LYRA AMA Recap With Neng Yuni Forum

11 min readDec 7, 2020

Dear Community, Welcome to the recap of our AMA with LYRA.

Our vibrant and enthusiastic community had a lot question to ask. To those who want to know quickly what LYRA is about, we are sure this recap gonna help you. So without further, continue reading.

Speaker : Slava Gomzin — CO Founder of LYRA

First Session Project Introduction

Before we start our first session can you introduce yourself?

Mr. Slava: I am Slava Gomzin, co-founder and co-developer of Lyra. My background is mostly software development and cyber security, specifically — development of point of sale systems and payment interfaces, cryptography, and security of payment cards.

Also, I have previous experience with developing crypto projects.

I am the author of multiple articles and white papers, and publishsed two books — about security of payment cards and point of sale systems, and bitcoin payments. It’s a pleasure to be here with you today!

Q1. Can you tell us what is LYRA? And a short story of how came up with idea for LYRA?

Mr. Slava: Lyra consists of two parts: Lyra blockchain and LoyalShopper application.

Lyra blockchain is a global, decentralized network that provides very high scalability, instant authorizations and settlements, super light clients, no chargebacks, no locked balances, native customizable tokens with targeted smart contracts, including NFT, and also built-in “on chain” decentralized exchange. — in order book and swap forms Loyal Shopper 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). Lyra blockchain technology is actually a unique combination of block lattice and DPOS consensus tech.

AS you probably know, block lattice was introduced by Nano as an alternative to traditional blockchain technology, where multiple transactions are added to a single block, and all blocks are located in a single blockchain. But block lattice is different each block contains only one transaction, and every user account (awallet) has its own blockchain. This way block lattice enables virtually unlimited scalability an ability to process a very high number of transactions per second (TPS). Most blockchains cannot do it, therefore they cannot be used in real time retail applications.

Lyra blockchain — with its scalability, API, and speed — can support real time retial payment applications The second part of the question — how I came up with idea of Lyra It’s not a secret that Lyra technology was born back in 2019 as a result of disappointment in Graft underlying technology, whose limitations, unfortunately, did not allow the Graft team to attract the mainstream business attention and materialize their ideas.

I was part of the original Graft core team. So development of open-source Lyra blockchain was continued by the original Lyra developers, who launched an independent Lyra project. Unlike many crypto projects who are forks of existing blockchain, or simply running their token on existing blockchain, Lyra has been designed and coded from ground up which brings us the benefits of 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 I already mentioned them — very high TPS, instant transaction approvals, custom tokens, light wallets, and much more

Q2. Can you briefly describe LYRA’s main advantages over its competitors?

Mr. Slava: Unlike most crypto projects, Lyra was created with practical applications in mind, and not just to prove some breakthrough technology (although unique technology is still big and a very important part of Lyra).

Because of the multi-token, block lattice, and DPOS architecture, Lyra has an ability to easily create NFT, DEX swaps, staking (voting for nodes and getting revenue shares) and other attributes of DeFi.

Lyra applications solve a real world business problem — lack of decentralized yet efficient loyalty rewards programs and other closed loop payment systems. Lyra was originally designed to use NFT (non-fungible tokens) as the way to implement retail functions such as discount codes, gift certificates, etc.

For example, when you accumulate enough reward points (tokens) from Shopify store, you can redeem them to discount code that can be used to get discount on purchase reward tokens are regular fungible tokens, because they represent loyalty points which are similar in value But discount codes are unique so they cannot be represented by regular fungible tokens That’s where we use the power of NFT But recently we found another big niche for NFT — collectible NFT — which became very popular.

So now we issue Lyra collectible NFT which come with fixed rewards and %% APT on owner’s wallet balance, Basically it is a form of staking.

So Lyra was designed as DeFi project even before DeFi word was introduced Also, unlike many other crypto projects, Lyra is not ERC20 token or not a copy or fork of any existing blockchain Lyra has its own blockchain with unique technology, designed and coded by Lyra developers from scratch.

Lyra blockchain is different from existing blockchains because it provides a combination of features that is not available in other blockchains:

- very high scalability (TPS) that can compete with traditional payment processors,

- instant authorizations and settlements — while traditional payment processors authorize transactions very fast, their settlement (confirmation) takes hours of even days.

Lyra both authorizes and settles (confirms) transactions in less than 1 second!

- super light clients — Lyra wallet can be placed on smart card, it does not require access to full blockchain

- no chargebacks, no locked balances

ome Lyra features can be found in other blockchains, but only a full combination of them is available in Lyra. As I said — Lyra is the first crypto that combined block lattice and DPOS technologies. Block lattice is a genius invention that was introduced by Nano.

