Tuesday, January 19, 2021

Recap AMA LYRA in Cryptowid Community

AMA series LYRA With Cryptowid Telegram Community

On December, 3 2020 1pm UTC, 8pm WIB Indonesia Time in the Cryptowid Telegram Group, AMA LYRA started with Mr. Slava Gomzin (Co Founder of LYRA). When campaign,10 lucky AMA participants when best asking questions Twitter and AMA sessions will get a total prize of 100 $LYR The following is a summary of AMA questions and answers announced by the moderator and guest speaker.

Mr. Slava Gonzim: I am Slava Gonzim, co-founder and developer of Lyra. My background is mostly software development and cyber security.

I have been working on development of point of sale systems and credit card payment interfaces, cryptography, and security of payment cards.

I also have previous experience with developing crypto projects. I am the author of multiple articles and white papers, and two books – about security of payment cards and point of sale systems, and bitcoin payments.

So at some point I decided to use my knowledge and experience to implement my own ideas in crypto

SEGMENT 1 PROJECT INTRODUCTION

1. Some users may not be familiar with LYRA, Could you please give them a brief introduction first?

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

Lyra network is a global, decentralized blockchain that provides a lot of exciting features: very high scalability, instant authorizations and settlements, super light clients, no chargebacks, no locked balances, native customizable tokens with targeted smart contracts, built-in “on chain” decentralized exchange, NFT, voting (staking) .

Thanks to the multi-token, block lattice, and DPOS architecture. Lyra has an ability to create NFT, DEX, token swaps, staking through voting for nodes and getting revenue shares, and other features of DeFiLoyalShopper 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 blockchain.

Lyra blockchain is designed and coded from scratch, it’s not a copy or fork from another project.

2. What is the background behind LYRA project creation?

Mr. Slava Gonzim: I actually already talked a little bit about my background. As I said, my background is mostly software development and cyber security.

Specifically – development of point of sale systems and credit card payment interfaces, cryptography, and security of payment cards.

I have been working on design and development of payment interfaces to multiple payment processors. Also, as an architect for new genration cloud-based point of sale systems

And of course many projects related to cyber security and specifically securtiy of payment application and credit cards

I also have experience co-creating crypto project – GRAFT. Lyra technology was actually born as a result of disappointment with GRAFT technology

So one of the goals of Lyra was to create features that lack in other crypto – we can talk about it in more details.

3. What makes LYRA different and unique from all other projects out there?

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

Lyra applications solve a real world business problem – lack of decentralized yet efficient loyalty rewards programs and other closed loop payment systems.

So our approach is business first – we don’t want to create something that no one will use besides just crypto enthusiasts and traders.

Lyra blockchain is also 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!

Also, super light clients – Lyra wallet can be placed on smart card, it does not require access to full blockchain, only it’s own last block – thanks to block lattice architecture which creates separate blockchain for each user account

No locked balances – full wallet balance is available immediately after transaction is processed (which takes less than 1 second) native customizable tokens with targeted smart contracts – including NFT. built-in “on chain” decentralized exchange

Almost every single feature can be found in other blockchain, but only a combination of them is available in Lyra.

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 real time Lyra mainnet statistics: https://nebula.lyra.live/stats

Average send time: 188.94 ms !

4. As we know, every serious project always have their own roadmap. Could you please explain LYRA roadmap and also what phase is currently ongoing?

Mr. Slava Gonzim: Our roadmap is both very extensive and intensive. We successfully launched mainnet two months ago – on September 30

Initially we were planning to launch Lyra in permissioned mode, and switch to permissionless later on. But eventually we decided that everyone will benefit from permissionless Lyra

so with additional efforts we launched it as a fully decentralized network. We listed Lyra on exchanges – it’s not a bit achievment and it not even on the roadmap, bit it was not a trivial task for completely new blockchain code – and for exachanges as well as they had to learn a new tech

Next big thing – we are going to launch a production version of LoyalShopper app for Shopify And also work on decentralized reward token marketplace, order book DEX, and swap DEX (LyraSwap – based on Uniswap protocol)

We are planning to create LyraSwap – our own version of Uniswap but faster and less expensive. Another long term goal – LoyalShopper app on other ecommerce platforms and integrated with brick-and-mortar stores’ point of sale systems.

We have big plans

5. Could you please introduce Lyra next strategic plan?

Mr. Slava Gomzin: As I said in the answer to your previous question, we have several strategic directions.

we develop both Lyra blockchain and its applications. As far as the blockchain itself – finishing on-chain DEX and creating LyraSwap DEX

As far as the applications – moving LoyalShopper for Shopify to production for Shopify stores.

SEGMENT 2 QUESTIONS FROM TWITTER

1. From @rekt_hunter22

How do you see the current Defi capacity for LYR & what competitive advantage does Lyra ?

Mr. Slava Gomzin: Let me elaborate on Lyra DeFi features in more detail. There are 2 major DiFi directions in Lyra – DPOS Voting and Collectible NFT.

DPOS Voting is basically a staking, but you don’t have to lock your balance. The voting process just dynamically stakes the current wallet 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 authorizer nodes receive transaction fees.

