This Post is about a way to create a Global Decentralized
Payment Processing Network,
and a Company,
With the technological advances, payment methods evolved.
The appearance of debit cards and later of credit cards, made it much easier to carry out transactions by not depending on bills and coins to pay, avoiding having to constantly go to the bank to withdraw.
With the rise of the internet, online transactions emerged, this revolutionized payment systems by allowing remote purchasing from the comfort of your home.
The arrival of the Smartphone allowed to make all kinds of transactions with FIAT money anywhere with ease.
However, despite these technological advances, there were 2 significant problems.
The centralization and the payment of commissions.
Both for online transactions and through credit cards, there remains the payment of commissions, considerable when it comes to international transactions.
The global financial system is experiencing a complete revolution due to the advantages of the blockchain, since it is decentralized, reliable and reduces the payment of commissions.
However, despite all this, the fact of being able to make daily purchases with Cryptomoneda still looks distant.
Most of the Blockchain are not designed to work with points of sale, which greatly hinders their adoption as a real means of payment at retailers.
In addition to this, there is the fact of the high fees, which makes it not very attractive for both buyers and merchants.
A blockchain designed to work with points of sale is required, with reasonable fees that make it attractive for all, added to a wide range of applications (especially for smartphones) easy to use that allows cryptocurrencies to be seen as a real alternative for the payment of routine transactions.
Payment industry can benefit in a big way from the democratization presented by the blockchain technology.
In addition, GRAFT Network offers network driven compliance to local laws and regulations, cross-border payments, built-in merchant tokens and loyalty programs, automatic currency conversions, flat value tokens, and opens up a person-to-person credit.
Image created by the author.
Now, you can get GRAFT Multi-currency Mobile Wallet
If you want to get GRAFT CryptoFind
GRFT: Native cryptographic token supported by the GRAFT blockchain and used for real-time payment authorizations, transfers of funds, and settlement between buyers and merchants.
Mark the place on the map and enter email of the owner / manager. Every email has to be unique. The owner has 7 days to confirm the listing through the system-generated email, otherwise the listing will be considered invalid. After the listing is confirmed, your account will be credited with:
Image created by the author.
You can list a maximum of 100 locations using one account.
For more information let´s go to see a video:
A point-of-sale (POS) terminal or payment terminal is a device that allows the commercial establishment to handle tasks related to the sale, accounts such as collection by credit or debit card, the creation and printing of the sales ticket, manage inventory or generate reports that help in the management of the business, among others.
Store- Owners can install GRAFT app in their terminal and start accepting payment in crypto, because GRAFT has been able to integrate without any problems on Verifone and Ingenico payment terminals, at the same time, It is maintained by always-on high performance supernodes that validate and authorize transactions in real time.
Verifone Terminal Integration
Ingenico Terminal Integration
Benefits for MERCHANTS
Image created by the author.
Benefits for BUYERS
Image created by the author.
Benefits for SUPERNODE OWNERS
In this sense, Real-Time Authorization, is a very important aspect to convince buyers and and merchants that it is possible to use cryptocurrency to make daily payments (such as buying bread), using the same time as required to make a debit / credit card transaction. With the additional for the buyers of not paying fees, all Transaction Fees are paid by merchants).
How buyers do not have to pay fees, it allows them to make Micropayments. This is not possible in blockchains like Bitcoin due their high transaction fees.
In the world of cryptocurrencies, revenues are obtained from mining and transfer fees.
Is it fair to charge fees for making transfers or payments? Thinking it out in detail, although the blockchain is public, the equipment used for it to work has a cost, as well as the energy used, along with another series of expenditures deserves a benefit to be part of the blockchain, otherwise there would be no incentive to participate.
In the GRAFT network, the fees is uses in two ways, first is to avoid network abuse and associated performance like use the platform network for testing (one can move the same amount between two accounts indefinitely). And second, to pay the supernodes participating in the authorization sample and (optional) service brokers participating in transaction processing. By the way, The owners of the supernodes are responsible for any transactions they process.
To make this possible, the work of the miners (supernods) is required.
