Graft - Renewing Merchant Interest in Cryptocurrency
How many times have you looked at your exchange or mobile wallet and seen some tokens or coins you can't spend?
That Christmas your geeky nephew sent you some Bitcoin. That Airdrop a work colleague shared with you. That little investment you decided to throw 20 bucks at.
Cryptocurrency is slowly gaining momentum and being integrated into aspects of our lives. From tokens you can gain while gaming to tokens for being loyal to your brand, to tokens just for viewing ads, everywhere we turn there is a crypto seeking relevance.
But the question on the average Consumers mind is, How do I benefit from this crypto? Its free money right? So how can I spend it?
The main problems that plague crypto adoption are
- High transfer fees
- Long payment processing times
- Merchants not understanding or having incentive to use crypto as a payment option.
According to this widespread survey, many merchants are indeed interested in offering an alternative (crypto) payment method if it is cheaper and has loyalty benefits.
Many merchants are however concerned with the lack of integration with current systems. I don't blame them, I wouldn't want to go into something I know nothing about. A POS is far easier to use than tracing transaction IDs on the blockchain. Also, long transaction times and price fluctuations are cause for worry. You don't want your sales revenue dropping by 50% overnight!
So what will make merchants happy?
Research showed that merchants want to see cryptocurrency fully integrated into existing payment systems, with emphasis on Point of Sale and Terminal Payment Points.
Ease of use and speedy transactions are the sought after attributes.
Which brings us to Graft.
GRAFT is a retail-oriented payment blockchain and a decentralized alternative payment processing network
that brings cryptocurrency to the point of sale and beyond.
Report Document
Let us watch their Introduction video.
Graft is an open source platform that both buyers and merchants can use for speedy and cheap transactions.
How is Graft Different Fom Any Of The Other Cryptocurrency?
Well, let's see.. when you make a transaction on the Bitcoin network, you are looking at 10 minutes to 2 days depending on the traffic, before your transaction is verified.
Periods of high traffic usually demand a higher transfer fee to "fast track" the payment. This is not desirable to the consumer and will inherently affect the merchants business.
There are other cryptos faster than Bitcoin, but they still fall short when it comes to authorisation and completion as some require multiple verifications before they are accepted into the receivers wallet. Using a "payment processor" to authorise these transactions is a step back and puts authority back in the hands of a centralised party ie Government.
Graft's main goal is to provide a method of crypto payment that is quick, cheap, yet stays true to the fundamental tenets of cryptocurrency (decentralization).
Graft intends to serve as a payment processor itself and facilitate the full payment cycle without need for outside interaction. Buyers will no longer need to sign up for multiple centralised services or shuffle between multiple wallets.
By using its own digital utility token and nodes for processing, Graft will serve as a payment method with a difference.
What Advantages Does Graft Offer?
Faster Transactions
Graft nodes authorise and confirm transactions speedily to maximise trade satisfaction.
Cheaper Fees
Rather than charge obscene fees, Graft charges on a decreasing percentage as transaction amount increases. Going from 1% to 0.00166%.
Free Funds Transfer
Graft token transfer between graft wallets are FREE!.
Micro Transactions
Unlike Bitcoin that can charge you up to $5 just to buy a $1.99 cup of tea, Graft charges a percentage of the purchase amount and is very favourable to the buyer.
Scalability
Graft has boosted it's scalability by utilising 2 minute block creation interval with no block limit. It also uses supernodes to fasttrack current transactions as well as pending authorisation requests.
Offline Transaction Approval
Graft merchant point-of-sale app and single relay supernode will be able to process offline cryptographic transactions. The Merchant can decide to take the risk based on the same the buyer’s and supernode’s reputation scores.
Transaction Types
Graft supports different transaction types which include Authorise, Preauth, Transfer, Escrow and Refund.
Supports Alternative Payments
Graft accepts various convertible cryptocurrencies, tokens, or fiat currencies in the form of a credit/debit card as input through the buyer’s GRAFT Wallet app.
Service Brokers
Buyers and merchants can pay/receive payment in the same token or fiat or receive payment in different forms using a special mechanism linked to a network of service brokers.
Merchant Tokens
Using smart contracts, Merchants can create Store Credits, Loyalty Rewards, Discount Coupons and Gift Certificates. Merchants can create new ones or choose to renew old contracts.
User Income
Users of the Graft platform can also earn tokens by doing tasks such as authorising transactions.
How Does Graft Tackle Price Volatility?
Graft tackles volatility by using instant, real-time transaction settlement. This mitigates loss of value due to volatility as the merchant’s payment app can automatically adjust the transaction amount to the current exchange rate, and redeem it to local currency through online exchange immediately after the transaction is completed.
Customer Care For Crypto?
This is a major advantage over other cryptos. To boost adoption, Graft Foundation provides free customer support and dispute resolution services to Graft account holders. Merchants with high transaction volume can get 24/7 real-time support and dispute resolution assistance.
Users are insured up to an equivalent of $100 in case of fraud or technical issues.
User Applications
Graft has launched their mainnet and are fully active. They have also released some mobile applications to ease user adoption.
The Graft mobile wallet allows easy payments with a few clicks.
Graft has released the IOS version as well as Android version.
The mobile wallet is secured using its biometric feature.
Merchants can quickly set up their payment terminal with the Mobile POS. It can be downloaded on your phone and used for streamlined business.
You can download the IOS or Android versions.
So now you have the app. How do you find crypto friendly merchants? Use Graft Cryptofind!
It also comes in IOS and Android versions.
Graft Token
The Graft blockchain is powered by the GRFT token. This token will be used to pay for transactions and reward users and nodes on the network for their services.
User Case Scenario
John goes to a shop and after picking some groceries discovers he forgot his wallet. He is about to drive back a long way when he remembers he has some Ethereum in his mobile wallet. Luckily, the shop owner is open minded and John shows him how to download the Graft POS app. The shop owner links his fiat account to his PoS terminal. John pays with Ethereum which the Graft network converts to fiat and the shop owner receives payment in a few minutes. Both part ways on a happy note and now the shop owner offers the alternative payment option to new customers.
Conclusion
Graft brings together all the unique and top features of the leading Cryptos and delivers a revolutionary service to boost user adoption.
This is a solid project and every smart investor should get behind it. Spread the word, Graft is here to remove all crypto doubts.
For more information, you can visit the Graft site and read their very detailed Whitepaper.
You can also reach them on any of their social media channels.
Telegram | Twitter | Facebook | Reddit | YouTube | Medium | BitcoinTalk | Linkedin | Instagram
This is a submission for the @originalworks contest here
Tweet of post: https://twitter.com/U3uuu/status/1019282007434711040?s=19
Images were derived from site and whitepaper .
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