Thank you to the Infinity Chain Club for participating in Ask Me Anything (AMA) with LYRA on December 1, 2020. This guest star,
Slava Gomzin — Co Founder of Lyra
Here’s our 16th AMA recap!
We are glad to meet here :
Slava Gomzin — Co Founder of Lyra
Introduction
Slava Gomzin,
I am Slava Gomzin, co-founder and 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
It’s a pleasure to be here with you today, thank you for the opportunity to answer these questions
Q1. Starting with the very basics, can you provide a simple description LYRA for our Community? what is unique about LYRA?
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 is a unique DeFi technology that allows merchants of any size to implement a loyalty management system using their proprietary crypto tokens.
Lyra consists of two parts: Lyra blockchain and LoyalShopper application
Lyra network is a global, decentralized blockchain that provides 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
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)
Because of the multi-token, block lattice, and DPOS architecture Lyra has an ability to create NFT, DEX swaps, staking (voting for nodes and getting revenue shares) and other attributes of DeFi
Q2. What sets LYRA apart from other project that makes it stand ahead?
Slava Gomzin,
LYR token is used in two ways:
actually 3 🙂
As a reward points nad discount codes and other retail applications
As a payment for transaction fee for custom token generations, transfers, trades, and other operations
and as a voting token for DPoS
Every token holder (not just node operators) can vote for an authorizer node and participate in sharing the revenue from transaction processing
So Lyra has a lot of practical applications by design
Plus there are some unique technical features
Combination of DPoS and block lattice is unique design
Q3. Does LYRA has its own token? Can you explain about the tokenomics and use-cases of this token? how much supply is available?
Slava Gomzin,
The name of LYRA token is LYR
The token is allocated on its own blockchain — Lyra Blockchain
technically it is not a token, it is a “coin”
But we prefer to call it token because the main purpose of Lyra blockchain is not not LYR transfers but operations with customer token that will be created on Lyra blockchain
Total supply is 10B
And it’s designed and coded from scratch
Not a fork of other project
Q4. Can you explain about Mainet LYRA?
Slava Gomzin,
The mainnet was launched on September 30 — yestreday we had 2 month birthday!
Lyra is fully pemissionless, decentrallized blockchain (block lattice)
Initially we were planning to create permissioned network and later on switch to permissionless
but decided that everyone will benefit from full decentralization
and added more efforts to create permissionless from the beginning
So the network is operated mostly by community node operators
There are 19 primary authorizers who process transactions, and some backup nodes
primary authorizers receive transaction fees as their revenues
any user can Vote for primary authorizer
and participate in revenue sharing
the voting mechanism is working from day one, now we are finishing the revenue distribution to the voters
but you can vote already today — and get your shares soon
Q5. Finally, what is target that LYRA wants to achieve by end of this year or next year?
Slava Gomzin,
Our roadmap is very ambicious, and by the way it is not updated yet with recent develompent and plans — something to do soon
we are finishing uniswap mechanism so LYR can be traded on Uniswap
THere is TLYR ERC20 token which is LYR’s tether on ethereum blockchain
TLYR is already traded on Uniswap with ETH and USDT
We are working on Shopify rewards app which should be launched on Shopify production and app store soon
we are planning to create LyraSwap — similar to Uniswap but on Lyra blockchain, working even faster and with small fees
And Lyra DEX — order book based exchange but also decentralized
TWITTER QUESTIONS
Q1. There are few Blockchain projects that provide benefits specifically to merchants! One of them is Origin with its D-shops, how is Lyra’s LoyalShopper different from these other projects? As a merchant, what are the benefits that I get from using the Lyra platform!
Slava Gomzin,
Good question
For the metchants, there are several benefits of using decentralized and crypto-based loyalty reward program
First of all, rewards can be traded and sold
In regular rewards program, many reward points are lost or expired, so they are useless
In LoyalShopper, reward points are prepresented by crypto tokens, which can be traded as digital assets
So usless rewards can be sold or traded to useful ones
which brings more customers
Also
LoyalShopper is an open platform, so everyone can use its API to create their own product or integrate LoyalShopper features into existing products
So merchants can use the same progma on multiple platforms — online and in stores
Plus low cost
Most existing reward systems are very expensive
Actually there is a full list of benefits here:
Q2. Transactions with Lyra do not present a “blocked balance”, a problem that occurs in most cryptocurrencies. How did Lyra solve this problem?
Slava Gomzin,
Good question as well
Let me explain frist what it means
Usually it’s called “locked balance”
Locked balance problem is very inconvenient and prevents adoption by the mainstream
Imagine a situation when you have $1000 in your payment card and you bought something for just $1 but cannot use the card for another hour as the entire card balance is locked by your bank
Most cryptocurrencies have a period of time called “locked balance”
It happens after every transaction no matter whether you receive a new transfer or send funds to someone
Lyra solved the locked balance problem, thanks to block lattice architecture
every transaction in Lyra is written into its own block
and every transaction block is individually and instantly authorized by the network
Once a transaction block is signed by the authorizer nodes it becomes the part of an immutable account blockchain
The account balance becomes spendable right after authorization response
which typically happens in less than 1 second
Q3. Security is really important and valued by users these days. Would you mention LYRA security measures? How is it protected against being hacking attempts?
