What is Graft

Graft is a global, open-sourced, blockchain-based, decentralized payment gateway and processing platform that anyone can use. Any buyer and merchant can use Graft in a completely decentralized and inexpensive way. Graft ecosystem is open, so anyone can participate by maintaining Graft blockchain and implementing network services. Graft employs payment processing protocols and flows similar to traditional electronic payment systems such as credit, debit, and prepaid cards, which are already familiar to and trusted by millions of users and merchants around the world.

How GRAFT will change the payment processing industry

• GRAFT provides a unique opportunity for merchants to accept cryptocurrency or cryptographic token payments directly from their customers, without any middlemen, and with extremely low fees.
• GRAFT help merchants know the real identity of a potential customer in order to comply with laws and regulations, for example, to make sure the
  potential customer is 18 years of age or older in order to legally sell
  certain items to the potential customer.
• GRAFT is able to facilitate the full payment cycle without external cryptocurrencies, cryptographic tokens, or assets involved,with the us of digital utility tokens.
• GRAFT will also support Bitcoin and several
  major cryptocurrencies, as well as cryptographic tokens, as an additional
  choice for buyers and an acceptable method of payment for merchants.

This feature will eliminate the need for merchants to integrate with multiple (centralized) payment software providers, as well as eliminate the need for users to sign up for centralized services and learn and maintain multiple wallet apps. It is important to note that merchants will have to accommodate higher risks and additional expenses associated with accepting alternative cryptocurrencies and/orcryptographic tokens due to their slower confirmation times and higher transaction fees

how cryptocurrency acceptance lacking from traditional

Lack of essential transaction types
● Unsuitable payment flows
● Long confirmation times
● Unbalanced and unpredictable transaction fees
● Lack of privacy due to traceability of blockchain
● Lack of trust between buyer and merchant

Benefits of GRAFT to merchants

Real Time Authorizations (Instant Confirmations)

Bitcoin takes 10 to 60 minutes to confirm a transaction, while Graft takes seconds. Transactions are confirmed instantly, within hundreds milliseconds to a few seconds, which enables normal in-store and online checkout process.

Accept Cryptocurrencies and Credit Cards

Graft aims to provide the best possible user experience for buyers and better conversion rates to merchants. Automatic instant conversions help merchants avoid the volatility of cryptocurrencies. Meanwhile, everyone enjoys benefits like better security, privacy, and full transaction anonymity.

Special Transaction Types and Smart Contracts

Graft Point of Sale apps support multiple transactions types that are unusual for cryptocurrency. For example pre-authorization and capture that are necessary for ticket booking, hotel check-in, or gas station payment. Schedule or Escrow transactions, which are essentially pre-programmed configurable smart contracts, can help businesses set up periodic remittance and subscriptions.

Merchant Payouts in Local Fiat Currency

Merchants can choose to receive payment in cryptocurrencies or in fiat currencies. Merchants don’t need to integrate multiple payment software providers, while users don’t need to sign up for centralized services or maintain different currency wallets..

In order to provide the best user experience for buyers and better conversion rates to merchants, a GRAFT payment transaction can take various convertible cryptocurrencies, cryptographic tokens, or local fiat currencies in the form of a credit/debit card as input through the buyer’s GRAFT Wallet app. Exchange fees, bank fees, and credit/debit card processing fees (charged from the merchant in graftcoins) may be applied accordingly in addition to standard GRAFT transaction fees. We expect those fees will be borne by the payee, and will invisible for the payer as the method of payment will not affect the sale price. GRAFT’s automatic instant conversion will help adopt crypto payments by mainstream users who are not familiar enough with cryptocurrency and cryptographic token ecosystems and still feel more comfortable with traditional methods of payment, but seek better security, privacy, and full anonymity for their transactions. If a buyer decides to pay with an alternative cryptocurrency, cryptographic tokens, or a credit/debit card, the GRAFT network will automatically exchange other cryptocurrency, cryptographic tokens, or convert credit card payment in local fiat currency into GRFT in real time as a part of the transaction process, using service brokers.

CrytpoNote

CryptoNote as an underlying transaction recording protocol, which provides a high degree of privacy when compared to Bitcoin, other cryptocurrencies, and cryptographic tokens, by hiding information about the sender and receiver.
CryptoNote stands out from all other blockchain protocols because it provides something we all need: privacy. We often take privacy for granted and only regret when we lose it. Ironically, Bitcoin and its derivatives take a step backward in the privacy area compared to older payment technologies such as cash or even plastic cards, which became an inglorious symbol of compromised security and privacy. Bitcoin creator(s) either did not think about privacy, or simply did not have enough time to resolve all the problems, which is absolutely understandable as they had an even more important problem to solve the very existence of blockchain technology.

Conclusion

Running on its own blockchain sets the GRAFT blockchain project apart from its competitors that are based on the ERC20 tokens. As such, the Graft blockchain-based network will not be subject to the underlying blockchain conditions such as latency and fees, putting the company in a strong position to be able to offer optimum payment services.

For more information watch this short introduction:

graft2018
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