Thank you all for participating in our last AMA on Telegram, in which LYRA co-Founder Slava Gomzin answers questions from the community about Lyra.

Here our #Recap

Joel : Hi Mr. Slava Gomzin from Lyra Team, thank you for having AMA in here.

I’ll explain a little bit about today AMA.

There are 3 segment in this AMA today :

Segment 1: Project Introduction

Segment 2: Question from Twitter

Segment 3: Free Asking

SESSION PROJECT INTRODUCTION

Q1. Can you explain to us a little about your background before entering the cryptocurrency world and why did you finally decide to join the Lyra Project?

Slava Gomzin : 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. 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. Also, I have previous experience with developing crypto projects. So at some point I decided to use my development, cryptography, and security experience and entered the crypto space with my own ideas.

Q2. On the Lyra website, it is stated that the Lyra Project has its own network.  Why did your project decide to create its own network instead of using an existing network, for example the Ethereum network?

Slava Gomzin : Good question!

There are several reasons, First, in order to implement retial apps we have to have multiple tokens Actually, thousands of unique tokens It would be impossible to do on Ethereum because of the complexity and cost. Second, Lyra provides better features than most other blockchains including Ethereum such as transaction approval speed no locked wallet balances thin client (no access to entire blockchain is required for a client) and more. And finally – the cost of Ethereum transactions Retail apps such as loyalty rewards application requires multiple transactions with custom tokens On ethereum such applications would not be viable.

Q3. We have already experienced the use of the Lyra wallet at https://nebula.lyra.live/webwallet and have experienced the great performance of the Lyra network.  But my one question is, why do users have to press the ‘accept’ button to get tokens that have been sent by other users?

Slava Gomzin : Another good question – no one has asked it on AMA before!

The reason is Lyra transaction consists of two parts, or blocks Send block and receive block This way each account has its own blockchain rather than single huge blockchain like most other crypto This architecture was invented by Nano it’s called “block lattice” Lyra is the first crypto that combines block lattice with DPoS consensus This combination enables unique features such as fast transaction approval speed Lyra transactions are fully approved in less than 1 second.

Q4. Can you explain to us what the relationship is between Lyra, Shopify and LoyalShopper. Then what are the benefits for Lyra users?

Slava Gomzin : As I said, Lyra is a blockchain network with unique features that enable retail applications. LoyalShopper is one of such applications running on Lyra blockchain. It 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 is currently intergated with Shopify platform so Shopify stores can use it as their loylaty management system. However, LoyalShopper will be integrated with other e-commerce platforms and in-store point of sale systems,So the same merchant owner or their buyers can use Lyra rewards in various places.

Q5. After many DeFi projects emerged.  NFT has also become quite well known in the cryptocurrency world recently.  What are the functions of the NFT issued by Lyra and what are the benefits for Lyra users?

Slava Gomzin : That’s very important question

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 regualr fungible tokens, because they represent loyalty points which are similar in value But dioscount 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

Joel : Okay we have finished for the first segment. Let’s move to segment 2.

SESSION QUESTION TWITTER

Q1. From @Arshad43178160 : If you summarize the LYRA project in one word, what would it be? What are the core features that create the value of LYRA? Can you share some highlights from them?

Slava Gomzin : That’s difficult question – summarize in one word! 🙂

there might be sevral answers, my answer is – Technology

Lyra is all about new technology that should revolutionize if not the crypto but at least retail tech world and actually crypto as well 🙂. Lyra is better than most crypto in several parameters.

Q2. From @AhmetSalihDuman : When we see many blockchain-based projects each day, loyalty rewards is not one of main issues. Why did you choose this subject? And how do you involve in existing loyalty card / app etc systems ?

Slava Gomzin : We selected loylaty rewards as the first business goal (not technological) because 1) it solves real-world problem for merchants and 2) it is easy entry point comparing to other business apps (payments, for example) Loylaty rewards is classified as “closed loop” payment system

Closed loop systems are easier to implement because they are closed, i.e. not linked to fiat

But our roadmap is going beyond just closed loop – to real payments, DEX, LyraSwap, token marketplace, and more.

