Consensus Protocol

Lyra secures its ledger using proprietary consensus protocol derived from pBFT (Practical Byzantine Fault Tolerance) and based on concepts of block lattice, Delegated Proof of Stake (DPoS), and Byzantine Fault Tolerance (BFT). Each concept contributes to security and performance of the system.

Every Lyra transaction is approved individually by a group of primary authorizer nodes elected through a voting process. Transaction is considered approved and final when it collects signatures from supermajority (2⁄3+1) of the primary authorizers. Each transaction is stored in its own block, with the blocks chained into the dedicated account blockchains.

Authorizer nodes communicate each other in the most efficient way because they “know” each other. Combination of these factors create a highly secure, super fast, and very scalable (thousands transactions per second) authorization process which is very close (by timing and throughput measures) to traditional payment systems such as Visa network or Paypal, yet it's fully decentralized.