vs. OST

“(OST) Tokens are created by first staking real-value on Ethereum and using that as a basis to mint new tokens." Lyra tokens are created on the Lyra block lattice, so they do not depend on Ethereum or any other blockchain, and they do not require any staking. If a user wants to add "real-value" it can be done, but most Lyra use cases are "closed-loop" applications which do not require creating another full blown cryptocurrency.

Lyra client does not need access to the entire block lattice as every account stores transactions on its own blockchain. It does not even require access to the entire account blockchain as the recent block always contains full information about account balance, which is sufficient for creating a new transaction. This feature enables creating superlight clients that neither require local storage nor depend on a particular server and can be deployed on mobile devices, smart cards, and IoT microdevices.

Ethereum transactions with custom token are expensive, therefore they cannot be used in real world business applications such as closed loop payment system (loyalty reward management). Lyra transaction are inexpensive, and Lyra design allows zero transaction fees for selected transaction scenarios.

OST and Ethereum transactions are open to the public view. Lyra is designed to support privacy transactions - see Privacy Transactions on Block Lattice for more info.

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