CryptoFun | AMA Recap Lyra.live

23 Sep 2020 16:39
CryptoFun | AMA Recap Lyra.live

Hello, We had an AMA with Lyra on Sept 22, 2020. For those of you who are late to follow or watch, you can read the following AMA recap.

Guest Slava Gomzin (Co-Founder & Developer)
Moderator CryptoFun Team
Online participant 1096
Live Question 276

Segments:

  1. Introduction
  2. Twitter Questions
  3. Live Questions

Introduction

CryptoFun :

Welcome to the CryptoFun community, thanks for taking the time for today’s AMA ! We are glad to meet here: Mr. Slava Gomzin @slavagomzin (Co-founder, Developer Of Lyra) 😊


Slava gomzin :

Hello everyone! I'm glad to be here, thank you for this opportunity


CryptoFun :

Before we start, can you please introduce yourself to the community? 😊


Slava gomzin :

Sure. I am Slava Gomzin, co-founder and developer of Lyra - loyalty rewards on blockchain


CryptoFun :

Thank you for the introduction. Now let's move on to the first segment. Are you ready? 😁


Slava Gomzin :

Absolutely


SESSION 1 PROJECT INTRODUCTION

CryptoFun :

Q1. Could you please describe what is Lyra in few simple sentences?


Slava Gomzin :

Lyra is a unique technology that allows merchants of any size to implement a loyalty management system using their proprietary crypto tokens. Lyra has two main parts:

1) Lyra blockchain
2) LoyalShopper app for Shopify (and other ecommerce and point of sale in the future). Lyra blockchain was designed and coded from scratch by Lyra team - in order to support LoyalShopper app and other DAPI apps. LoyalShopper allows merchants to create loyalty rewards, gift cards, store credits, discount coupon programs. Rewards are tradeable on decentralized marketplace. This is very brief description of Lyra project.


CryptoFun :

Cool, thanks for the explanation. Ok, next

Q2. What is the name of the token that Lyra has? How much supply is available? And where will the token be allocated?


Slava Gomzin :

The name of LYRA token is LYR. Total supply is 10B. The token is pre-allocated on it’s own blockchain - Lyra Blockchain. So technically it's not even token, it is coin. But we prefer to call it token because the main purpose of Lyra is not LYR transfers but operations with custom tokens


CryptoFun :

Sounds good. Thank you for the explanation, hopefully the community and investors will understand this explanation


Slava Gomzin :

They can ask more questions. That's why we have AMA.


CryptoFun :

Q3. What are the advantages of LYR over other tokens/coin? What benefits can be obtained by holding it?


Slava Gomzin :

LYR is used mainly in two ways:

1) As a voting token for DPoS. Every token holder (not just node operators) can vote for an authorizer node and participate in sharing the revenues from transavtion processing
2) As a payment for transaction fee - for customer token generations, transfers, trades, and other operations. Advantages of LYR tokens - they can be created in seconds. For low cost.Each merchant - LoyalShopper customer - receives their own pair of tokens.reward token and discount token.They are customizable for each merchant.


CryptoFun :

Cool very interesting, knowing this. Ok, next

Q4. What is the vision and mission or target of the Lyra? For Crypto users or non Crypto users?


Slava Gomzin :

For crypto users - as I said, LYR enables transaction processing and voting. So if you are a developer, for example, you can create DAPI app on Lyra blockchain and use LYR for processing transactions. If you are crypto users, you can vote for authorizers and get revenues.
For non-crypto users - LYR is involved in LoyalShopper transaction processing, but the process is "hidden". from the merchants. So they don't have to be crypto savvy. This way we attract non-crypto users and make them involded in crypto - that's the mission


CryptoFun :

Q5. Finally, what will Lyra achieve before the end of this year?


Slava Gomzin :

Before the end of the year we launch mainnet, mobile wallets, and production version of LoyalShopper app for Shopify. We also list on exchanges so we could add more developers and other specialists to the team.
We have a lot of plans to develdope and extend both Lyra blockchain and LoyalShopper app. In Lyra blockchain we are going to add full DEX and smart contracts. LoyalShopper will be extended to more platforms and markets, plust we create decentralized reward token marketplace. But all these is next year 🙂


SESSION 2 QUESTION FROM TWITTER

CryptoFun :

Q1. From Twitter: @pr1ncesscrypto

Lyra uses the DPoS consensus algorithm, but with it, the success of the network requires community participation and coordination. What strategy do you use to create and connect with a community that is truly interested in your project?


Slava Gomzin :

We already have a community team of node operators who help us with testing of the network on testnet. I believe they will continue on the mainnet as well. Lyra is DPoS, which means Delegated PoS, so it does not require a lot of nodes to run the network. 19-21 nodes are primary authorizers, and there are also backup authorizers who can replace primary in case of failure. Other people who want to participate in Lyra network can simple vote with their wallet balances for the existing nodes. Done 🙂


CryptoFun :

Q2. From Twitter: @iracundito

A few days ago LYRA announced that Norbert Funke joined your team as a consultant and developer. What does a professional need to be part of the LYRA team? What kind of profile are you looking for?


Slava Gomzin :

Norbert has enourmeous experience in databases and big data analytics. He's helping Lyra with optimizations and performance fine tuning as we prepare to process hundreds of TPS. Lyra is capable to process a lot of transacvtions, but we need to find the right hardware and optimze the node software. So we need people with deep knowledge in their domain. Everyone who has development experience is welcome to join us - please write to info@lyra.live Done


CryptoFun:

Q3. From Twitter: @TonyMon253

The Lyra Mainnet will be launched this SEP 30th, so can you tell me what are you expectatives about this? Which unique possibilities/opportunities brings the launch of Lyra Mainnet?


