Trade is a key aspect of human existence and development, it has played a significant role in expansion of people's choices, no man no matter how creative can provide himself with all the services he needs, hence trade is an inevitable process, hence it processes must be made accessible, secured, transparent and of greater degree of privacy.
Today, people mainly use credit cards and fiat as media of trade and exchange, this problems are faced with some imperfections like:
Apart from bitcoin, many existing cryptos have come up with better confirmation and processing times, but yet they are still Incapable of processing important authorizations, this incapability is a primary factor responsible for the difficulty in adopting cryptographic payment systems by health institutions, brick and mortar stores etc without employing the services of intermediaries.
What if there was a solution to all this, very transparent platform such that it didn't matter what methods of payments Is used: Fiat, credit cards or crypto plus running loyalty reward programs, with such platform users are given multiple payment options to choose from, all these at very low rates charged, due to total elimination of high credit card fees and interest, also since this platform is more decentralized merchants pay less for transactions performed and consumers are relieved of their burden of unnecessary charges.
This then is the aim of Dan and slava (Founders of GRAFT) as they introduce GRAFT.
This is about open sourced payment platform based on blockchain technology, that offers decentralized payments and transactions with real time authorizations.
GRAFT attempts address the problems responsible for the Non-acceptance of cryptographic payment systems by merchants all over the globe, the aim of GRAFT is to establish a network platform that allows cryptographic payments to be generally accepted by merchants and consumers globally and also lead with example what decentralization is defined as.
Currently, most cryptographic payment systems lack essential transaction types and payment flows.
GRAFT introduces a whole new dimension with different transaction types all which are essential and unique to specified cases they include: Authorize, preauthorize, complete, sale, transfer, cancel, issue, Redeem, Exchange, etc. This transaction types are unique to certain cases, for example Authorize is initiated by merchant and confirmed by consumer, it is used when final amounts of transactions are not known, while preauthorize is also similar to long term authorize it is initiated on transactions where the value of service may not be certain at the time being.
(To read more about this transaction types download the GRAFTS whitepaper pg16-20)
Another very important limitation of most cryptographic payment systems is long and delayed confirmation times.
With GRAFT, one doesn't need to wait for 10mins - to several hours for transactions to be confirmed, all transactions on GRAFT are processed in real-time and best of it all no extra charges are attached (the expected duration atmost is 3secs), this will totally change the future of crypto, giving cryptographic payments the speed that is required for it's acceptance generally by ME chants around the globe. GRAFT establishes thus new development by using a constant online consensus called authorization samples, this is made up of constantly available and trusted supernodes.
(download the GRAFT whitepaper to learn more about authorization samples and supernodes)
At very short intervals, transactions are confirmed and necessary response are communicated back to concerned clients and also the platform is managed by this supernodes, hence no transactions are validated off-chain. This ensures that merchants continue in business at cheaper cost.
Inadequate security and privacy is a key limiting factor to the acceptance of cryptographic payment systems to be insecure? Well, most of this systems become vulnerable to malicious attacks the moment merchants employ the services of intermediaries for processing transactions since the confirmation times of such cryptos are long and frustrating to merchants and consumers. Also, transactions on this platforms are traceable and hence we can't say they provide users the privacy they deserve.
GRAFT understands that security and privacy of users data is very important and should be given the attention it deserves. GRAFT intends to apply user verification and Authentication by effective identity management and proofing. This an obvious step to optimum security.
An important and rare element of security technology employed by the platform is the multifactor Authentication with biometrics, user ID will be specially attended to in other to reduce cases and problems of lost key.
They haven't forgotten about user privacy. In most trading activities, identity of customers and merchants are only significant to both of them, buyer may disclose identity if such is important in processing the transactions and merchants should be sure they are not serving an impersonator, hence by using a system of identity verification and attitude sharing that are in accordance to privacy laws and regulations, the details and identity of merchants and consumers are conserved to them both. With the use of digital identity profile attached to GRAFT wallet and an underlying transaction recording protocol called cryptonote, GRAFT aims at providing high level of privacy for transactions Carrie out on the platform.
Establishment of a more scalable platform (scalability is the number of transactions per second as can be processed by a network platform). This is achieved by the reduction of block formation intervals to about 120secs. Although this is not a unique property of GRAFT alone, but with constant trusted supernodes validating transactions in real-time, GRAFT does it better than any other platform. Bitcoin has a scalability of 7tps, while ETH 13tps, Visa claims over 5000tps.
The GRAFT payment method is flexible and accommodating I. E merchants and users are given options of payment method to choose from, crypto, credit cards or fiat, as decided by the individual. All major cryptos like BTC are accepted as alternatives for users, this eliminates the need of merchants to integrate with various software service providers to benefit from centralized services.
Although GRAFT allows bitcoin and other cryptographic tokens, the platform is fuelled by Graft tokens, this stores value on the platform and ensures that buyers and sellers transact and enjoy services on the platform.
Merchant tokens are smart contracts following set down algorithms that allow merchants to create private tokens owned by owner, value of this tokens are merchant-dependent and they can be created by any merchant. E. G A betting business owner may decide create a merchant token that provides discount for certain amount of bets placed.
Vchain allows formation of virtual private blockchains, multiple sale points owned by a single merchant or company can be on the same private Vchain, purchasers may use Vchain to connect various wallets, hence multiple accounts can be established and managed, Vchain fees are charged but at vary affordable rates which the profits and merits of using this feature strongly superceeds the cost.
GRAFT is a complete turn around in the payment system industry and trade as a whole, it is an option for any business wishing to deal with payments in any form, be it fiat, cards or crypto. It is easily accessible and the comfort of the consumers is a priority, it's a platform necessary for merchants, health industries, retail businesses, hotel and restaurants etc. Just any trade you can imagine.
Graft provides users with greater level if control, privacy and security, accessibility and availability by creating apps that are integrated on smart devices, they include:
This is my entry for the 
Here is the link to my tweet
https://twitter.com/Dickson65409562/status/1019390260248182784?s=20
- Dickson65409562
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