GRAFT: THE NEW DAWN FOR CRYPTOCURRENCY ACCEPTANCE BY MAINSTREAM MERCHANTS

chibuzorwisdom (61)in #originalworks • 6 years ago (edited)

Cryptocurrency like Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.

source:pixabay.com

Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system and because of this many individuals and firms have enrolled into the mining of bitcoin for fortune,Yet it remains a matter of much concern that it's trading and commercial acceptability it's still limited as it can not be used as substitute for cash trade even traditionally.

This is ascribed to the fact that Bitcoin was created as an 'onlinecash' though secure, it is relatively slow as a settlement system, and thus it was unable to replace payment cards online or compete with both plastic cards and paper cash in brick-and-mortar
store.

It is obvious today that the problem with Bitcoin’s fees and cryptographic tokens’ fees is that they charge the wrong side of the transaction. It’s even worse than traditional card payments because, unlike plastic card payments, both the buyer and merchant pay fees for a cryptocurrency or cryptographic
token transaction: the buyer pays to the cryptocurrency or cryptographic
token network, while the merchant pays to the payment processor.The average payer is often confused by the process, which looks more
like gambling and does not provide a clear explanation of the fee schedule, which does not make cryptocurrency or cryptographic token
payments very attractive.

However, though some existing cryptocurrencies and cryptographic tokens
have improved confirmation times, they are still unable to process essential transactions types such as authorization and completion, which is believed to have made their adoption by retail, hospitality, and convenience store industries impossible without using intermediaries,payment processors and gateways that fill the gap.

However this payment processors are typically a centralized commercial organization regulated by government and controlled by shareholders and therefore it contradicts some fundamental principles of cryptocurrencies and cryptographic tokens:decentralization, privacy, and independence.

Most merchants are unable to accept cryptocurrencies without utilizing a
third-party payment processor due to the unique way blockchain networks process transactions.

This said process is totally different from the traditional electronic payment systems. Despite the problems encountered in traditional electronic payment systems, technologies developed around them have accumulated enormous amounts of merchant experience and user trust.

Some of this limitations between cryptographic payment systems and traditional electronic payments systems include

● Lack of essential transaction types
● Unsuitable payment flows
● Long confirmation times
● Unbalanced and unpredictable transaction fees
● Inability to process micropayments and repeating charges(subscriptions)
● Lack of offline transactions support
● Low scalability
● Volatility
● Incomplete security
Lack of privacy due to traceability of blockchain
● Lack of trust between buyer and merchant
● Questionable utility
● Poor usability of end-user interfaces
● Lack of customer support

The verge to bring an end to this global economy affected menace and enable cryptocurrency

GRAFT Redditacceptance by mainstream merchants led to the birth of Global Real-Time Authorizations and Funds Transfers (GRAFT) source

GRAFT is a global,
open-sourced, blockchain-based, decentralized payment gateway and processing platform. Any buyer can use and merchant can useGRAFT in a completely decentralized and inexpensive way. TheGRAFTecosystem is open, so anyone can participate by maintaining the
GRAFT blockchain and implementing network services.GRAFT employs payment processing protocols and flows similar to traditional electronic payment systems like credit cards, ATM cards, which are already trusted by millions of buyers and merchants.

GRAFT main goal is to create a platform that finally allows for cryptographic payments to be widely accepted by mainstream merchants and consumers for the first time while respecting some of the fundamental principles of cryptocurrencies and cryptographic tokens.

GRAFTTransaction Fees

In GRAFT
ecosystem, the payer does not pay fees. All fees are borne by the receiver (merchant or payee).GRAFT makes micropayments accessible by setting very low as compared to credit cards and online payment processors,cryptocurrencies,and other cryptographic tokens,fees, but without a fixed fee component.

Processing Transactions with GRFT Tokens

As a Payment Method Unlike Bitcoin, other cryptocurrencies, and cryptographic tokens, and similar to payment cards, payment transaction requests are formatted and issued by the recipient (merchant), with only an exception for Transfer and Exchange, which are initiated by the sender (i.e., anyone who wants to move funds between GRAFT accounts). Unlike credit and debit cards, however, payment requests are explicitly confirmed by the buyer who is prompted by the GRAFT Wallet app before it digitally signs the transaction and sends it to the network.

Processing Transactions with Alternative

Payment Methods

GRAFTprovides the best user experience for buyers and better
conversion rates to merchants, aGRAFT payment transaction can take various convertible cryptocurrencies, cryptographic tokens, or local fiat currencies in the form of a credit/debit card as input through the buyer’s GRAFT Wallet app. Exchange fees, bank fees, and credit/debit card processing fees (charged from the merchant in graftcoins) may be applied accordingly in addition to standard GRAFTtransaction fees.
So downloading the GRAFT wallet app will surely be the best way to enjoy this dividends.

Confirmation Time Problem: Introducing

Real-Time Authorizations

Several minutes to several hours confirmation time, depending on the transaction fee has been one of the main reasons for low adoption of cryptocurrencies and cryptographic tokens in retail and hospitality sectors.Unlike some other cryptocurrency networks that tried to resolve this problem by introducing special add-on systems or transaction types,

GRAFT processes all its transactions within 3 seconds from the time of transaction initiation.Critically, GRAFT Offers this services without charging the customer.

CONCLUSION

GRAFT's goal as copiously detailed above entells how the long awaited trust

between customers and real time merchants can be actualized using highly secured and easy cryptocurrency exchange wallets which has it's bedrock on traditional processing platform.

Real-time transactions can now be processed within 3 seconds and also by using quick and easy to get ICO tokens.

Above all no fees pendant on customers unlike other processing platforms. Today we can obviously boast of confidence in our credit cards to cryptocurrency exchange as
GRAFT supernodes have created the best platform so far.

Downloading the
GRAFT wallet today is the first step and securing the listed tokens is another.
Make life easy for trading by creating spontaneous invites and together we will actualize the uptimum goal of #graftnetwork which is to create a platform that finally allows for cryptographic payments to be widely accepted by mainstream merchants and consumers for the first time while respecting some of the fundamental principles of cryptocurrencies and cryptographic tokens.