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Practical Applications and Roadmap
Unlike most blockchain projects, Lyra has a concrete implementation plan with practical applications that have their place in today's market.
- Closed loop payment systems, integrated with point of sale software and hardware, without centralized payment processor in the middle.
- Open DAPI
- Collectible NFT
- Reward Token Marketplace
- Full DEX
- Programmable Smart Contracts
- Token Domain Name Marketplace
Crypto payment acceptance at point of sale, without centralized payment processor in the middle.
Almost all merchants use (or would like to use) some kind of closed loop payment systems in a form of Loyalty Reward Points, Gift Cards, Store Credits, or Discount Promotional Coupons. Lyra offers an alternative to traditional closed loop systems, a solution based on blockchain.
Anything that Lyra network does can be done through Lyra Open DAPI. In fact, Lyra “native” applications - CLI wallet, mobile wallets, Nebula block explorer, as well as LoyalShopper apps and tools - all use the same Lyra DAPI. Therefore, third party developers can build their own wallets (or integrate with existing ones), block explorers, loyalty reward points systems, token marketplaces, digital asset exchanges, or other closed loop solutions - for example, solutions that manage in-game credits for online games.
LYRA tokens can be created as either indistinguishable (fungible) or unique (non-fungible, personalized collectibles). In fact, there are uses for both inside most applications, with transition from fungible to non-fungible at the time of redemption. Example: fungible reward tokens as accumulated loyalty reward points, and non-fungible tokens as loyalty reward redemption mechanism or collectible NFT.
Once rewards tokens are obtained by a user, they can be redeemed, traded for other points, or sold. Merchants can set the rules on how their tokens are managed. This way, points never become useless and always have a value, which attracts existing and new customers.
Lyra blockchain will support fully functional on-chain decentralized exchange, where various crypto and fiat currencies can be traded using their tokenized representations on Lyra blockchain.
In addition to built-in token contracts that support well-defined use cases such as reward points and discount coupon tokens, Lyra will be supporting Programmable Smart Contracts similar to Ethereum token standards.
Lyra token domain names and token names can be generated and then traded similar to Internet domain names.
Cryptocurrencies become more and more popular. It’s just a matter of time when they arrive into payment processing mainstream. The merchants and their software providers should be ready.
Lyra will allow crypto payment processing with low fees and instant authorizations and settlements.
How Lyra payments work
Lyra processes crypto payments similar to how PayPal processes payments online with a linked bank account: a customer (buyer) deposits funds to a Lyra account, then these funds can be instantly transferred to another customer (merchant). If cryptocurrency supports instant transactions, then the entire process of deposit and payment can be combined into one instant transaction (similar to PayPal payment with linked credit card).