Lyra is designed and coded from the ground up, which allows to include most recent achievements in blockchain technologies. Those new technologies in turn allow to implement features that prevent mass adoption of most existing blockchains by mainstream: very high scalability, instant authorizations and settlements, super light clients, no chargebacks, no locked balances, native multi-token (i.e. multi currency) support, built-in decentralized exchange, and more. Payment industry will never take crypto seriously before these key features are present.
Unlike most blockchains, Lyra can process multiple transactions simultaneously, with hundreds or thousands tps (transactions per seconds). Most blockchains are limited to several tps only. High tps opens the door to the mainstream payment industry.
Instant authorization and settlements
Lyra can process transactions instantly. Settlement can follow the authorization instantly, or can be delayed, depending on use case, but in any case settlement is guaranteed once authorization is processed (instantly). Most blockchains require multiple “confirmations” for full authorization and settlement, which means several minutes to several hours for transaction approval. Instant authorizations enable implementations in real world retail environments (retail point of sale).
Low hardware requirements
Only one recent Lyra block is required at the client (wallet app) for sending or receiving transactions. Most blockchains require multiple blocks or entire blockchain databases available to the client app for processing a single transaction. Therefore, a wallet can be easily implemented even on smart cards with limited resources for sending payments (points), or any mobile device for accepting payments (points).
Unlimited custom tokens
Lyra can generate unlimited numbers of custom tokens that can be used by merchants for their closed loop systems, for a very low fee. Token creation process does not require any programming. Most blockhains that support customer tokens charge significant fees or/and require programming skills to code smart contracts in order to create a new token.
No Locked Balances
Most cryptocurrencies have a period of time called “locked balance”, when partial or all funds in a wallet cannot be used for new transactions. It happens after every transaction. This way most blockchains prevent spending of funds located in blocks that are not yet “confirmed” by the network. Locked balance problem prevents most crypto from being used as a practical application in real world retail environments. Lyra does not have a locked balance problem.