Advanced Tokens Blockchain
DAG-style Blocklist for Loyalty, Store Credit, Gifts and a lot more. What will you build with it?
What is Lyra?
Lyra is a technologically advanced crypto token issuance blockchain and processing platform, which allows various entitities and individuals to create custom tokens that can be accepted by others in a closed-loop environments, or at the point of sale together with cryptocurrencies and fiat methods of payment.
Merchant Tokens (Loyalty programs, Store Credit, Gift certificates, Discount coupons)
Corporate tokens (Internal-departmental accounting, corporate perks, channel currency)
Government Tokens (national or local)
Personal Tokens (Inter-family money, school perks and rewards, collectibles)
DAG-style chain collection / blocklist architecture Eliminates the need for large size blockchains. The blockchain is distributed among clients (hence the name “blocklist”).
Super Light Clients / WalletsThanks to blocklist architecture, the client doesn’t need to keep a copy of the entire blockchain – just their own blocks (in many cases only very last block), making it possible to have a wallet implementation that doesn’t require cloud or web wallets, permanent connectivity or massive local storage. As an example of wallet’s efficientcy, we have successfully implemented the complete stand-alone wallet on Raspberry Pi.
Fungible and Non-fungible Tokens The tokens can be both indistinguishable and unique (personalized). In fact, there are uses for both inside most applications, with transition from fungible to non-fungible at the time of redemption. Example: fungible reward tokens (as accumulated loyalty points) and non-fungible discount/gift tokens (as loyalty reward redemption mechanism).
Pre-programmed Smart Contracts No Programming Needed – creation of new token takes just a few moments. Each token type is pre-programmed for particular use case. User just enters simple configuration parameters.
Instant Transactions It always takes less than a few seconds to process a transaction with Lyra, making it compatible with point-of-sale environment where guaranteed speed of transaction is a requirement.
Built-in Instant Token Exchange Capability Atomic swap based token exchanges are built in, allowing for instant token exchanges, which is critical for various situations such as redemptions and and loyalty program partnerships.
Compatible with Point of Sale Lyra Tokens Blockchain leverages point of sale integration from GRAFT.Network payment platform project and facilitates paying with tokens at the point of sale via certified integration with payment terminals (Verifone, Ingenico, others).
Flexible Transaction Fee Structure Most blockchains have built-in hardcoded fee mechanism with a sender paying the fees. Lyra has a flexible mechanism when the fee can be paid by the sender, the recipient, or both sides, depending on the transaction type and other configuration parameters. This flexibility enables implementing various use cases that would be impossible with traditional fee structure.
Permissionless or Permissioned Lyra blocklist can run in various configurations – permissionless or permissioned, decentralized or centralized, public or proprietary – depending on the use case. Contact the team if you are interested in running a proprietary Lyra network.
Current State of Product and Technology
MarketMarket for the Loyalty programs itself (just for the loyalty management software) is estimated at $6.8B / year with 23% annual growth rate. As rule of thumb estimate it’s fair to say that at least 10% ($1 out of $10 spent) is accounted for by loyalty points, store credits, gift certificates, etc. This figure is likely to grow in the coming years. Corporate, government, and personal tokens represent young but very quickly emerging markets which allow entities to issue their own “stable currencies” or tokens tied to the internal unit of measure.
Being able to issue their own tokens that are easily accepted at the point of sale or redeemed makes Lyra tokens blockchain uniquely positioned to be the platform for such tokens issuance and redemption. Having a built-in exchange for tokens cross-acceptance further sets Lyra blockchain apart from the competition.
How it works
Lyra Tokens can be accepted by merchants via integrated ecommerce platforms, in a person-to-person format using mobile applications, or at the point of sale via GRAFT.Network enabled payment terminals.
Create and issue custom merchant tokens
Give them out as cash back rewards, store credit, gift cards
Customers redeem those at the checkout or in the store
WhitepaperDownload or read with github
$GRFT is the expected gas and voting currency for the decentralized version of the Lyra DAG network. (cross-chain conversions to be done via a cross chain swap)*. *Given that Lyra is currently being developed as a community effort, this is subject to the Lyra dev community execution.