🔍 Blockchain Accounts - Ticketing - LSP8

Let's talk about why blockchain accounts are so important.

June 16, 2023

GM LUKSOFam,

This is The LUKSO Lense, the newsletter in which we focus on the LUKSO Ecosystem and follow the latest developments in the space. 🔍

Please feel free to pass this newsletter along to your friends.❤️

This week we talk about why blockchain accounts are so important.

Why Blockchain Accounts Matter

Felix Hildebrandt has written an incredible trilogy that delves into LUKSO. In this brief summary, you will find a synopsis of each article. Still, I highly recommend reading the entire series when you can. It's worth it! 🔥

1/3: From DB to DID

The way that user data is handled on the current Internet (Web2) can be concerning for privacy and control. Web3 and blockchain technology offer a decentralized solution that empowers users to have greater control over their personal information and identity. By utilizing decentralized public blockchains, users can securely own their information and have it linked to their unique identity. Self-sovereign identities (SSI) and verifiable credentials (VC) can improve blockchain-based systems' privacy, security, and interoperability. Projects like Disco and Sismo are exploring ways to implement identity claims in the blockchain space, which could lead to encrypted and interoperable solutions. Ultimately, the aim is to allow users to independently own and manage their identity, with consent built-in as a fundamental feature of this new system.

Read the full article here.

2/3 From EOA to 🆙

Blockchain technology is constantly evolving to improve data security and user experience in Web3. However, the current framework for blockchain accounts, Ethereum's Externally Owned Accounts (EOAs), has limitations when managing user information, interactions, and security. To address these issues, the Universal Profile concept has been introduced to enhance user accounts by allowing for customized flows, integration with other smart contracts and tokens, and the attachment of data elements like verifiable credentials (VCs). The LUKSO project is dedicated to exploring new functionalities for blockchain accounts and digital identities, promoting interoperability, transparency, and trust. Decentralized social networks can leverage these advancements to provide seamless onboarding, improved user experience, and better user data control in Web3.

Read the full article here.

3/3 From AA to DESOC

Universal Profiles, mainly through Account Abstraction, can bridge the gap between blockchain technology and real-world applications, especially in decentralized social structures. Solutions like ERC4337 accounts aim to standardize the setup of future blockchain accounts, improving security and scalability. With their numerous features, Universal Profiles can serve as extensible accounts, providing the basis for essential improvements needed in blockchain social networks and digital asset management. Regarding public or private information sharing and management, it's essential to carefully consider the distinctions and potential risks between SBTs (Soul-Bound Tokens) and VCs (Verifiable Credentials). Decentralized networks and societies, when thoughtfully implemented, return control of data and interactions to individuals, emphasizing genuine and unique relationships.

Read the full article here.

NFT use case of the week

Last week we discussed the use cases for NFTs 2.0 in Traceable Verification Systems. This week we grab the “Ticketing” category from the article Exploring the Power of NFTs 2.0: Use Cases to spark your excitement.

Ticketing

Using NFTs for event ticketing is a great idea. By selling tickets in the form of NFTs, fans are provided with a secure digital asset that creates new opportunities for artists to connect with their fans.

Artists can easily airdrop new tickets or discounts for upcoming events. They can identify their most devoted fans, who attend all their events, and provide them with special treatment. Furthermore, they can even organize exclusive events or content solely for fans who, for example, attended a particular concert.

This use case is already something that is being used right now. For example, Avenged Sevenfold fans holding the artist’s NFTs were allowed to purchase tickets before others through Ticketmaster’s integration. This has already shown promising results, with 20% of the fan club members buying tickets with their crypto wallet.

NFTs also allow easy fan-to-fan ticket sales without a middleman. Artists could now also benefit from secondary sales, as they can enable royalties on secondary sales.

Twitter spotlight 🐦

Meme of the week 👀

Drop preview of the week 💧

Universal Punx

LSP of the week: LSP8 - Identifiable Digital Asset

Quick Bites 🍬

And that’s it for now. Enjoy your day, and make it a beautiful one. We’ll meet in your inbox soon!

Stay pink.

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