LUXCHAIN is a verification solution for personal luxury goods (such as handbags). We solve the problem of counterfeits, unknown product value, and unknown sales channel. To solve the counterfeits problem, we verify products and record the verified information into Digital Assets secured by blockchain technology. Our Global Luxury Index powered by AI provides benchmarked pricing and information on the best sales channel for luxury products.
Goods such as handbags and watches, but not yachts or cars. These goods are typically carried, worn or used by an individual for personal use.
A Digital Asset is a profile containing verified product information and history. Digital Assets are created by verifiers (luxury authentication experts). They are a globally unique non-fungible token.
Digital Assets are linked with Digital IDs (product owners and verifiers). Just like the physical product, Digital Assets are transferred between the seller and buyer using the secure infrastructure of blockchain technology.
A Digital ID is a globally unique user profile in LUXCHAIN that allows sellers, buyers, and verifiers to build reputation. Digital IDs are linked to Digital Assets to increase trust and transparency in the LUXCHAIN ecosystem.
Each Digital Asset is associated to a DAC that contains a copy-proof QR code. The DAC is scanned by buyers to view Digital Asset information and history.
The Global Luxury Index (GLI) is the world’s first global luxury price index built on artificial intelligence. It provides benchmarked pricing for sellers and buyers to understand the value of their products. The GLI also provides intelligence on the optimal sales channel to know where, when, and how to find the best deal.
The Fingerprint technology scans the outer surface of a product to capture its unique magnified image. Each magnified image is unique, and allows the fingerprinted product to be differentiated from all other products. Fingerprint technology ensures that the verified product can always be matched to the corresponding Digital Asset Card (DAC) without altering the physical attributes of the product.
Our verifiers are qualified luxury authentication experts. We source our verifiers from established organizations with a network of reputable experts for personal luxury goods.
The LXR token is used for payments, staking, verification, rewards, Data Exchange, and more. LXR is built on proven cryptography for secure and efficient transfer of value in LUXCHAIN.
All users can earn rewards in LXR tokens through various ways. Data contribution, Image Labeling, and bounties are examples of ways to earn LXR tokens.
LUXCHAIN’s Decentralized Verification Solution offers offline and online verification that cross-checks verification for the highest quality authentication methods. Our verification system uses advanced Fingerprinting technology and authentication mechanisms to ensure quality and transparency.
Most traditional verification services are not transparent with the authentication methods. They also do not provide an easy way for sellers and buyers to check product information on demand. This is troublesome especially when one needs accurate information to spot counterfeits.
LUXCHAIN solves this problem by allowing anyone to view verified product information with higher transparency and trust. Greater confidence, trust, and transparency are the key factors that LUXCHAIN accelerates for personal luxury goods.
Staking is like a security deposit made by verifiers. Verifiers “stake” or put down a security deposit in LXR tokens when they begin verification. Staking ensures that bad actors are discouraged from intentionally cheating product owners and buyers. Verifiers stake a variable rate depending on the product category and stake percentage.
The fee is calculated based on the product category. The fee is paid directly to the verifier for his or her service. The fee is used to streamline the verification process, such as to pay the verifier for his or her service and the cost to create a Digital Asset.
LXR can be traded for fiat currency once it is listed on an exchange. They can be traded just like other cryptocurrencies, such as a LXR/BTC pair. For example, the BTC gained can then be traded for fiat currency.
In an effort to facilitate a healthier token economy, we will initially limit the number of LXR tokens available to the public. Individuals who hoard large amounts of LXR will have a harder time manipulating the price. This is because the amount of tokens they can possibly own is 40% of the total supply, instead of a much larger percentage. Our goal is to create a healthy ecosystem of fair pricing that reflects the real supply and demand of LXR.