The ERC-20 creator has been working on the Lukso blockchain for the past five years after leaving the Ethereum Foundation in 2018.
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?], 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.
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?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.. What are your thoughts on the future of Bitcoin or Inscriptions and Ordinals?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.
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