecting transfers, via the LSP1 Universal Receiver.

Facilitating Creative Economies with Identifiable Digital Assets and NFTs

Universal profiles facilitate economic and verifiable interactions, serving as the cornerstone for the new creative economies. The LSP8 Identifiable Digital Asset and LSP7 Digital Asset NFT allow for highly extensible and smart contract-readable token metadata inputs.

These metadata inputs can evolve over time, enabling post-minting modification of NFTs. On LUKSO, NFTs and tokens can have multiple creators and inform receivers of assets, making complex smart contract automation possible.

LSP6 Key Manager and the Future of Transaction Relay Services

Co-founder Fabian Vogelsteller proposed the ERC725 smart contract standard in 2017 to establish a blockchain-based account system. The LSP6 Key Manager enables relay transactions, allowing third parties to cover a user’s transaction fees (GAS).

Universal Profiles can work with any future transaction relay service. As relay services are backend systems executing user transactions, users don’t need initial funds to use their Universal Profiles. LUKSO plans to support early adopters by providing a public relay service, simplifying interactions with the LUKSO blockchain.

ERC725 Standard: The Foundation of Multiple LSPs

The ERC725 standard serves as the foundation for any entity requiring public, verifiable storage of its information, as well as executing arbitrary smart contracts. This standard underpins numerous LSPs, enhancing the functionality of tokens, NFTs, and forming the core standard of Universal Profiles.

LUKSO’s Sustainable Future: Embracing Proof of Stake

LUKSO operates on a Proof of Stake (PoS) blockchain model, which is markedly more energy-efficient than Proof of Work (PoW) models, utilizing 99% less energy as it eliminates the need for competitive hash generation to reach consensus on the latest canonical block head.

Why Add LUKSO to MetaMask?

As a blockchain dedicated to digital lifestyles and economies, LUKSO offers a unique environment for creators, consumers, and developers. Adding it to MetaMask not only extends your reach within the blockchain sphere, it also enhances your ability to interact with various digital assets.

How to add LUKSO to MetaMask: Step-by-Step Guide

This detailed explanation is derived from and inspired by the insightful information shared in this Twitter thread. The objective is to simplify the complexities and provide a broad overview for better understanding.

Step 1: Open MetaMask Dropdown Menu

To start, you need to open your MetaMask (MM) wallet. Look for the arrow dropdown menu that reveals the list of networks you have connected to your wallet.

Step 2: Navigate to “Add Network”

Once you have the network list open, scroll down to the end of the list. You will find an “Add Network” button. Click on it to add a new network.

Step 3: Manually Add the Network

After clicking “Add Network”, a new page will appear with several fields to fill out. Here, you should select “Add a network manually”.

Step 4: Enter LUKSO Network Information

This is the crucial step that requires the correct information about the LUKSO network. You will find this information in the LUKSO documentation.

Enter the necessary data exactly as it appears in the documentation, as mistakes may result in the network not connecting properly.

Step 5: Confirm and Explore

Once all the necessary information is filled out, confirm by clicking the ‘Save’ button. Now, LUKSO will appear as an available network in your MetaMask dropdown list.

You can easily switch to the LUKSO network and explore the blockchain to ensure it has linked correctly.

Wrapping Up

With this guide, adding LUKSO to your MetaMask becomes an effortless task. Being a part of the LUKSO network will grant you the opportunity to interact with various tokens ($LYX, $LYXE), and engage with a whole new universe of digital possibilities. Don’t forget to check back often for more updates on how to maximize your MetaMask wallet!

Prasanna Peshkar
Article By

Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

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