Why Lyra?As Wayne Gretzky once said “I skate to where the puck is going to be”. Today the market for spending crypto is very thin. People look at BTC and few other cryptocurrencies as an appreciating asset, and are mostly in accumulation mode, spending them reluctantly.
In order for GRAFT Network to be successful, we need lots of support from the merchants and the merchants are going to be interested in embracing new methods of payment when they see real demand for it.
How can we stimulate this demand? The best way we can think of is by having merchants themselves, as well as other big players like governments and corporations be able to issue their own digital currencies/tokens that are compatible with the point of sale – something they’ve been thinking about and experimenting with. This trend was the impetus for Lyra fast-tracking and the reason we believe that it should come in parallel with the main network.
GRAFT and Lyra – Path ForwardBoth technologies have their own strengths at the moment. The existing GRAFT chain is privacy-centric and has implemented staking, communication, has a decentralized network of supernodes with consensus mechanism. Lyra is capable of token issuance, super-fast transactions, very light clients, and intra-chain token conversion.
Together they complement each other and can work in concert to provide the most effective solution available today for the Point-of-Sale ready decentralized payment processing network.
On the Token Side of Things:
GRFT will remain the staking and voting currency for the decentralized GRAFT and Lyra Networks. It will take advantage of the decentralization and staking mechanism that exists on GRAFT Network today and due to its privacy features is a great match for that.
LYR will be the gas currency for Lyra transactions on Lyra part of the network.
Lyra will start its life as a permissioned network to get traction in the market, flush out the technology, and establish a pool of authorizers for the decentralized network. It will then be transitioned to Lyra permissionless network, with those staking Lyra permissioned becoming the first Lyra authorizers on Lyra permissionless network.
GRFT holders will be able to vote for the Lyra authorizers with Lyra.GRFT. There will be a total of 42 Lyra authorizers (21 authorizers and 21 candidates) according to the current DPoS consensus model.
GRAFT Network will run RTA transactions (which will include references to Lyra transactions for payments that incorporate both) and the Supernodes will be staked the same way as now with 4 GRFT stake tiers. GRAFT based DEX will continue using GRFT as collateral.
With addition of Lyra token side chain, GRAFT Network is not going anywhere – it is being supplemented with another blockchain technology that’s capable of doing things that a PoW based blockchain can’t. GRFT (or its equivalent on the Lyra chain) remains the backbone technology and currency of the decentralized network however.
If you look at the top 20 blockchains by the market capitalizations, most of them represent an innovation in the blockchain technology itself. With Lyra, we think GRAFT gets an additional technology piece that can fill the gaps, more market traction potential faster, and can be further noticed and appreciated by the blockchain community at large.
If you’re interested in being an authorizer in the Lyra network, please contact us at lyra @ graft.network.