Real World Applications of Cryptocurrencies— GRAFT Payment Systems

ahsanpreneur (0)(1)in #cryptocurrency • 6 years ago (edited)

Payment using a smartphone is greatly popular and easy as tapping a button, but what about paying with cryptocurrency? With the development of blockchain technology and wide adoption of various digital currencies, millions of crypto users looking for a solution of in-store payment using cryptocurrencies. This is where GRAFT has raised hands developing a platform for merchants and shoppers to authorize and process payments with decentralized networks.

What is GRAFT?

In short, it is a digital currency that allows users to pay for goods and service in various authorized store. It is a top-notch decentralized platform that will authorize merchant payments and transfer funds in real-time even if the user uses a privacy coin. Unlike most other ICO, GRAFT is not only a virtual currency it is also a utility app that is greatly helpful for daily payments. Moreover, it is securer than other tradition methods available now. because it's a fully decentralized network that no one can control.

GRAFT features

Unlike other cryptocurrencies, GRAFT doesn't take a long time to confirm payments, so users can pay almost instantly. Another most notable feature is its low fees. Customers never pay a fee for their purchase (yes you read it right, customers have ZERO percent "0%" fees) while merchants pay a very small fee. So, It's cheaper than the traditional credit card fees for merchants and free for customers.
Here is a small list of key features that I have concluded with: (Please note that the features are not limited to the list, you may find about more features at their website)

GRAFT will support most major cryptocurrencies including Bitcoin and Ethereum.
Transactions are faster and reliable.
From small to big merchants, GRAFT is for everyone.
Useful use database can be issued for merchants.
Security issues have been taken as a major concern and solved.
Support multiple transactions types
DDoS protected.
No privacy issues.
User-friendly UI app
Available on both iOS and Android as well as Desktop and Chrome Extension.
Users can find store location that accepts digital currency payments.
Using mobile POS App, merchants can accept payments through their mobile devices.

Why should you use GRAFT?

The current financial payment system has a number of drawbacks like higher fees, transaction limit, and identity issues. So, GRAFT can play the major role to dominate as a digital payment solution. Here is some important reason to use GRAFT in your daily life. (Please note that the list is not limited to its pros, you may find more useful information at their official site, please consider visiting them if needed).

Blockchain: GRAFT has its own blockchain. Unlike other ICOs it's not based on Ethereum, it is running on its own chain that is fully independent.

Transaction: While most major cryptocurrencies cannot be transferred due to high network fees, but GRAFT can do it. It can be transferred in very small amounts.

Security: GRAFT platform is protected from DDoS attacks and unusual blockchain growth. Additionally, the platform resolved the issue of "lack of incentives for miners". The platform using three different supernodes to make sure the security and improvement of the network. Eventually, the network will be more secure and stable. For additional security, GRAFT using two private key, one for spending wallet funds and another for viewing transaction and balance only. So, nobody other than the owner can use the wallet unless the private key shared with individuals. For receiving funds, there is an option for public keys like other cryptos.

Easy payment methods: Making digital currency payment easier is the primary goal of GRAFT, to make the platform real useful for general users as well as merchants. At GRAFT, users have various choice to make payment using altcoins or fiat. For example, users are able to use Bitcoin, Ethereum, GRAFT or many other coins that should be listed on the wallet. Also, users can pay with fiat using a credit card. Here comes the proper utilization of the platform and blockchain technology. When users paying with cryptos, the payout coins will be backed with fiat currency to ensure merchants will not lose anything from the volatile crypto market.

How does it work?

At GRAFT platform, when users pay with fiat that will go straight to seller wallet. But when users pay with an altcoin then the currency will be converted into GFRT (GRAFT) coin, then it will convert again in merchant's preferred currency as output. The actual value of the currency in local fiat will remain the same excluding the small fees. The process is super easy, secure and fast.

Final words

Crypto transactions are considered as one of the least preferred systems for making payments due to certain issues regarding the long confirmation and authorization times as well as the absurd fees that come with it. However, I believe with the innovation of GRAFT platform, things will change and crypto will be one of the most popular payment methods.