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What is LYRA?

Lyra is a unique DeFi technology that allows merchants of any size to implement a loyalty management system using their proprietary crypto tokens. Lyra solution consists of Lyra blockchain and LoyalShopper ecommerce application.

LoyalShopper application allows merchants on Shopify and other ecommerce and in-store platforms to manage their own rewards, gift cards, promotional coupons, and store credits programs based on crypto tokens maintained by Lyra network.

Lyra blockchain provides instant confirmations, custom tokens with targeted smart contracts, built-in decentralized reward token marketplace, NFT, DEX, and functionality required for real world financial transaction processing.

Lyra blockchain

Lyra blockchain is a global, decentralized network with API that enables “out of the box” loyalty management implementations, reward marketplace, and other real-world applications. Lyra network is designed and coded from the ground up, which allows it to include most recent achievements in blockchain technologies such as block lattice, distributed proof of stake, cryptonote, and more. Those new technologies in turn enable features that allow Lyra to achieve a mass adoption by mainstream business: very high scalability (TPS), instant authorizations and settlements, super light clients, no chargebacks, no locked balances, easy generation of custom tokens with targeted smart contracts (including NFT), built-in “on chain” decentralized exchange, and more. Payment industry will never take crypto seriously before these key features are present.

Custom Tokens LYRA tokens can be created as either indistinguishable (fungible) or unique (non-fungible, personalized). Example: fungible reward tokens (as accumulated loyalty points) and non-fungible discount/gift tokens (as loyalty reward redemption mechanism).

Super Light Wallets Unlike most blockchains, where transaction is compiled from multiple inputs from various blocks located all over the blockchain, only the most recent block is required for a Lyra wallet to process a new transaction. Lyra clients can be easily deployed on IoT microdevices, mobile devices, and smartcards with limited CPU performance and storage space.

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 separate, relatively short account blockchain. Only authorizer nodes must carry all blockchains. Wallets don’t need a local node and care only about their own account blockchain.

Pre-programmed Targeted Smart Contracts enable creation of new fungible and non-fungible (NFT) custom tokens in just a few moments. No Programming Needed. Each token type is designed for particular use case like loyalty rewards, discoutn coupons, or collectibles.

Instant Authorizations and Settlements In most blockchains, transactions are accumulated in blocks, and blocks are added to a single blockchain, which prolongs confirmation times to minutes and even hours. It takes less than a second to process any transaction with Lyra, making it compatible with retail environment where guaranteed speed of transaction is a requirement.

Instant Decentralized Token Exchange Blockchain based token exchange is built in, allowing for instant, decentralized trading and other custom applications such as reward point marketplace.

No Locked Balances Most cryptocurrencies have a period of time called “locked balance”, when funds in a wallet cannot be used for new transactions until transaction is confirmed. Lyra solved the locked balance problem, thanks to block lattice architecture.

Import Account is a unique feature used for several important use cases: send by email (a transfer to a user who does not have a Lyra account), reward redemption, and account consolidation (merging multiple active accounts).

Almost all merchants use (or would like to use) some kind of closed loop payment system that handles their loyalty reward points, gift cards, store credits, or promotional discount coupons. Lyra Live offers an alternative to traditional closed loop systems, a solution based on blockchain. LoyalShopper is a Lyra blockchain based application that provides merchants with the ability to create their own loyalty rewards, gift cards, promotional coupons, and store credits (refunds) programs, both online (integrated with major ecommerce platforms) and in stores (integrated with major point of sale software applications and hardware terminals). LoyalShopper provides an end-to-end solution that supports both merchants and buyers.

LoyalShopper Market

Loyalty management market expected to be worth $10.9 Billion by 2024 (Forbes)

In the U.S., there are 3.3 billion loyalty memberships (Accenture)

Being able to issue their own tokens that are easily accepted at the point of sale or redeemed makes Lyra uniquely positioned to be the platform for such tokens issuance and redemption. Having a built-in reward marketplace for tokens cross-acceptance further sets LoyalShopper app apart from the competition.

Go-to-Market

We’re ramping up the first commercial implementation of the blockchain – a Shopify integration, where over 1,000,000 active Shopify merchants will be able to utilize LoyalShopper app for a portable and persistent, server-less loyalty rewards, store credits, and gift certificates solution.

How LoyalShopper works

Each merchant gets a unique set of their own reward and discount tokens. Merchants establish the rate of their loyalty reward tokens that get awarded for every unit of fiat currency spent by their customer (for example, 1 token for every dollar). Merchants also establish the conversion rate of the reward tokens when they are redeemed to actual dollar discounts (for example, $1 discount for every 10 reward tokens). So in this example, a buyer who purchased a $100 item, would receive 100 reward points.

Buyers accumulate these tokens in the LoyalShopper mobile wallet app. When buyers shop the merchant’s store again and want to use their rewards, they open up the wallet app and redeem their rewards – these tokens convert into a discount token with a code that can be applied at Shopify checkout. In our example, 100 rewards are converted into a $10 discount (those rates are flexible and configurable by the merchant).

LoyalShopper creates unique reward and discount tokens for each merchant

Merchants give them out as loyalty rewards, store credits, or gift cards

Customers redeem those tokens at the checkout online or in store

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Team

Slava Gomzin

Slava Gomzin is cyber security and crypto enthusiast, full-stack technologist and entrepreneur. Author of multiple publications on information security and technology including books “Hacking Point of Sale” and “Bitcoin for Nonmathematicians”

Wizard Young

Wizard Young is from central China, now living in a small city by the sea where he has been working as a full-stack programmer, full-stack network engineer, freelance consultant, and electronics enthusiast. He started coding in C# since the very beginning of .NET platform.

Norbert Funke

Norbert Funke has more than 20 years of industry experience with demonstrated success in all aspects of data governance and information architecture, development, and strategy. He is a leading expert in big data, natural language processing (NLP), business intelligence, and data integration architectures, combined with deep industry experience in Financial Services and Health Care.