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GRAFT and Lyra – why Lyra, why now, how it affects Graft Network and GRFT coin

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Snider

Entry posted by Snider ·

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Why Lyra?

While working on various GRAFT Network components over the past two years, we felt that working with Monero code base was quite restricting and that we could eventually run into roadblocks and limitations when it came to providing the performance necessary for high volume payments, or building out some of the functionality (not to mention the heft of dealing with the older convoluted code base), so we started an R&D experiment of creating a blockchain from scratch using the latest approaches and techniques in blockchain design. This development came together quicker than expected and opened up various possibilities, among which was an opportunity to launch it separately as a solution for merchant tokens and tokens in general.

GRAFT and Lyra – path forward

Both 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. image1.png

Lyra Permissioned Network is a spin-off network set up to establish commercial market presence and to bootstrap the project with real life usage. Screen-Shot-2019-09-13-at-7.30.08-AM.png

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.

LYRA will be the gas currency for Lyra transactions on Lyra part of the network.

Lyra permissioned is a separate network, with its own economics, and with LYPE being the staking and the gas token of the network.

Summary

GRAFT Network is not going anywhere – it is being supplemented with a newer blockchain technology that’s capable of removing the obstacles that we would otherwise face. GRFT (or its equivalent on the Lyra chain) remains the backbone currency of the decentralized network.

If you look at the top 20 blockchains by the market capitalizations, most of them represent novel blockchain technology approach developed from scratch. With Lyra, we think GRAFT gets a great additional technology track it can rely on for solving problems we set out to address, more market traction potential faster, and can be further noticed and appreciated by the blockchain community at large.

The post GRAFT and Lyra – why Lyra, why now, how it affects Graft Network and GRFT coin appeared first on Graft Blockchain.


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