Nano uses so-called Open Representative Voting (ORV), where consensus is achieved by voting on conflicting transactions. While most of the time the approval is instantaneous, the approval does not provide a 100% confirmation because it can be “disputed”. In case of a double spending attempt, for example, the special voting will be initiated to resolve the conflict.
Lyra secures its ledger via its unique implementation of Distributed Proof of Stake (DPOS) and proprietary consensus algorithm. …
Unlike traditional bitcoin-like blockchain, where all transactions are compiled in blocks in a single blockchain, block lattice (introduced by Nano) is a collection of multiple blockchains. That’s why we also call it blocklist as that’s how exactly the Lyra node database looks like — a big list (collection in nosql database terms) of blocks. Each user account adds transactions to their own blockchain. Such architecture enables extremely high scalability, instant authorization and settlements, super light clients (wallets), and other important features that are necessary for mainstream business adoption. Let’s review them one by one.
High Scalability (large number of tps — transactions per seconds) 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). …
Hello everyone!
Here is a brief update on Lyra development status!
Currently, the Lyra dev team is dealing with the short-term projects which — when completed — are supposed to finalize the main development phase of the Lyra network. Joseph is mostly working on a new multi-platform wallet (this includes mobile!), while Slava is focused on automated dividend distribution for both forms of Lyra DeFi staking — DPoS revenues (from node operators to their voters) and collectible NFT rewards (from the network to the NFT owners). As a reminder — the automatic distribution of the node fee revenues (from the network to the node operators) is already functioning on the mainnet. The DPoS voters’ revenue distribution is expected to be released to the testnet next week, followed by NFT reward distribution. …
White Paper / Design Proposal
What it is
Multisig Deposit Vault is needed to allow decentralized automated tokenization — exchanging of crypto coins to their equivalent tokenized by Lyra, which then can be used for processing real time payments and trading. For example, a user wants to exchange ETH to BTC. The user sends an amount of ETH to the address of the multisig wallet provided by the current authorization sample. Once transfer is done, the sample issues an equivalent amount of Lyra.ETH tokens which can securely reside and instantly circulate inside the Lyra network. Then Lyra.ETH tokens can be instantly traded to Lyra.BTC …
White Paper / Design Proposal
Introduction
While some people still associate privacy cryptocurrencies with darknet, black market, and hacker attacks, this perception is based on the fact that such illegal applications involve payment systems with a high degree of anonymity and privacy. The reality, however, is opposite: payment systems that provide ultimate anonymity and privacy to their users perfectly serve everyone’s needs, including, unfortunately, illegal activities. Another myth states that privacy and anonymity are only required for people who have something to hide. …
In celebration of Lyra mainnet launch, and as a demonstration of the Lyra blockchain capabilities, we create the first collectible Lyra NFT with attached rewards
Attached Rewards
Some special collectible NFT issued by the Lyra team come with an attached rewards as a daily payout to the NFT instance owner’s account. The amount of the payout depends on the NFT type and balance of the account:
Lyra/Alpha
100% APR of daily average account balance, calculated and paid daily, for at least 1 year; minimum balance requirement for receiving daily reward is 5M LYR.
50,000 LYR, paid in daily installments (137 LYR / day) over 1 year; no minimum balance requirements. …
Lyra tokens can be created as either indistinguishable, fungible or unique, non-fungible tokens (NFT). In fact, there are use cases for both in 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 discount tokens that contain unique discount codes or gift (as loyalty reward redemption mechanism).
There is another big nische for NFT — collectibles. Unlike discount NFT mentioned above, collectibles do not carry any specific function, but can be used as awards, memorabilia, or simply rare digital collectible artifacts.
Each instance of Lyra NFT has unique properties like SerialNumber (for collectibles) or RedemptionCode (for discount code and coupons). Collectible NFT instance has a unique SerialNumber which distinguishes between the instances of the same NFT type and make each one a unique artifact. …
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.
Customizable fungible and non-fungible tokens
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. …
To make things clear at the beginning and the long story short, Lyra blockchain is a DeFi technology in its core, because it was designed, architected, and coded as a DeFi blockchain, and it was DeFi-driven even when it only existed on paper (the white paper to be more precise). The only missing thing was the word “DeFi” itself because it was not so hot back in January 2019 when Lyra white paper was first published. So let’s see how Lyra follows the DeFi pattern.
First of all, Lyra is designed as a multi-token blockchain, where each token represents a unique digital asset. In the LoyalShopper app, tokens represent reward points, discount codes, and other assets — depending on use case. Each merchant — LoyalShopper customer — receives a pair (at least) of its own branded tokens, which are freely tradeable on decentralized reward token marketplace. All these features are elements of a so-called closed loop payment system implemented on decentralized, permissionless blockchain. LoyalShopper is a DeFi application which is already implemented and waiting to be launched in production soon. …
Lyra is a unique DeFi technology that allows merchants of any size to implement a closed loop payment solution for loyalty rewards, gift cards, store credits, and promotional discount coupons based on combined usage of customizable fungible and non-fungible crypto tokens. Lyra solution consists of Lyra Blockchain and LoyalShopper application.
Lyra Blockchain provides out of the box real time authorizations, customizable fungible and non-fungible tokens with targeted smart contracts, built-in decentralized reward token marketplace, NFT, DEX, and functionality required for real world financial transaction processing.
LoyalShopper application provides merchants of any size with the ability to create their own loyalty reward programs, gift cards, promotional coupons, and store credits based on crypto tokens maintained on Lyra Blockchain.