Authorization happens in real time (no more than a few seconds) in a very similar way than credit / debit card does. While settlement is performed later, in this process the transaction is written in the blockchain usually within 2 minutes. The settlement is performed by the mining (supernodes).
With Authorization Sample & supernodes.
To obtain few times transaction, GRAFT made use of “authorization sample”, which is a consensus of eight supernodes randomly selected by special Proof of Work/Proof of Stake algorithm (from a larger pool of candidates).
Supernode.
An independent, always-on server running the combined implementation of the GRAFT blockchain node and GRAFT DAPI node, maintaining the GRAFT blockchain via block mining, processing real-time authorization and settlement DAPI calls between buyers and merchants, and hosting third party services such as instant cryptocurrency exchange within the GRAFT network, credit/debit card acceptance, and merchant payouts in local currency. The supernodes collectively maintain the network using GRAFT’s combined Proof of Work / Proof of Stake algorithm.GRAFT WhitePaper
Supernodes requirement:
The supernodes in authorization sample must match several criteria in order to prove their loyalty to the network:
Must be an active miner – solve at least one block within last 1440 blocks
Must maintain a collateral (“stake”) deposit account with 1000 graft
Must be “always on” (99% of the time within last 48 hours)
Must have a public IP
The selection algorithm compares the hash of the supernode’s PoS wallet with the hash of the last mined block (height 30). The main idea here is that the selection is random while the result is deterministic for anyone who calculates the formula. The supernode owner must maintain a collateral balance in a wallet associated with the supernode. The minimum required balance starts at 50,000 GRFT.
GRAFT WhitePaper
The objective of this agreement is to make payments in real time and guarantee that the buyer can not spend the same money more than once before the transaction is written into the blockchain making an authorization lock (Authorization Account Lock) on a buyer's account until the settlement is Done without compromising the privacy of the sender.
By creating a “key image”, it is the mechanism used by CryptoNote to validate new transactions and prevent double spending without compromising the privacy of the sender.
This key image is a unique “fingerprint” that can be used only once and contain the buyer's spending address and amount, but without disclosing any details about the buyer or the amount.
On the other hand, a key image does not contain any information about the buyer or buyer’s wallet, which provides security, anonymity, and untraceability. In addition, any traces of communication between the buyer (wallet app), the merchant (point-of-sale app), and the supernodes (selected relay and sample supernodes) during the authorization phase are removed once the transaction is settled (written into the blockchain and confirmed by 10 blocks).
GRAFT WhitePaper
The GRAFT merchant point-of-sale app and single relay supernode will be able to process offline cryptographic transactions based on the same principle, if they cannot communicate to the authorization sample and get consensus, and if the merchant is ready to assume such a risk. The decision about offline approval will also be based on the buyer’s and supernode’s reputation scores.
GRAFT WhitePaper
The GRAFT platformallows, off-line approvals when the network is not available if the merchant is ready to assume such a risk.
Any buyer and merchant can use Graft in a completely decentralized and inexpensive way. Graft ecosystem is open so anyone can participate by maintaining Graft blockchain and implementing network services.
We are sure that Blockchain, like Graft, can have a significant positive impact for all users allowing new use cases, for example:
1.) Thanks to very low transaction feeds, products and services prices should go down benefiting all users. In addition, we could sell and buy more variety of products and services.
2.) The administrative and transaction processing overhead will decrease because all information is registered and stored in the blockchain, decreasing paper use and contributing with enviroment.
3.) Decreasing theft and electronic fraud thanks to including blockchain, as new payment method.
4.) There is no limitation in the use of any cryptocurrencie or exchanges crypto-fiat or crypto-crypto.
For more information about this project, you can check the GRAFT FAQ & GRAFT WhitePaper
The GRAFT goal is making the cryptocurrencies as convenient as plastic cards, while keeping the payment secure and private.
The roadmap is subject to frequent updates and adjustments reflecting technology, market, and environment challenges and opportunities, and should serve as rough guide only.Source: GRAFT About
This entry was create to participate in the @OriginalWorks sponsored writing contest - GRAFT
Bye.
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https://twitter.com/johanezza/status/1019473913200496641
- johanezza
graft2018
