GRAFT cryptocurrencies into existing mode of payments to make life easy

chillpill (50)in #cryptocurrency • 7 years ago (edited)

Mathew has a handicraft stall in one of popular tourist centers. Tourists flock to his shop to buy. A lot of times they may not have the local currency and offer him payments in international currencies like dollars, pounds euro etc which he does not know how to convert or equate to his local currency. So he has setup a credit card processing machine. However even this machine does not accept all types of cards and he is trying to figure out how he can fix this issue.
He may have to install another credit card machine and he is worried as to how he would handle two different machines and if he would need to learn another way of using the new credit card machine.

Every now and then he gets to hear about Bitcoins and cryptocurrencies. He is curious about this new money but knows little about technology or how how to use it. The concepts of Blockchains and smart contracts are beyond him. So would his life and those of millions of others who are not tech savvy remain untouched by the crypto currencies?

Interestingly at this point in another part of the world a hand picked team of very talented individuals is working hard to realize the GRAFT payment system.

What this GRAFT does(metaphorically) is that it kills many birds with one stone.
It integrates his existing POS terminal to accept cryptocurrencies.

Secondly anyone who has a credit or debit card would be able to send payments to Mathew through a GRAFT mobile app.

Actually having a GRAFT mobile app is all that is needed to start accepting payments via money transfer to to friends or process card payments through the payment interface.

GRAFT is going to help him streamline his payment system. His clients can also use the GRAFT payment system to make payments and Mathew can withdraw the received payment from his app into his local currency.
Since most tourist visit him only once thus Mathew feels insecure about carrying out large value trades using the credit card just in case he may get tricked.
GRAFT system uses instant payment processing in real time and so he does not have to wait days or hours for his payment status to get processed as was the case with credit card payments.

Using the GRAFT app as a sender of money he would be able to send money to his son who is staying in the college hostel in the nearby city.

GRAFT aims to make it possible for any business accept cryptocurriencies developing a payment network powered by GRAFT coin which is a combination of proof-of-work and proof-of-stake, Supernode blockchain implementation.

This would provide faster payments processing
-lower cost of transaction at much lower fee as compared to credit card fee processing.
-Faster transactions that are completed in real time and ability to authenticate transaction even in offline mode. This would help businesses which otherwise face disruption due to network and power outages.
-Protect the identity of the dealing parties from the world yet it would be possible to authenticate the buyers with pre-built options in the app.
-Giving the option to users to send money to family members & friends sans any sending fee.

The ICO for the Blockchain-based, not-for-profit open-source-project rolls out on Jan-18-2018
more details can be found here