GRAFT : THE CRYPTOCURRENCY AND FIAT POINT OF SALE BUILT ON THE BLOCKCHAIN

joshuaedoja (53)in #crypto • 6 years ago (edited)

INTRODUCTION

For most of us, cryptocurrencies continue to wander in the wilderness of the abstract. And even those who count themselves as innovators in this space continue to wonder how to move beyond merely talking about what cryptos are, and what they promise, to where one can provide tangible proof that these blockchain ecosystems are worth investing in. This comes at a time when cryptos are set to account for 10% of global GDP by 2022.
While on one hand these figures seem encouraging, the fact that the rate of adoption lags behind growth is quite troubling. The main reason is usability. Few avenues are available to utilize cryptocurrencies. This is despite the exponential growth in the cashless economy.

WHAT IS GRAFT?

Here comes Global Real-time Authorizations and Fund Transfers GRAFT with a solution; a platform which “employs payment processing protocols and flows similar to how traditional electronic payment systems — such as credit, debit, and prepaid cards — are processed... This approach enables easier and faster adoption of GRAFT as a mainstream payment platform, while eliminating the need in centralized intermediaries currently required to facilitate transactions between buyers and merchants.”

The genius of GRAFT is that it brings together the burgeoning crypto space with the traditional means of transacting business. Therefore, for the ordinary buyer and seller, the transition into the crypto world become almost seamless because GRAFT integrates the old technology with the new.
The existing infrastructure is unable to process cryptos without a third party, and even those that can, the process is quite cumbersome. Crypto transactions, are slow, especially for Bitcoin, if you are lucky, you can execute an exchange in 10 minutes, up to an hour if you are not. This is assuming the merchant even accepts cryptos.
Now, think of standing in line at Starbucks waiting so long to pay for a cup of coffee. Better yet, put yourself in the position of the person behind you who has cash or a credit card and is able to pay in seconds, then you understand how frustrating this process is. Add the volatility in the price of cryptos, then we see another deterrent arising.

GRAFT TO THE RESCUE

Because this “global platform” connects the existing terminals to GRAFT, there is no need to re-invent the wheel. GRAFT is merely rearranging the spokes by making it possible to execute point of sales using either fiat or cryptos using their technology. This sort of integration is quite unique and will facilitate the transition from a fiat based system to a crypto one without the teething pains that accompany this change.

The illustrations below provide a great example of the problems that accompany this present system and how Graft proposes to solve them:

AN OPEN SOURCE PROJECT

Graft is not for profit and open source. Both very attractive features in the building of the new economic landscape. Graft have also carefully emulated the original payment protocols so that it actually works in the real world and feels normal. Perhaps their masterstroke. It also, as (you might expect from a bleeding edge BlockChain project) possesses an enviably high level of (cryptonote) security, untraceablity, and an extra protocol which means not even transactions are publicly viewable.

USE CASES

CASE1

Dr strange is driving to a job interview. While on his way, he notices that he is running out of gas. He stops at a station and proceeds to pay using his Bitcoin. He is having problems because the merchant has to go through a long process of converting it to fiat currency. It takes almost half an hour to process the transaction, and Dr strange, though he left home early, misses the interview.

CASE2

Melanie finds herself in the exact situation, however, she has GRAFT, so, instead of waiting for an hour to process his transaction, she does so in a matter of seconds thanks to GRAFT’s real time authorization(RTA) feature. To top it off, GRAFT converts it to fiat on the spot, and Melanie arrives at the interview with minutes to spare.

CASE3

Mr. Josh Jewelry shop accepts the payment of cryptocurrencies, however Mr. Josh prefers Bitcoins since he is a seller of gold and diamonds. Mr. Saint who happens to have a wife who loves Diamonds sights Mr Josh's ever glowing Jewelry shop from afar and then drives towards the shop to buy some diamonds for his wife, however, Mr. Saint is a Litecoinwealthy man. With GRAFT, Mr. Saint can pay with Litecoins, while Mr. Josh receives his payments in Bitcoins. Then Mr Saint having experience first hand success of graft feature tells his steemwealty friends who in turn starts using graft right away

ZERO TRANSACTION FEES FOR CUSOMERS AND A VERY CHEAP FEE FOR MERCHANTS

The high cost of working within the present financial system continues to be problematic. As it is now, processing fees, especially for credit cards are astronomical. GRAFT does not charge the customer a transaction fee, only the merchant has to pay a nominal sum. As far as I can tell no other blockchain ecosystem has done this so far.
By doing this GRAFT goes a step further in attempting to liberate people from the claws of a rapacious financial system. This will not only open the doors for economic freedom; but will give many the ability to purchase a piece of the GRAFT pie. In doing this, ones spending power will increase when those transaction costs are eliminated.
It gets better. What if one wants to send money to friends or family. In some instances, fees from both parties are eliminated. Yes, people, it is free.

The Team

SECURED

GRAFT uses the CrytptoNote protocol. For those not au fait with this technology, it is completely private and untraceable. The information within is only available to the parties involved in the transaction. This is similar to the technology Monero employs. This is a step above most cryptos, where all the transactional information is available for anyone who wishes to see. Plus, the GRAFT wallet will be able to hold all major cryptocurrencies as well. Therefore, if Melanie had Ethereum or Ripple, she could have used it to buy gas in the same way he used BTC.

Incentives:

And it get's better still--from coin holders being able to disburse loans, and earn interest on them; to merchants using smart contracts to create gift cards, coupons, loyalty rewards programs among others, GRAFT is proposing to spread the wealth. The rewards are too extensive to be elaborated on here. Their white paper is quite comprehensive and I would advise everyone to peruse it.

GRAFT Products:

A number of GRAFT products already exists. They include:

GRAFT Mobile Wallet:
mobile wallet.png

These are lite desktop, mobile and/or browser extension applications that enables the transfer of funds using GRAFT tokens, cryptographic tokens, and/or credit/debit cards. This is achieved through the GRAFT DAPI. The GRAFT Mobile Wallet is available for IOS and Android devices.

GRAFT Mobile Point of Sale (POS) App:

These are lite desktop and mobile apps that allow merchants to accept payments in GRAFT tokens, cryptographic tokens, and/or major cryptocurrencies. The GRAFT Mobile POS is also available for IOS and Android devices.

GRAFT CryptoFind App:

This application makes it possible for merchants to update their status that they accept cryptocurrencies, and it also enables users to find this specific location that accepts cryptocurrencies. The GRAFT CryptoFind App is also available for IOS and Android devices.