GRAFT: An Efficiency Inclined Universal Payment Network for Crypto

blessedben (49)in #crypto • 6 years ago (edited)

Preface

Bitcoin, Ethereum, Ripple... those are just the big players in the cryptocurrency world, a world relatively new and exciting with bright prospects. As at the time of writing, there are currently over 1,500 cryptocurrencies listed on CoinmarketCap. All of them a store of value. The question then arises quite naturally, how do cryptocurrencies act as the store of value they are? Is it all about keeping them in some exchange or wallet waiting for a slight increase in price in order to sell off? For Cryptocurrencies to really get the mass adoption they deserve, they must be truly usable and possess true value. A holder of cryptocurrency should be able to use his crypto at his favorite store to buy himself those nice shoes from Venice, take that trip to Saudi Arabia, eat out at the new restaurant... and he should do these with little or no fees. Merchants too should be able to accept cryptocurrency in real time, surmount integration issues and avoid delays. Then, only then, would the true revolution of the Crytocurrency begin.

The good news is, the revolution is here, GRAFT is here!

GRAFT: Global Real Time Authorization and Funds Transfer

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A payment gateway and processing platform that is open-source, decentralized and based upon the blockchain. GRAFT is exactly what the processing and authorization of crypto payments needed. GRAFT allows for real time authorizations and settlements of merchant payments and fund transfers using untraceable blockchain that supports both crytopcurrency payments, traditional credit cards and bank transfers. GRAFT allows for decentralized processing hence the absence of a centralized authority, no upfront contracts and the processing of all payment methods by the network itself. Another feature of the GRAFT which also sets it out from the rest is tiny transaction fees as compared to to other solutions available that charge insane fees for little transactions. GRAFT's flexible fee structure also makes crypto micro payments possible. There is also through GRAFT, a convenience for buyers never experienced before hence the acceptance of cross system wallets and even credit cards. Built upon the Monero (Cryptonote) blockchain and leveraging both proof-of-work and proof-of-stake, GRAFT is also the best that could be in Blockchain design. True to CryptoNote's nature also, GRAFT is an epitome of privacy, untraceable, fungible.

The features of GRAFT therefore coalesce to offer stakeholders unbeatable advantages;

For Merchants; Recipients of Payments.

Merchants have always hitherto experienced challenges in the adoption of crypto payments at Point of Sales, some of which included integration issues, transaction issues and delays. GRAFT however, eliminates these and offers benefits only describable as first class.

Instant Confirmation of payments/Real time authorizations

Long confirmation times often experienced with crypto payments which range from several minutes to hours has been the chief bane to adoption of cryptocurrencies and cryptographic tokens at retail centers hence a customer would not like to wait too long just to confirm a payment. Merchants therefore require fast and instantn authorization of payments, exactly what GRAFT now offers them. GRAFT processes all transactions in almost real time, this is achieved by using a consensus of always-on supernodes.

Free Point of Sale App accepting all Payment Methods

GRAFT'S free Point of Sales app accepts various credit cards including Credit and Debit Cards. This therefore eliminates the need for the maintenance of various Point of Sales apps and wallets which would do the opposite in incentivizing Merchants towards adoption of Crypto payments.

Payouts in Local Fiat Currency

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While transactions are completed and validated in real time, payouts can also be received through Fiat, this would in fact encourage more merchants to adopt crypto payments which can lead directly to the crypto revolution that would disrupt the current systems of payment so filled with risks and uncertainties.

Authenticated Buyers

GRAFT enables identity verification of buyers for transactions which require such verification. This feature no doubt would increase the confidence and trust of merchants in the GRAFT. Special transaction types may require age verification like purchase of arms which would still possible through GRAFT.

Benefits to Buyers

GRAFT because of its very disruptive nature, offers benefits to buyers who use the GRAFT payment system as well as its components. These include;

No transaction Fees

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Yes, no transaction fees or just a little percentage of that that is obtainable outside GRAFT. Transaction fees are possibly one of the most pronounced drawbacks of Crypto payments and transactions. Imagine paying fees of up to 50% of your whole transaction. GRAFT remedies this anomaly as fees are charged to the merchants just like in traditional credit card payments. Finally therefore, one can possibly carry out little transactions without the fear of being charged above even the transaction price.

Privacy Unmatched

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The CryptoNote Protocol upon which GRAFT is based ensures privacy through its untraceability, unlinkability and fungibility features. Sender address, recipient address and transaction amounts are made invisible and cryptographically protected. Transaction fees are also made impossible to the view of the public.

Free Funds Transfer between Wallets

With GRAFT, neither the sender nor receiver of funds so sent will be charged any fees for some transactions between wallets, this feature is also an incentive for new users to adopt the use of Crypto in payments and very much makes for the their wide use hence affordability.

Benefits to Miners (Supernode Owners)

Miners are major stakeholders in the GRAFT ecosystem. They are majorly responsible for GRAFT's foremost feature which is the ability to process transactions in real time. They therefore are able to earn from transaction fees paid for such real time authorizations. They also are able to earn from transactions and service fees charged by service brokers. It is therefore very much a win win situation.

