Lyra is a technologically advanced crypto token issuance blockchain and processing platform, which allows merchants, governments, and individuals to create custom tokens that can be accepted by others in a closed-loop environments, or at the point of sale together with cryptocurrencies and fiat methods of payment.
Merchant Tokens (Loyalty programs, Store Credit, Gift certificates, Discount coupons)
Personal Tokens (Inter-family money, school perks and rewards, collectibles)
The appetite for experimentation with private coins or tokens among governments and corporations is growing very quickly. Lyra’s technology with emphasis on flexible fees, unlimited TPS, instant transactions, small footprint, and point-of-sale compatibility makes it a perfect platform for this growing trend.
Lyra was designed and developed from scratch using the latest techniques in blockchain design to solve the speed, size, and throughput (TPS) limitations.
DAG-style chain collection / blocklist architecture
Eliminates the need for large size blockchains. The blockchain is distributed among clients (hence the name “blocklist”).
Clients / WalletsThanks to blocklist architecture, the client doesn’t need to keep a copy of the entire blockchain – just their own blocks (in many cases only very last block), making it possible to have a wallet implementation that doesn’t require cloud or web wallets, permanent connectivity or massive local storage.
As an example of wallet’s efficientcy, we have successfully implemented the complete stand-alone wallet on Raspberry Pi.
The tokens can be both indistinguishable and unique (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).
No Programming Needed – creation of new token takes just a few moments. Each token type is pre-programmed for particular use case. User just enters simple configuration parameters.
It always takes less than a few seconds to process a transaction with Lyra, making it compatible with point-of-sale environment where guaranteed speed of transaction is a requirement.
Built-in Instant Token Exchange Capability
Atomic swap based token exchanges are built in, allowing for instant token exchanges, which is critical for various situations such as redemptions and and loyalty program partnerships.
Compatible with Point of Sale
Lyra Tokens Blockchain leverages point of sale integration from GRAFT.Network payment platform project and facilitates paying with tokens at the point of sale via certified integration with payment terminals (Verifone, Ingenico, others).
Flexible Transaction Fee Structure
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.
Permissionless or Permissioned
Lyra blocklist can run in various configurations – permissionless or permissioned, decentralized or centralized, public or proprietary – depending on the use case. Contact the team if you are interested in running a proprietary Lyra network.
Current State of Product and Technology
The initial blocklist implementation has been completed. It’s capable of issuing tokens, storing blocks at the clients, facilitating transactions, fungible and non-fungible tokens, and token “redemption”.
LYRA will be launched first as permissioned network with a gateway and privately controlled authorizer nodes in order to establish the network, and flush out the technology. A permissionless network with DPoS (delegated proof of stake) consensus will be launched after this initial “settle in” period.
Market for the Loyalty programs itself (just for the loyalty management software) is estimated at $6.8B / year with 23% annual growth rate.
As rule of thumb estimate it’s fair to say that at least 10% ($1 out of $10 spent) is accounted for by loyalty points, store credits, gift certificates, etc. This figure is likely to grow in the coming years.
Corporate, government, and personal tokens represent young but very quickly emerging markets which allow entities to issue their own “stable currencies” or tokens tied to the internal unit of measure.
Being able to issue their own tokens that are easily accepted at the point of sale or redeemed makes Lyra tokens blockchain uniquely positioned to be the platform for such tokens issuance and redemption. Having a built-in exchange for tokens cross-acceptance further sets Lyra blockchain apart from the competition.
We’re ramping up the first commercial implementation of the blockchain – a Shopify integration, where over 500,000 active Shopify merchants will be able to utilize Lyra for a portable and persistent, server-less loyalty, store credit, and gift certificate solution.
We have also been communicating to a good size sample of government organizations and corporations who confirmed their interest in being able to issue internal tokens that can be connected to a regular point of sale environment.
In order to jumpstart the adoption, we are making token issuance and basic (slower) transaction fees 0 on the permissioned network, which will allow anyone to issue and transact with tokens for free. We believe Lyra is the only token issuance blockchain at this time that is offering that, which should lead to a lot of innovative token uses.
How it works
Lyra Tokens can be accepted by merchants via integrated ecommerce platforms, in a person-to-person format using mobile applications, or at the point of sale via GRAFT.Network enabled payment terminals.
Create and issue custom merchant tokens
Give them out as cash back rewards, store credit, gift cards
Customers redeem those at the checkout or in the store
Slava is a recognized technologist, veteran of payments industry, author of “Hacking Point of Sale” and “Bitcoin for Nonmathematicians”. The team is well established and consists of professionals who have come with solid blockchain and industry experience, with a proven track record in building blockchain, open platforms, payment terminal and point-of-sale integrations, and various other components necessary for the project of this nature. LYRA is a continuation of work on GRAFT.Network – a decentralized 2nd layer PoS based, instant authorization blockchain on top of Monero / Cryptonode and are continuing to build it up for accepting various cryptocurrencies at the point of sale.