The voters who voted for primary authorizer receive their share of the reward, previously agreed with the node operators. The distribution of the revenues to the node operators is already working successfully on mainnet.

The distribution of the node revenue to the voters is currently in final stage of development and testing, and will be released to mainnet soon. 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.

2. From @cukongbitcoin10

What strategies are used currently in the Lyra project, marketing / users? And what if I keep Lyra for a long time?

Mr. Slava Gomzin: I just talked in detail about these DiFi Lyra strategies in my answer to the previous question. If you decide to keep Lyra for a long time, there are two potential benefits:

1) you can vote with your balance for a primary authorizer node and receive a share of its revenue. There are no conditions attached for the voting as we encourage the voting process as a basic element of DPOS decentralization, any balance can vote.

2) collectible NFT which comes with rewards. collectible NFT can be awarded for some service or other activities – such as participationg in bounty or winning the AMA – or it can be purchase drom the team or another NFT owner. NFT can be transfered between Lyra accounts and traded – as regualr fungible tokens.

3. From @girlcryptohun

Almost every investor is interested in a large Defi project because it provides high and reliable returns, what reasons can convince small and large investors to trust and invest in the LYRA project?

Mr. Slava Gomzin: I guess the fact that we work in multiple directions, and there are multiple ways to benefit from Lyra, so there are multiple ways to win:

LoyalShopper app, on-chain order-book DEX, uniswap DEX, NFT, DPOS voting. Each one of these directions has its own niche and benefits.

4. From @Adre84445711

I care for incentives, what incentives are available for me to hold LYRA? Do you have program stages or something like that with LYRA so I can reach the passive stage? Do you have a fiat gate for me to buy in my country’s currency?

Mr. Slava Gomzin: It looks like there are 3 questions here in one?

Okay, 1. And 2. what incentives are available for me to hold LYRA? Do you have program stages or something like that with LYRA so I can reach the passive stage?” Both DPOS voting and collectible NFT are the forms of incentives – or staking, or passive income.

3. Do you have a fiat gate for me to buy in my country’s currency ? LYR is listed on centralized exchanges and Uniswap. You can trade fiat through centralized exchanges to USDT, BTC, or ETH, and from there to LYR. There is TLYR ERC20 which is traded on Uniswap – it is LYR tether

5. From @donisetiawan_do

What is a loyal shopper, try to explain in detail, and does Lyra use its own blockchain, what about Lyra’s own security system?

Mr. Slava Gonzim: There are 3 HUGE questions here in one:

1. What is a loyal shopper 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. The initial version is designed for Shopify merchants, but it will be soon extended to other ecommerce platforms like Magento and WooCommerce as well as brick-and-mortar merchants’ major point of sale software applications and hardware terminals. More info about LoyalShopper:

https://docs.lyra.live/loyalshopper

2) does Lyra use its own blockchain? YES! More info about Lyra blockchain :https://docs.lyra.live/lyra-network-1

3) what about Lyra’s own security system? I just found that I don’t have specific link to answer this question. So thank you for asking it – we will update our documentation site! Lyra security is ensured by strong cryptography, as most other crypto.

Please contact me directly to get more detailed answer. as far as the privacy. We have a plan to implement privacy transaction on Lyra blockchain

Yes, based on CryptoNote protocol and other cryptographic techniques. Here is the Lyra privacy white paper:

https://docs.lyra.live/lyra-network-1/design-proposals/privacy-transactions-on-block-lattice

SEGMENT 3 FREE ASKING

1. Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same ?

Investors should not trust our project or any other project or company. Investors should carefully review the project history, its achievements, existing contribution to the technology, and extrapolate this data to the future perspectives of success

2. with the plan you create your own exchange or LyraSwap. Then what is the benefit for the user ? whether from the rather cheap gas cost from Uniswap or the speed of the transaction ?

I think cheap transaction fees and instant speed are good enough benefits, arent’they?

It does not make sense to pay several dollars for a penny transactions

3. how can we make transactions on the Lyra blockchain what requirements we have to meet. Is there a process of filling in personal data (KYC) for out of state from the Lyra project  ?

Mr Slavagomzi : Lyra blockchain is permissionless, decentralized network, it does not have a single owner of juristdiction – same as Bitcoin, Ethreum, and most other crypto. So need for KYC to make transaction on Lyra blockchain. The same will be for Lyra order-book DEX and LyraSwap.

4. Businesses must have been affected by pandemic like Covid-19 which would have diverted people’s attention to alternative businesses like crypto businessworld, can you tell us the effect covid must have bring to your projects ?

Mr Slavagomzin : I have lost 2 family memebr with COVID. So it’s very personal for me.

But at the same time – it does not affect our business, probably even helps in a way

– We are remote team so we wrok from home – social isolation by design

– e-commerce is boosted by pandemic, so the apps related to e-commerce such as LoyalShopper for Shopify

5. What do you think if Ethereum starts to choke, DeFi will move to a new platform? And what is LYRA strategy if that happens ?

Mr Slava Gomzin : I think developers behind Ethereum are smart enough to make it better and more efficient and keep it alive

But it does not mean that several DeFi platforms cannot co-exist and compete on various features such as transaction cost and transaction speed – the same as multiple crypto co-exist and many of them have their own niches

AMA Finished

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