INTRODUCTION

Graft is an international, open-sourced, decentralized payment gateway and processing platform usable by all and sundry and it adopts the use of the blockchain technology. A decentralized payment gateway is an uninterrupted way of converting and sending currency. Parties involved in this transfer have the option of transacting in whichever currency that is preferable to them. It is open, easy and cheap to use. Anyone can therefore use it by maintaining Graft Blockchain and implementing network services.

Image Source

The aim of the project is to take cryptocurrency mainstream by providing a merchant and Point-of-Sale friendly disbursement network driven by GRAFT coin.

Existing PoS terminals can be used to connect to GRAFT, as it adopts payment processing protocols similar to the conventional electronic payment systems such as credit/debit cards, eliminating the involvement of centralized intermediaries. Since the generality of people are familiar with the credit/debit card system, accepting the incorporation of cryptocurrencies into it will be a smooth evolution for merchants who are willing to accept cryptocurrencies.

Founded by Slava Gomzin and Dan Itkis, and supported by a “Star Team” comprising professionals in the fields of Point-of-Sale, Security, and Cryptocurrency, the Graft Initial Coin Offering (ICO) is set for 18th January 2018.

---

Graft in Comparison with Previous Technologies

Image Source

Prior to cryptocurrency evolvement, the transaction model was simple, but it took an average of 48 to 72 hours before fund is completely processed and made available. Merchants also paid as high as 5% for each transaction made. In the cryptocurrency world, the transaction model is more complex and rigorous, and it even presents extra Bitcoin charges of up to $8 for each transaction. With Graft, funds are made available instantly and at the cheapest transaction fee ever – between $0.01 and $0.02.

Some other limitations of previous transaction methods include

• Unbalanced and unpredictable transaction fees
• Lack of offline transaction support
• Low Scalability
• Volatility
• Lack of privacy and
• Lack of customer support

Major Benefits of the Graft Blockchain

Benefits to Merchants

• Instant Confirmation of Fund transfer. Transfer is completed within few seconds.
• Low Transaction Fees.
• Special Transaction Types and Smart Contracts. Graft PoS applications support multiple transactions types, which are unusual for cryptocurrency.
• It has a free PoS App, which accepts all payment methods.
• Merchants are able to receive payments in local fiat currencies.
• Buyer Authentication. With Graft, buyers can authorize their identity so as to unlock special or advanced transaction types.

Benefits for Buyers

• No Transaction Fees. Just like conventional credit and debit cards payment, fees are charged to merchants only.
• Absolute Privacy is guaranteed.
• The Mobile Wallet user can access payment anywhere using conventional debit card associated with multi cryptocurrency wallet.
• Zero Knowledge Proof Identity Verification, which allows users to authenticate features without compromising their privacy
• Free Funds Transfers Between Wallets. This is common to both merchants and buyers. Transfers between personal wallets attracts no charges.

Adopting the latest technologies developed by cryptography alongside newly developed solutions for transaction security and processing will make Graft to thrive past traditional payment methods and existing centralized payment processors. With Graft, people can purchase petty goods conveniently, without being burdened with high transaction charges.
Graft2017

To get more information about the Graft Blockchain, checkout the originalworks blog or The Graft Writing Contest, sponsored by @originalworks