Q3. From @DuniaBulet : What does community mean to the Lyra project? Is it only limited to users or is there something else? Then what can the Lyra community do to be able to play an active role in the development of the Lyra project?

Slava Gomzin: Lyra would not exists without its community Besides moral and financial support, Lyra is DPoS. DPoS means that impolertant parts of the eco system

But unlike PoW or PoS network, DPoS is open to everyone to there are node operators and there are people who vote for the nodes Both operators and voteres are  participate without the need to have technical resources and knowledge for running the nodes.

Node operators receive revenues from transaction processing and share them with voters.

Q4. From @anim4te0 : What economic strategies does Lyra use so that its currency does not depreciate and always maintains its value? In such a fluctuating DeFi world, how do you achieve this and provide stability to your users?

Slava Gomzin : Lyra apps such as LoyalShopper are designed to be less dependant from market fluctuations. Lyra currency – LYR – is used in mutiple ways, We would be happy, of course, when the price will go up, but we are not obsessed with it as many other projects who created their tokens (which is easy by the way – we create thousands of them) only to sell it with the highest price.

Q5. From @bimasuryaatmaj1 : How will #LYRA handle your system if unexpected problems occur in the future, especially a hacking issue affecting your platform having some of your users’ personal data? Will your platform be ready for such a situation?

Slava Gomzin: No one is protected from hacking 🙂

I actually wrote a book about hacking – Hacking Point of Sale, We just follow standard security procedure, and recommden our users to do the same. The Lyra itself is protected by strong cryptography by design, So if you follow security procedures – store your private keys in secure place etc.- you should be fine regarding privacy – this is importan Implementing fully privacy blockchain – such as Monero – with new technology is difficult task, so we postponed it to the future. But we have detailed roadmap and technology plan on how to implement privacy transactions on block lattice

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

SESSION FREE ASKING

@intaniacute : I would like to have a long term investment with your project but at the moment I have doubts, how can you convince and convince me that this project is very promising?

Slava Gomzin:  I cannot convince you. You should convince yourself by reviewing the facts about Lyra and compaaring with other crypto projects.

@Amanda99999 : Do you  have any Coin Burn / BuyBack systems or any $Token Burn plans to increase the value of Token & attract Investors to invest?

Slava Gomzin : No, currently no plans to burn LYR  – we like it so much so it’s to bad to burn it! But we do not reject the possibility if we see that we have enough funds to continue development and there is a real need to do it.

@Amanda99999 : Trust is very important in business. So, what makes investors, customers and users feel safe when working with Your project? And how will you get the trust of many users that have negative thoughts about Blockchain and DeFi?

Slava Gomzin : As I said in the answer to the first question – we cannot and don’t want to convince anyone that Lyra is safe etc. – read more about Lyra, ask us questions, most important – TRY IT to see how beatiful it is – and convince yourself by facts, not by emotional impression

@WUTTORP : Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to $Your platform and keep them long term.

Slava Gomzin : What we do right now is marketing. We are doing 10-AMA marathon in 2 weeks. We will do more marketing to the merchants once our app is in production.

@washiincha : Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for your project and how could you overcome this barrier?

Slava Gomzin : Not at all. Ethereum is great and it has its applications – very flexible (but costly). I don’t think its high cost is going anywhere because it’s still going to be the same singleton blockchain with too many users. Lyra is also great and it has its own niche which it perfectly fits. Multiple good technologies can co-exist.

@kabirsingh234 : Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to crypto industry that will bring greater abundance to the industry??

Slava Gomzin : Our financial plan is to get enough funds to continue development – we have so many good ideas! And we managed to prove already that we are able to implement them, but there is so much more ahead.

Joel : AMA Crypto MoonLight X Lyra has finished.

Thank you Mr. Slava Gomzin for attending this event. I hope all this knowledge will make us understand more about Lyra 😊

To all members I thank you for participating in this event.

See you next time, and we will announce the winners later.

Website : https://lyra.live

Twitter : https://twitter.com/LYRAblockchain

Telegram Group : https://t.me/lyra_live

Telegram Channel : https://t.me/LYRA_Announcements

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