Fabian Vogelsteller, the creator of the ERC-20 token standard, left Ethereum in 2018 to develop his own blockchain called Lukso. The motivation behind this was to create a blockchain focused on mainstream use cases such as lifestyle, fashion, social media, and content creation. Lukso launched its mainnet in May 2023 and has seen traction with over 23,000 validators. Vogelsteller chose to create his own blockchain instead of launching it as a layer-1 or layer-2 on Ethereum in order to attract a new crowd and get people to adopt new building blocks. He believes that Bitcoin is limited and outdated compared to programmable blockchains. Lukso conducted an ICO in 2019-2020 and currently operates using the LYX tokens obtained from the ICO.