Slava Gomzin :

Besides obvious effects (like ability to list on exchanges), the mainnet will allow us to run LoyalShopper app for Shopify in production mode. So we will start getting real customers on Shopify. Not just crypto users - but real, non-crypto users. That's our ultimate goal. Done


CryptoFun :

Q4. From Twitter: @Ale_Urich

What do I need to create the tokens that I will give as a reward to my buyers? Do I need to pay any monthly fees to enjoy Lyra's service? If I don't use Shopify but another e-commerce store, does Lyra also work?


Slava Gomzin :

Excellent questions. For Shopify users (LoyalShopper app) - there will be a freemium model. The main version of the LoyalShopper app is free so everyone can create their loyalty program. Premium version will require monthly payment through Shopify, as for other Shopify apps. It will provide extra features such as extended reporting, promotion campaigns, and more. Lyra will work with other ecpmmerce platforms. Most important - the same rewards and discount tokens can be used accross platforms. Done


Cryptofun:

Q5. From Twitter: @Banshee_whisp

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


Slava Gomzin :

Good question
Flexibility - Lyra allows to create unlimited number of customer tokens, without programming. There are fungible and non-fungible tokens. Alos, we are planning to introduce open smart contracts later on, for even greater flexibility. Cost - the main reason (but not the only one)
We did not implement LoyalShopper on Ethereum is the cost. Ethereum is very flexible but not cost efficient. We could not run loyalty programs - which require at least two customer tokens per merchanmts - for thousands or millions of customers - such solution would be too expensive. Security - everything on Lyra blockchain is protected by cryptography. Digital signatures. The records cannot be changed. Done


SESSION 3 LIVE QUESTION

Q1 from @Rifat118molla

Are you a global project or local project? Can anybody anywhere use Your project without any restrictions?


Slava Gomzin :

The project is global: 1) the team is located in different countries. 2) The Lyra blockchain is available from everywhere, to anyone. 3) LoyalShopper app will be localied for all countries where Shopify is present. And there are othre pltforms with even better presence.


Q2 from @jobel4

Can you explain more about the Loyal Shopper application? Is it globally available to download? How does it work? What are the ways for Shopper to earn in your application?

Slava Gomzin :

LoyalShopper app is not avaolable for download, it can be installed in Shopify shop (you need to have ot create a Shopify shop first). BUt there is a showcase store which you can check and see how it works. The ere instructions available there for testing. https://loyalshopper-dev-store-local.myshopify.com/


Q3 from @Manugotsuka

Transactions with Lyra do not present a "blocked balance", a problem that occurs in most cryptocurrencies. How did Lyra solve this problem?


Slava Gomzin :

Lyra has block lattice architecture - this is the technology that was first introduced by Nano crypto. In block lattice, there is no single blockchain. This is rather a collection of blockchains - one per account (wallet). Transaction is represented by pair of blocks, so it does not lock the wallet balance. You can find more info here: https://docs.lyra.live/lyra-network-1/faq/why-block-lattice-and-how-is-it-different-from-blockchain


Q4 from @Dev30000

Does the price of the token matter to you from an operational perspective, if the token price is $1 or $100?


Slava Gomzin :

Good question. The price matters in general, but the transaction fees for the reward token operations (required for LoyalShopper app) will be adjusted according to the price, to keep them low enough for successfuly operation. In Lyra, the fees are adjustable, and there are different fees for different operations. In addition, we have a pool of tokens especially reserved to kick off the LoyalShopper project, so in the initial stage we are not dependant on the price. Later on, we will buy LYR on the market to continue operations.


Q5 from @Alva_gane

What could you say is the best thing that's happened to you throughout this year despite the Covid-19 outbreak? Once this year ends, what is your next step on your roadmap to fulfill in 2021?


Slava Gomzin :

Many bad things happened this year, and I guess I am not the only one. So the best thing that's happened to me is creation of independant Lyra project and successful testnet and the plan to launch the mainnet and the LoyalShopper production soon


Q6 from harsha :

So can one build his project using the Lyra BlockChain Network, Just as Ethereum and Tronlink and the rest of the BlockChain? @slavagomzin


Slava Gomzin :

Yes, Lyra has open DAPI which everyone can use to develop their apps


Q7 from @Aleurich

• To store reward tokens is it necessary for buyers to have a downloaded application? Or is it possible from any wallet? How do you convert reward tokens into discount codes?


Slava Gomzin :

Lyra wallet is required to store reward and other tokens


Slava Gomzin :

I guess we are out of time. I can answer more questions if you post them in our telegram group. I don't have much time left https://t.me/lyra_live


Cryptofun:

Alright, you are on fire 🔥. So i think most of the important questions have been already answered. Lets end it it here 😃
Thank you for spending your time with us today ❤️ it is really a fun session. I will now unlock the chat👏
Lyra is a unique technology that allows merchants of any size to implement a loyalty management system using their proprietary crypto tokens. Lyra solution consists of Lyra blockchain network and LoyalShopper ecommerce application. LoyalShopper 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 network.
Lyra network provides customizable tokens with targeted smart contracts, built-in decentralized reward token marketplace, and many other features required for real world financial transaction processing.


More info about Lyra:

Official website

Telegram Group

Telegram Channel

Twitter

LinkedIn

BitcoinTalk

Github

End
Oezank
Oezank is a Crypto enthsiast who has more than 3 years of experience observing Crypto projects and strongly believes in blockchain technology in Indonesia.
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