GRAFT BLOCKCHAIN TECHNOLOGY FOR SWIFT PAYMENTS AND TRANSACTIONS
A video created and designed by me on "Graft".
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For instance, if a group of people are arranged, whose needs and wants align, in the same place at the same time. Two systems emerged to solve this coordination; are the
Credit based system
Cash based system
Through the following publication, I will be showing my creativity in design and writing for the contest of @mediaworks on the payment platform Graft.
THE PROBLEM WITH CREDIT CARDS ONLINE
Credit card transactions are the dominant payment method that is used on the web today. If you have ever bought something online for example Amazon, you know how the arrangement goes. You type in your credit card details, you send it to Amazon, Amazon turns around with these credit card details and they talk to the system –a financial system involving processors, banks, credit card companies, and other intermediaries, and this is tiring.
Today, most of us are comfortable with giving out our credit card information when shopping online, or at least we’ve grudgingly accepted it. It’s considered crazy to handover your credit card details to online vendors of unknown repute over an insecure channel. Asides this some online vendors double bill their customers and you get to lose double of your money.
Cryptocurrencies doesn’t require a central server, instead relying on a peer-peer network which is resilient in the way that the internet itself is.
MERCHANTS AND THEIR CUSTOMERS IMPORTANCE:
They generate the primary demand for Bitcoin. While investors provide some of the demand that supports the price of the currency, the primary demand that drives the price of the currency arises from a desire to mediate transactions using Bitcoin as a payment technology.
PAYMENT SERVICES IMPORTANCE:
They are the ones that handle transactions. A lot of merchants don’t care which currency they follow and simply want to use a payment service that will give them dollar at the end of the day, allow their customers to pay using a cryptocurrency, and handle all the risk. So maybe payment services drive primary demand and merchants, customers, and investors will follow them.
Cryptocurrencies eliminate the need for verification procedures and also reduce the transaction time, with cheap remittances.
SOME ROLES OF PAYMENT SERVICES
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~To handle payments for merchants
~Merchants see fiat currency
~Mask exchange rate fluctuations
~Mask cryptocurrency security challenges
DECENTRALIZED CYBER-CURRENCIES
• No single trusted entity
• Protocol controlled scarcity
• Protocol enforced unforgeabilty
• Rich API
¶“Many people especially in Africa is experiencing the challenge of using their Bitcoin/ cryptocurrencies to make purchases, because some merchants don’t know about Bitcoin/ digital currencies and its benefits, and the truth is there hasn’t been a spectacular way to put this information to the merchants, to also make transactions easy just like the cash system, credit cards, debit cards, PayPal and the rest.”
Graft has also proven to be a global, open-sourced, Blockchain based, decentralized payment gateway and processing platform that anyone can use (buyer/seller). A merchant can use Graft in a completely decentralized and inexpensive way. Graft employs payment processing protocols and flows similar to traditional electronic payment system such as credit, debit, and prepaid cards, which are already familiar to and trusted by millions of users and merchants around the globe.
GRAFT AS A MAINSTREAM PAYMENT PLATFORM
#SPECIAL QUALITIES OF GRAFT
• Fungible and Fast
• Safe and immutable
• Ubiquitous ,Compactible
• Fast transactions
• Decentralized
• Merchant token
• Loyalty programmes
• Automatic currency conversion
• Flat value tokens
LET'S TALK ABOUT PAYMENT WAYS
P2P: (PEER TO PEER) Here, individuals can get loan from third party P2P platform by some service fees. P2P is a pure online business to match different offers it makes use of free money, but lacks insurance.
B2B: (BUSSINESS TO BUSSINESS) this entails business among enterprises, this system has been developed for a long time now, and we can see examples like Alibaba express.
B2C: (BUSSINESS TO CONSUMER) In this business mode, companies sell product/services to the final customers directly, only what is direct you can see is the store or merchants website and they do have real offline stores.
Graft POS and other tools
Graft POS accepts all cryptocurrencies via a well-structured integration. There are many companies involved in the crypto point of sale service but the most used are Verifone and ingenico, and more will still be incorporated as POS.
Graft Mobile Apps
Graft mobile app is a part of the integration plan which allows merchants to accept different cryptocurrencies and also make transfers.
No Transaction Fees
Transaction fees in Graft are always charged to the merchant, just like with traditional credit card payments. Small purchases with cryptocurrency will be finally affordable.
Free Funds Transfer Between Wallets
In this neither sender nor receiver pays any fee for limited number of low priority slow funds transfer between wallets.
Universal Mobile Wallet App
The mobile wallet user can pay using various cryptocurrencies or credit card.
Spending Card
The mobile wallet user can pay everywhere using traditional debit card associated with multi cryptocurrency wallet.
Crowdfunded Credit
The mobile wallet user can instantly request a crowdfunded “credit line” No credit history checks.
Absolute Privacy
The Cryptonote protocol ensures full untraceability, unlinkability, and fungibility of Graft Blockchain.
Zero knowledge of proof identity Verification
Some features such as free transfers or crowdfunded credit require user identification and authentication. Zero knowledge proof technology.
ADVANTAGES OF MERCHANTS(RECIEPENTS)
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Low transaction fees
The fees are charged to merchants to increase buyers conversion rates, those fees are symbolic which enables micropayments.
Special transaction Types / Smart contracts
Lets take for example pre-authorization and capture that are necessary for ticket booking, hotel check-in, or gas station payment. Escrow transactions, which are essentially pre-programmed configurable smart contracts, can help businesses set up periodic remittances.
Merchants payouts in local fiat
Transactions are settled in real time and payouts can be received in local currency
Authenticated Buyers
Buyers can confirm their identity in order to unlock some special transaction .
ADVANTAGES OF SUPERNODE OWNERS (MINERS)
Block Rewards
Supernode owners receive block rewards. Transaction fees are paid for in real time authorization
Hosting Service Brokers
Supernode owners receive a share of transaction and service fees charged by service brokers.
MY DESIGN INSPIRATION
There’s no better way to publicize the new Blockchain payment technology then designing the route of its epic performance, this would help interested merchants and also users of cryptocurrencies to adopt the idea, with optimum understanding of hoe it works.
TRANSACTION FEES
Authenticated transfer fee : 0
Micropayment fee (less than 10 Graft); 0.1% of Tx amount (charged recipient)#
Payment fee (10 Graft and more) log 1000 (Tx amount) charged to recipient
Envisaging the immense work done by Graft in ensuring a better environment for merchants, one could come to conclude that Graft is the best Blockchain system that currently exists. I recommend Graft apps for anyone who wants to operate crypto transactions.
The problem of transaction fees is reduced and fastness of transaction with the evolving of Graft, this would enhance rapid utilization around the globe.
Let’s envisage a transaction done within three seconds, isn’t it awesome? Graft has brought our imaginations to reality and lifted out part of the problem the Blockchain has. The future of the crypto world is in safe hands
Here, no one needs to be afraid of being scammed or cheated on, this is because real authorization and authentication of users will be done before approval of use.
TEAM
ROAD MAP
This is a @mediaworks contest you can check it out here
MORE INFORMATION
:
GRAFT
GRAFT WhitePaper
GRAFT Twitter
GRAFT BTCTalk
GRAFT Medium
Graftgraphic2018
@mediabot
@mediaworks
How do you think @ozurumba what will happen next?