GRAFT, a real solution to payments in real time using cryptocurrencies in traditional stores

Ease of access vs security of funds

When I go to a store to shop I want to have easy access to my funds, while also keeping them safe. Nowadays we use credit cards and debit cards and physical fiat money for easy access, and we keep them safe by holding them next to us in safe places. These plastic cards have several flaws, but we've grown used to them and most stores accept them in one way or another. 

Cryptocurrencies provide the maximum security; however, this also means that operating those funds is hard. We can't go to a store and use our cryptocurrencies with ease; instead we need to use an exchange prior to our shopping, or use gateways or trade directly with a person. There are many fees for all these transactions, and the transactions themselves are slow, and in most cases your money is vulnerable to attacks due to constant use of these third-party methods.

I would ideally like to see a system that allows me to pay using either normal cards or by using my cryptocurrencies through the use of a digital wallet, and in both cases have as little transaction fees as possible and keeping my funds safe.

GRAFT to the rescue

"Global Real-Time Authorizations and Funds Transfers (GRAFT) Is a global, open-sourced, blockchain-based, decentralized payment gateway and processing platform that anyone can use."

It provides both buyers and sellers with an interface to accept payment in different forms of cryptocurrencies, either online or offline with minimal fees. Merchants can integrate GRAFT into their business model with little to no effort, thanks to the GRAFT point-of-sale app and terminal integration as shown in the following videos:

And all the buyers need to use their favorite cryptocurrencies is to install the GRAFT Wallet app in their smartphones! 

The integration is seamless, and GRAFT also provides access to service brokers for providing exchange on the fly between different cryptocurrencies, so that merchants avoid worrying about volatility or exchange rates, and instead work with the trusted fiat money of their country.

Even more revolutionary is the fact that GRAFT allows merchants and customers to make transactions directly on the GRAFT network using GRAFT tokens without fees, and GRAFT will only use the services of the brokers when there is no decentralized exchange option available, offering both constant liquidity and the best prices. 

RTA and GRAFT architecture

RTA or Real Time Authorizations is a core concept of GRAFT that many cryptocurrencies haven´t really considered. When buyers and sellers exchange funds for products or services at a store, they expect the exchange to happen in real time, not several hours later. 

GRAFT manages the RTA through the creation of supernodes belonging to an Authorization Sample. These nodes can perform an instant authorization lock on a buyer’s account and provide a response to the client in milliseconds, thus giving merchants almost instant and secure access to the buyer’s funds.

There are many other explanations of how and why the supernodes mimic the actual operations perfomed at a store by dividing it into two phases, authentication and settlement, and this is actually quite important when dealing with a unique use case: offline transactions. 

GRAFT can actually manage offline transactions by using this principle of authentication and settlement, similar to how it’s done in modern stores. The GRAFT point-of-sale app can allow buyers to purchase even when disconnected from the network, if the merchant is willing to take the risk. More information about the GRAFT architecture and RTA transactions can be found on the whitepaper here.

Can my favorite store use GRAFT?

The short answer is YES! Most merchants avoid cryptocurrencies due to three main factors: 

• Volatility 
• No integration with common trusted systems 
• Slow Transactions 

GRAFT fixes those issues while also adding a plethora of other features with a comfortable user interface and giving benefits to both merchant and client.

Merchants will actually get more clients and will get lower fees than usual without changing the business model they’ve built and that they trust. A survey also showed that cryptocurrencies are modern, and markets that allow their use are seen as innovators, and GRAFT also rewards their merchant with loyalty bonuses, so the earlier they join, the more they’ll benefit. 

GRAFT is as secure as the cryptocurrencies that power it, which means there is 0% chance of a merchant needing to deal with money laundering or fake fiat money. Transactions are also safer and stored digitally, so small merchants can avoid keeping big amounts of money on hand and thus avoid the risks associated with managing a small business in today’s dangerous world. 

Conclusions 

GRAFT grants solutions to many problems that have existed since the creation of cryptocurrencies, while also making those solutions user-friendly, in the form of existing trusted methods. 

One question that my family always ask is: Where can you use that crypto stuff? Now I can tell them that I can use them at any store that supports GRAFT, and pay no fees while doing so and even get some extra cash to use at that very same store by doing the same I’ve always done. 

The RTA and offline transaction capabilities really blew me off, it’s impressive to see how far GRAFT personnel thought when creating this model. I can only hope this model becomes a reality sooner than later and I encourage everyone to participate here and spread the word at your favorite stores by using these materials.

This post is an entry to the sponsored graft writing constest found here

Image source: graft.network and maxpixel.net

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