Ethereum Pioneer Unveils New Blockchain for Creatives and Artists – How Does it Work?

cryptonews.com:

Fabian Vogelsteller said that the goal for his LUKSO project is to become an ecosystem for creatives by "building a whole toolset and ecosystem and marketplace around NFTs using universal profile on the base." 

Vogelsteller is famous for creating the ERC-20 and ERC-725 token standards for Ethereum (ETH). Thanks to this, a set of rules for the tokens on the Ethereum blockchain have been formed. This is also helpful to developers as it made the behavior of any new ERC-20 token predictable.

Vogelsteller left the Ethereum Foundation in 2018 to focus on his new project: layer 1 blockchain called LUKSO, which is preparing for launch. 

One of the goals, he told CoinDesk, is to improve on the standards that he proposed while working on Ethereum. Also, this new blockchain, designed for the "creative economy", will compete with this massive blockchain, Vogelsteller said.

He argued, however, that the user experience on Ethereum is not as simple as it needs to be for mass adoption to be reached. The average Joe and Jane have a hard time following transactions on-chain and which address belongs to which wallet.

Vogelsteller said that there is a solution: a universal profile - a comprehensive, all-in-one profile containing all the needed on-chain activity.  

"It can be a wallet, but it's way more than that," Vogelsteller told CoinDesk. "It is a whole profile. It has a name. It has a picture. It can be managed by multiple devices, by multiple keys, with different levels of permission."

These universal profiles also come with the so-called "key managers" that allow users to add multiple keys to their on-chain accounts which are assigned or execute different actions. 

On the one hand, the key manager will check the purpose of each key,