Products

The GRAFT CryptoFind

Yes, the cryptos are in the wallet, you're feeling rich. Then what next? The CryptoFind app enables users to find locations that accept crypto such that one can easily go to them for transactions that would be reliably fast, charge little or no fees and are secure. Merchants who accept crypto payments too can through the instrumentality of the CryptoFind, update their status.

Download CryptoFind For Android

Download for MacOS

The GraftWallet

The GRAFT wallet is GRF (GRAFT token) wallet application designed to manage GRF holdings as well as other cryptocuurrencies and the GRAFT platform itself.

The Graft Point of Sales App

The POS app can be used by smaller merchants who don’t have an existing Point of Sale / payment terminal, or who want to augment their fiat POS with a crypto POS.

An llustration of how the Graftwallet and POS work for payments.

The Use Cases

1. How Graft will change the Payment Processing Industry

Mr. Jones had always believed in the potency of innovation and the novel. So way back in 2016, he had already installed a system for receiving crypto payments at his store. But there was a problem, a very big one. Authorization of payments took forever and the customers who even cared to use cryptocurrency and cryptographic tokens lost patience waiting, waiting and waiting. It was not even easy maintaining all those wallets for and Point of Sale apps for different crypto payments. Unable to continue, Mr. Jones discontinued a service he knew had great potentials. However, with the emergence of GRAFT, Mr. Jones is back into business and like never before, he now accepts crypto payments from hundreds of customers daily but there is never a queue. This is because GRAFT has completely overhauled the payment processing industry such that with its Real Time Authorization (RTA) abilities made possible through the use of always-on nodes that are able to authorize payments in milliseconds, Mr Jones is as effective as ever..

2. What will be the Impact for Merchants and customers having the ability to pay with and sell for any form of payment.

Freedom, Security...exactly what crptocurrrency should represent and GRAFT finally brings out that quality so lacking before. It gets very interesting to know the fact that GRAFT can also accept other traditional payment methods such as credit cards through its system. It can never get better, because merchants themselves will experience the growth of their businesses hence it is now no issue about accepting only one form of payment, meanwhile revenue that could have been derived from the other are lost. Customers too will enjoy freedom and security hence the affordability of a payment system that is most secure and reliable at any given point in time hence even credit cards can disappointingly fail one.

3.How do you imagine GRAFT integration changing the way we interact with Crypto?

Mr. Ben just like any other cyptocurrency enthusiast has been raking up a lot of crypto recently. He bought some cryptocurrency the week before and has been buying for the past six months but his only goal is to sell off whenever there is an increase in value. This is because aside from selling out his crypto he sees no other use for cryptocurrency. What if he knew that with GRAFT he can walk into his favorite store and get himself that product he so desires? The attendant result is the accordance of greater value to cryptocurrency and cryptographic tokens as a means of exchange as well as their widespread use as a means of exchange.

4. How will GRAFT's Real Time Authorization allow Merchants to operate business as usual?

Hitherto, the idea of the adoption of cryptocurrencies as payment option was one which was considered as inimical to business by merchants. Integration issues, transaction fees and delays being the main culprits for the unwanted situation. GRAFT however, eliminates these and allows merchants to improve on their business through the acceptance of cryptocurrency and cyptographic payments, moreso if Mr. Jon were to adopt the GRAFT system in his store there would be no long queues resulting, infact his adoption of crypto payments can only increase the number of his customers which he can efficiently handle while deriving other advantages such as the acceptance of even the traditional payment methods. So it will be pretty much business as usual for Mr. Jon and if anything, there will be greater benefits.

5. How will Real Time Authorization (RTA) Change the future of Crypto?

It can already be said that the future is here. RTA is pretty much what crypto was waiting for to really go mainstream. With a world where the acceptance of cryptocurrency and cryptographic tokens is widely practiced, cryptos will have their full power unleashed. They will turn out to be the store of value the really should be and the average man would see reason for crypto which affords him security that is never obtainable with Fiat and a means of exchange that is quite reliable. RTA is the crypto's future.

Coin Distribution

An Overview, Concluding Thoughts.

A blockchain like GRAFT is the answer to Cryptocurrency's most nagging problems hindering acceptability and wide adoption. It will enable customers benefit from lower prices due to drop in merchant prices, the offering of more products and services by merchants, as well as consumers and customers being able to conveniently use crypto for everyday transactions without the ridiculous fees blockchains have come to be known for. Enabling widespread adoption of cryptocurrrency is one thing, but also making the possible real time authorization and the lowering of overhead costs as well as the integration of GRAFT with other payment solutions as already seen in its integration with Verifone and Ingenico takes GRAFT to a whole new level, a level without equals and a level that is quite what cryptocurrency always waited for.

The Team

GRAFT possesses a team that is no novice when it comes to payment solutions. It is Co-founded by Slava and Dan who are very much experienced. Slava has more than 15 years experience in payment solutions, a renowned payment and security expert and a full stack technologist. Dan on other hand is a serial entrepreneur an a recognized Tech and Product Manager.