vs. Bitcoin

While Bitcoin is the first and still most popular cryptocurrency, it lacks features required for payment applications running in real world retail and banking environments such as instant transaction confirmations, very high scalability (tps), instantly unlocked sender balances, and more. See vs. Bitcoin, Etherium, Monero, and all other PoW, singleton blockchains for basic differences between Bitcoin and Lyra.

Unlike Bitcoin, Lyra block lattice carries multiple custom tokens representing various cryptocurrencies, reward points, discount codes, and other user-defined assets. A token representing Bitcoin Lyra.BTC will be also traded in Lyra DEX.

Bitcoin transaction fees are too high which creates a negative user experience compared to most traditional payments where buyers often even receive cashbacks for using a credit card. Lyra payment fee will be charged to the merchant so the payment transaction is free for the buyer, which creates an experience comparable to debit cards. In addition, Lyra design allows zero transaction fees for selected transaction scenarios.

Bitcoin blockchain is open to the public view so all Bitcoin transactions are traceable which allows to find the senders and recipients using special tools. Lyra is designed to support privacy transactions - see Privacy Transactions on Block Lattice for more info.

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