Lyra is designed and coded from the ground up, which allows to include most recent achievements in blockchain technologies. Those new technologies in turn allow to implement features that prevent mass adoption of most existing blockchains by mainstream: very high scalability, instant authorizations and settlements, super light clients, no chargebacks, no locked balances, native multi-token (i.e. multi currency) support, built-in decentralized exchange, and more. Payment industry will never take crypto seriously before these key features are present.
Lyra can generate unlimited numbers of customizable tokens that can be used by merchants for their closed loop systems, for a very low fee. . While most blockchains that support customer tokens charge significant fees or/and require programming skills to code smart contracts in order to create a new token, the creation process of Lyra token does not require any programming.
LYRA tokens can be created as either indistinguishable (fungible) or unique (non-fungible, personalized). 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 points) and non-fungible discount/gift tokens (as loyalty reward redemption mechanism).
Pre-programmed targeted smart contracts enable creation of new fungible and non-fungible custom token in just a few moments. No Programming Needed. Each token type is pre-programmed for particular use case, for example, loyalty rewards, store credits, or collectibles. User just enters simple configuration parameters.
Unlike most blockchains, Lyra can process multiple transactions simultaneously, with hundreds or thousands tps (transactions per seconds). Most blockchains are limited to several tps only. High tps opens the door to the mainstream payment industry.
Large number of tps is achieved because each LYRA block contains just a single transaction which is added to a relatively short account blockchain, which allows the authorizer node to complete a processing (either authorization or settlement) of multiple transactions simultaneously, within a very short period of time. Only primary authorizer and backup authorizer nodes must carry the full block lattice, which means they are dedicated powerhouses of the network. Clients (wallets) don’t need a local node, and they carry only their relatively short account blockchains, or no blockchain at all (see the Light Clients section).
Lyra can process transactions instantly. Settlement can follow the authorization instantly, or can be delayed, depending on use case, but in any case settlement is guaranteed once authorization is processed (instantly). Most blockchains require multiple “confirmations” for full authorization and settlement, which means several minutes to several hours for transaction approval. Instant authorizations enable implementations in real world retail environments (retail point of sale).
Instant authorizations are possible because each transaction consists of two blocks: send (authorization) and receive (settlement), while each block is authorized individually, returning immediate result to the client. In traditional blockchains, transactions are accumulated in blocks, and blocks are added to the same blockchain, which prolongs both authorization and settlement times to minutes and even hours. It takes less than a few seconds to process any transaction with Lyra, making it compatible with point-of-sale environment where guaranteed speed of transaction is a requirement.
Only one recent Lyra block is required at the client (wallet app) for sending or receiving transactions. Most blockchains require multiple blocks or entire blockchain databases available to the client app for processing a single transaction. Therefore, a wallet can be easily implemented even on smart cards with limited resources for sending payments (points), or any mobile device for accepting payments (points).
Unlike traditional blockchains, where transaction is typically compiled from multiple inputs located in various blocks located all over the entire blockchain, only the most recent account block is required for a Lyra client to process a new transaction. It means no blockchain database is required on the client side, and no scanning of a database located on local or remote nodes is required for performing many fundamental client functions (such as payment transaction). Thus, Lyra clients can be easily deployed on IoT microdevices, mobile devices, and smart cards with limited CPU performance and storage space. As an example of wallet’s efficiency, we have successfully implemented the complete stand-alone wallet on Raspberry Pi, web browser, iOS, and Android.
Most cryptocurrencies have a period of time called “locked balance”, when partial or all funds in a wallet cannot be used for new transactions. It happens after every transaction. This way most blockchains prevent spending of funds located in blocks that are not yet “confirmed” by the network. Locked balance problem prevents most crypto from being used as a practical application in real world retail environments. Lyra does not have a locked balance problem.
Lyra solved the locked balance problem, thanks to block lattice architecture. Since every transaction is written into its own block, and every transaction block is individually and instantly authorized by the network, there is no need to lock any balance to prevent double spending.
Blockchain based token exchange is built in, allowing for instant, decentralized token exchanges and other customer applications such as reward point marketplace, which is critical for various use cases such as redemptions and and loyalty program partnerships.
Most blockchains have built-in hardcoded fee mechanism with a sender paying the fees. Lyra has a flexible mechanism when the fee can be paid by the sender, the recipient, or both sides, depending on the transaction type and other configuration parameters. This flexibility enables implementing various use cases that would be impossible with traditional fee structure.