Block lattice — in conjunction with DPOS — allows Lyra to process transactions almost instantly, with unlimited scalability (TPS). Please check Lyra real time mainnet statistics — https://nebula.lyra.live/stats Average send time today: 191.24 ms!

Q3. What is the name of the token that LYRA has? How much supply is available and where the token allocated?

Mr. Slava: The name of the Lyra token is LYR. ctually, it ‘s not a token by definition — it is a coin because it’s running on its own blockchain. But we still call it “token” because it has similar features to other Lyra tokens created by Lyra team or by Lyra users. LYR also has a “twin brother” who lives on Ethereum — TLYR. TLYR is ERC20 token which is traded on Uniswap, currently — with ETH and USDT but in the future — with any ERC20 token tradable on Uniswap. TLYR is LYR’s tether, so it can be always swapped to LYR (and vice versa) 1:1 using swap gateway We created TLYR for two reasons:

1) provide an ability for LYR holders to enter the Uniswap market (and vice versa — introduce LYR to Uniswap users),

2) “check” the Uniswap protocol and the Uniswap market, and prepare for creating our own Lyra Swap a uniswap protocol DEX based on Lyra blockchain.

Lyra DEX will allow to trade any Lyra tokens (including those representing other Crypto) on Lyra DEX simialr to Uniswap protocol but with less fees and much faster Current Ethreum/Uniswap fees are to high for small and even medium trades And transactions take time Lyra transactions are instant — including full confirmation And Lyra fees are small enough to enable even micro trading.

Q4. Can you please tell us more about the token economics of the project? What utilities does the token have and what benefits will tokens holders get?

Mr. Slava: As I said, Lyra blockchain was designed to support real-world business applications. There are two types of such applications

First — apps like LoyalShopper — that can penetrate the traditional (meaning non-crypto) market and become an instrument for real businesses Since LoyalShopper is based on Lyra blockchain, LYR is a part of the real economics when LoyalShopper goes mainstream each merchant — LoyalShopper customr — creates its own reward and discount tokens and runs a lot of transacvtions with those tokens

The second type of Lyra application is DeFi So for LYR holders there are two ways to particpate in Lyra DeFI

First — by voting for Lyra primary authorizers DPOS Voting is basically a staking, but you don’t have to lock your balance. Every Lyra wallet user can vote for any Lyra node. The votes are required for node operators to compete and become a primary authorizer. There are only 19 primary authorizers at any given moment, but they dynamically change based on the voting process. Only primary authorizers receive transaction fees. The voters who voted for primary authorizer receive their share of the revenue, previously agreed with the node operators. The distribution of the revenues to the node operators is working on mainnet — https://nebula.lyra.live/fees The distribution of the node revenue to the voters is currently in development and testing and will be released to mainnet soon. And the second way to participate in Lyra DeFi is Lyra Collectible NFT which can be awarded for services or purchased from Lyra team or other NFT owners Lyra collectible NFT is also a form of “smart staking” which deos not require any actions form the user — just hold the NFT on your account The NFT rewards are calculated and transferred daily based on current wallet balance.

Q5. To sum up, can you please share with us your nearest milestones that you plan to achieve by the end of 2020 or next year?

Mr. Slava: We have a very interesting and intensive roadmap for both Lyra blockchain and applications. Regarding Lyra blockchain — first of all, we already launched our mainnet on September 30!

Lyra is fully permission less network now We continue working on Lyra DEX. Lyra architecture allows creating a fully decentralized, on chain exchange. In fact, it already exists in “limited edition” to support LoyalShopper reward/discount exchange. We just need to add order book and swap support DEX will be supporting not just Lyra tokens but other crypto including bitcoin, ETH, etc — represented and tokenized by Lyra assets. Regarding business application (LoyalShopper) roadmap — the most important things we are going to do first of all, we launch LoyalShopper for Shopify in production mode Then, we work on a reward token marketplace so Lyra and LoyalShopper users could sell, trade, and buy reward tokens, gift and discount tokens, and other digital assets. Also, we are going to expand to other ecommerce platforms after Shopify is going to production. And not just ecommerce, but integrations with brick-and-mortar point of sale systems

Second Session “Twitter Question”

Q1. I have already experienced the use of the Lyra wallet and have experienced the great performance of the Lyra network. But my one question is, why do users have to press the ‘accept’ button to get tokens that have been sent by other users?

Mr. Slava: This is because of the block lattice architecture where each transaction is represented by two blocks — send and receive and the send block “lives” on the sender’s blockchain, while the “receive: block lives on the recipient’s blockchain More info: https://docs.lyra.live/lyra-network-1/untitled-2/ledger

Q2. What are the differences between Lyra’s NFTs and those of other platforms? Are these NFTs interchangeable? Are they real-world assets or tokenized versions of them?

