IOTA is positioned as the premier protocol of IoT devices, but initiating IOTA transactions requires some serious interaction with the IOTA’s “tangle”. To create a new transaction, the IOTA client must “approve” two previous transactions selected by a special algorithm. Lyra does not require any interaction with other accounts or transactions when creating a new transaction, which makes it even better choice for client implementation on mobile, smart cards, and IoT microdevices.
Each Lyra account block contains information about current balances, so the most recent block is the only piece of data required for a Lyra client to send a transfer or make a payment. This feature is a major difference not just from IOTA but from most other blockchain-based payment systems because it allows to create extremely light client apps that can be hosted on mobile devices, smart cards, and IoT microdevices.
Lyra clients can remain offline most of the time, as the only interaction with the network is required for sending the transaction for approval, which is an ideal use case for smart card based payment cards.
While IOTA relies on PoW, Lyra uses DPOS consensus which means much lower network power consumption and operating expenses.
Unlike IOTA, Lyra block lattice carries multiple tokens representing various cryptocurrencies. A token representing IOTA Lyra.IOTA will be also traded in Lyra DEX.
IOTA transactions are open to the public view. Lyra is designed to support privacy transactions - see Privacy Transactions on Block Lattice for more info.