Slava Gomzin,
First of all, like most blockchains, Lyra security is ensured by using strong cryptography
The overall security of the network is provided by decentralization — there are multiple independant authorizers
every authorization requires supermajority of the primary authorizers (2/3+1) who “vote” for each transaction
if something is wrong with transaction -for example, double spend attempt — most auhorizers always reject it
Also, block lattice consist of multiple blockchains
each user account has its own blockchain
so only the owner of the account can try to double spend — which makes it’s easy to detect and prevent — no matter if it’s on purpose or software error
Q4. how can users earn NFT on Lyra and what is your NFT scarcity? Can we see that the easier the NFT tokens are to earn, the more valuable they decrease, what are you doing to motivate users to participate in Farm NFT?
Slava Gomzin,
Finally question about NFT! 🙂
Lyra NFT is a very powerful mechanism
Lyra NFT can be created a rewards points and other retail assets, or as collectible NFT
While we focus on retail applications of NFT (gift certificates, discount codes), we also work in area of collectible NFT
For example, we currently create and issue “Mainnet Launch Memorabilia” NFT with attached rewards
In celebration of Lyra mainnet launch, and as a demonstration of the Lyra blockchain capabilities
Each collectible NFT comes with fixed and %% rewards
For example, Lyra “Alpha” NFT comes with 50,000 LYR and 100% APR on any balance
paid daily
paid and calcualted daily
so you can use your balance — it’s not locked — the %% will be recalcuated every day and paid based on your today’s balance
NFT can be transfered between accounts
which means it can be traded
so basically it’s a form of staking, but it’s smart staking
instead of sending your balance somewhere or locking it by smart contract, you just hold NFT on your account, no need to do any action
Q5. 🌎🌎Many projects have been trying to empower DeFi lately, all are good ideas but probably most of them will fade away. What does Lyra have to offer, that doesn’t exist yet and would make this project last long term?
Slava Gomzin,
Good question
Lyra whie paper was writted before the word “DeFi” was introduced
And we keep it this way on purpose — we don’t update it with “DeFi” all over the place
because Lyra was designed, architected, and coded as a DeFi blockchain, and it was DeFi-driven even when it only existed on paper
Lyra DPOS voting process enables DeFi staking feature
locking a staking balance for earning an interest
but it is even better than many other DeFi staking solutions because it does not really require any locking
the staking balance can be used anytime
and it provides real dividends from real work (transaction processing fees from transfer, DEX trading, custom token, and NFT operations)
And another option for DeFi staking are Lyra Collectible NFT which come with fixed and %% APR rewards, which we discussed previously
Presence on Uniswap also creates a lot of opportunities for DeFI
as well as future Lyra order book DEX and LyraSwap
TELEGRAM QUESTIONS
Q1. From @Suzan_Marcoz
I am a investor and I only care about prospect of a crypto that I chose, tell me the reason why I should choose your project over the existing one ? What is your coin advantage that can convince me to change from my other Holdings ??
Slava Gomzin,
Lyra has multiple advantages over other crypto — both technological and business. Technologically, it is unique because it used combination of block lattice and DPoS — no one else in crypto has done it before, and it is very powerful combination that enables high speed, high TPS (scalability), and many other features. From business perspective — multiple practical applications such as LoyalShopper
Q2. From @kartika84
The main source of trouble in DeFi is smart contract vulnerability ,,,,, Are there any special steps $LYRA has taken to avoid this incident in the future????
Because this will make customers lose their funds @slavagomzin
Slava Gomzin,
Lyra voting (staking) and collectible NFT use hard coded contracts, which are pre-tested in testnet before deployed to mainnet. Users cannot modify them — they can only opt to use them
Q3. From @haydennitzsche
About crypto education, most people don’t know nothing about Nft. Do you have any projects to learn how can the people how to buy and sell a NFT? Like videos tutorials in youtube etc…
Slava Gomzin,
We don’t have any video yet, but this is good idea. Also, we allow to learn by using it — many NFT are currently awarded for free as rewards forthe team, community, and service providers —
Q4. From @rahuljayaraj789
After launching LyraSwap can we trade/swap any token in LyraSwap or only for ERC20 tokens.What are the features that can attract users towards this LyraSwap and make LyraSwap as their primary exchange?
Slava Gomzin,
Actually it’s vice versa — any Lyra token can be by design traded on LyraSwap. In order to trade ERC20, there should be its tether created on Lyra blockchain
Q5. From @hagarhu
Hi sir,
@slavagomzin
Can anonymous transactions be performed on the LYRA network to hide transaction details to help protect the confidentiality of user information and tokens?
Slava Gomzin,
Good quesiton. Lyra was designed with privacy in mind. Since privacy transaction implementation is huge task, we decided to leave it fot the future and launch without privacy features. However, we have a roadmap for implementing privacy transactions using CryptoNote protocol and other cryptographic techniques. More details here:
Q6. From @letitiagerhold
Comparatively how does LYRA outperform other blockchain that have existed before it and other similar projects. What’s your competitive advantage against other projects?
Slava Gomzin,
Speaking of performance — we allow everyone to decide how Lyra is performing comparing to other crypto — look at current real time mainnet statistics here: https://nebula.lyra.live/stats Average send time: 183.25 ms Fastest send: 108 ms This is timing for full confirmation!
- Telegram : https://t.me/lyra_live
- Twitter : https://twitter.com/LYRAblockchain
- Bitcointalk : https://bitcointalk.org/index.php?topic=5258803.msg
- Website : https://lyra.live
- Github : https://github.com/LYRA-Block-Lattice
- Linkedin : https://www.linkedin.com/company/lyra-block-lattice
- Instagram : https://www.instagram.com/lyra_blockchain/
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