Mr. Slava: Another good question. Acctually 3 questions 🙂

1) What are the differences between Lyra’s NFTs and those of other platforms? AS I said previously — Lyra collectible NFT are used as a DeFI staking mechanism

2) Are these NFTs interchangeable? No.

The idea of NFT is that they are NON-fungible — meaning each instance of NFT is unique They have unique serial numbers or/nd discount codes

3) Are they real-world assets or tokenized versions of them?

NFT are tokenized assets More info about Lyra NFT: https://docs.lyra.live/lyra-nft

Q3. You said total supply of $LYRA 10B. That’ huge supply. So how will LYRA create demand for $LYRA or do you have any further plan for burn or buy back. Please share your ideas.

Mr. Slava: Lyra team does not / cannot manipulate the maraket so we cannot create or reduce demand — it is defined by the market. We don’t have a plan to burn any tokens unless we see it is necessary

Q4. Maintaining and controlling flexibility, cost and security are three important things in blockchain. How does LYRA do it?

Mr. Slava: To be honers I don’t fully understand this question — how flexibility, cost and security are related and controlled? Perhaps Security can be maintianed and controlled, but not cost or flexibility.

Q5. Does LYRA payment system support payments in the fiduciary currency of each region? Which of these currencies can already be used on your platform?

Mr. Slava: No, currently we implement only closed loop payment systems (like loylaty reward management, gift cettifcate, store credits)and also systems operating with crypto. Closed loop systems are differnt from open loop systems because they do not operate with fiat currencies directly So they are easier and faster to implement and enter the market But our long-term roadmap is entering the full, open loop payment systems.

The Third Session “Live Question”

Q1. 1-Increasing Token price, 2- make Token Valuable, 3-Building Community Trust

From 3 aspects above, I want to ask, Which one the most important for you? If all above are important for you, Which one that Will you do first?

Mr. Slava: #3 — Building Community Trust

Lyra is DPoS so it cannot exist without a community of node operators and voters (users who do not run nodes but vote for other authorizers). The more voters Lyra has, the more decentralized (and so more secure) the Lyra platform is.

Q2. how can I get and use the Lyra loyalShopper application? and whether to use a fee to get the application.

Mr. Slava: Currently, LoyalShopper is running on testnet. You can check it here: https://loyalshopper-dev-store-local.myshopify.com/

Q3. Is #LYRA in the $LYR token already on CoinGecko and can I stake the $LYR token then where can I buy the $LYR token?

Mr. Slava: Yes.

CMC: https://coinmarketcap.com/currencies/lyra/markets/

CoinGecko: https://www.coingecko.com/en/coins/lyra#markets

Uniswap (TLYR — LYR tether): https://info.uniswap.org/token/0x727bf8d6d01270f45e55beede70ab1bbfa73c66c

Q4. Trust and Security is a very important factor for every investor. No investor would want to lose assets from a security breach. What steps have you taken to ensure that the risk of a security breach is significantly reduced?

Are there other ways to earn tokens apart from buying?

Mr. Slava: Two questions here,

1) Trust and Security is a very important factor for every investor. No investor would want to lose assets from a security breach. What steps have you taken to ensure that the risk of a security breach is significantly reduced? Security breahc is typically possible in centralized worlds — with centralized entity which holds it’s secrets in some kind of centralized “secret” location Such as credit card payment processor who stores customers’ credit card numbers Or centralized exchange who stores it’s wallets with customers’ funds In decentralized world the word “breach” does not make much sense anymore because all information is stored in public ledger and cannot be breached The individual account can be breached if you share you private key for example — but it does not compromise to entire system

Q5. Any possible way developers build any project using Lyra platforms? And what is the requirements?

Mr. Slava: Yes, third party developers can use Lyra through DAPI and buld apps usign Lyra blockchain and Lyra tokens More info: https://docs.lyra.live/lyra-network-1/open-dapi

Alright, those are the 5 select question

Thanks to Mr. Slava @slavagomzin who gave us the time to share this knowledge, I hope we will understand more about LYRA.

Well…

We declare AMA’s Series Neng Yuni with LYRA, is Done. 🥳🥳🥳🥳

thank you to the participants who have attended this event to the end.

the winners will be announced soon🥳🥳🥳

Telegram: t.me/lyra_live & t.me/lyraindonesia

Channel : t.me/Lyra_Announcements

Twitter : https://twitter.com/Lyrablockchain

Instagram : https://www.instagram.com/lyra_blockchain

Linked in : https://www.linkedin.com/company/lyra-block-lattice

THANKS TO ALL OF OUR COMMUNITY