Fabian Vogelsteller, the creator of the ERC-20 token standard, left Ethereum in 2018 to focus on developing his own blockchain called Lukso. His motivation behind creating Lukso was to create a blockchain specifically focused on mainstream use cases such as lifestyle, fashion, social media, and content creation. The ERC-20 standard was proposed by Vogelsteller based on a concept from Vitalik Buterin, and it became the industry gold standard for issuing tokens on the Ethereum blockchain. 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 to attract a new crowd and get people to adopt new building blocks. He also mentioned that Bitcoin is limited and outdated compared to programmable blockchains like Ethereum. Lukso conducted an ICO in 2019-2020 and holds about 26% of LYX tokens in circulation.
