LOGO_CRYPTO_SIGHT

What is Lyra coin (LYR)?

By Jenny Aurora | August 24, 2021

WHAT IS LYRA?

Lyra is a unique DeFi technology that allows merchants of any size to implement a loyalty management system using their proprietary crypto tokens. Lyra solution consists of Lyra blockchain and LoyalShopper e-commerce application.

LoyalShopper application allows merchants on Shopify and other e-commerce and in-store platforms to manage their own rewards, gift cards, promotional coupons, and store credits programs based on crypto tokens maintained by Lyra network.

Lyra blockchain provides instant confirmations, custom tokens with targeted smart contracts, built-in decentralized reward token marketplace, NFT, DEX, and functionality required for real-world financial transaction processing.

LYRA BLOCKCHAIN

Lyra blockchain is a global, decentralized network with API that enables “out of the box” loyalty management implementations, reward marketplace, and other real-world applications. Lyra network is designed and coded from the ground up, which allows it to include the most recent achievements in blockchain technologies such as block-lattice, distributed proof of stake, cryptonote, and more. Those new technologies in turn enable features that allow Lyra to achieve mass adoption by mainstream business: very high scalability (TPS), instant authorizations and settlements, super light clients, no chargebacks, no locked balances, easy generation of custom tokens with targeted smart contracts (including NFT), built-in “on-chain” decentralized exchange, and more. The payment industry will never take crypto seriously before these key features are present.

MAIN FEATURES OF LYRA NETWORK

Unlike traditional bitcoin-like crypto, where all transactions are compiled in blocks in a single blockchain, block lattice is a collection of multiple blockchains. Each user account adds transactions to its own blockchain. Block lattice in conjunction with the delegated proof of stake (DPoS) enables unique features that cannot be achieved with traditional architecture.

Customizable fungible and non-fungible tokens with targeted smart contracts

Decentralized token exchange and loyalty reward marketplace

Instant payment authorizations and settlements, both online and in-store

Participate in revenue share by voting for authorizers

Custom Tokens LYRA tokens can be created as either indistinguishable (fungible) or unique (non-fungible, personalized). Example: fungible reward tokens (as accumulated loyalty points) and non-fungible discount/gift tokens (as loyalty reward redemption mechanism).

Super Light Wallets Unlike most blockchains, where the transaction is compiled from multiple inputs from various blocks located all over the blockchain, only the most recent block is required for a Lyra wallet to process a new transaction. Lyra clients can be easily deployed on IoT microdevices, mobile devices, and smartcards with limited CPU performance and storage space.

High Scalability (large number of tps – transactions per seconds) is achieved because each LYRA block contains just a single transaction which is added to a separate, relatively short account blockchain. Only authorizer nodes must carry all blockchains. Wallets don’t need a local node and care only about their own account blockchain.

Pre-programmed Targeted Smart Contracts enable the creation of new fungible and non-fungible (NFT) custom tokens in just a few moments. No Programming Needed. Each token type is designed for particular use cases like loyalty rewards, discount coupons, or collectibles.

Instant Authorizations and Settlements In most blockchains, transactions are accumulated in blocks, and blocks are added to a single blockchain, which prolongs confirmation times to minutes and even hours. It takes less than a second to process any transaction with Lyra, making it compatible with the retail environment where guaranteed speed of transaction is a requirement.

Instant Decentralized Token Exchange Blockchain-based token exchange is built-in, allowing for instant, decentralized trading and other custom applications such as reward point marketplace.

No Locked Balances Most cryptocurrencies have a period of time called “locked balance” when funds in a wallet cannot be used for new transactions until the transaction is confirmed. Lyra solved the locked balance problem, thanks to block-lattice architecture.

Import Account is a unique feature used for several important use cases: send by email (a transfer to a user who does not have a Lyra account), reward redemption, and account consolidation (merging multiple active accounts).

Source: Coin Introduction <https://morioh.com/p/cd93e6cd8b93>

Tags: , , ,

Related Articles

What Is MOBOX (MBOX)?

Tracy Hannes | Jan 5, 2022

What is DeCus (SATS) token?

Chris Torres | Oct 21, 2021

What is Tetu Tokenomics?

Robin Wong | Nov 4, 2021

What is Verasity (VRA)?

Warren Hayes | Dec 2, 2021

Traceability Chain (TAC)

Jenny Aurora | Jul 19, 2021

What is Sakura Neko (NEKO) token?

Warren Hayes | Nov 30, 2021

Comments