GRAFT - A Point Of Sale Cryptocurrency/Fiat Payment Blockchain Platform

Hello guys, today I'm talking about the evolution of the blockchain payment system through a platform called GRAFT

But before that, let's talk about how we got here.

Preface

Over the last decade the speed of technology change has accelerated exponentially. The more innovative technology is created, the more power we have in order to make a positive influence on others. Such powers are seen in the almost instantaneous transfer of currencies and online payments. These changes eased and eliminated the need to carry physical cash around through credit cards, POS terminals, debit cards, etc

The blockchain also is one the best example of such an innovation that has the power to affect every possible area of financial payments through the use of cryptocurrencies. These payments were the first obvious use cases that were implemented during initial Bitcoin creation.
Invariably, Bitcoin and other cryptocurrencies have impressed a lot of people through visible improvements especially in the financial facet but despite all these there are problems preventing cryptocurrency from becoming as popular as cash or credit cards.
These problems disabled the acceptance of cryptocurrency in traditional payment system.

These main problems such as speed, cost and reliability bugging the cryptocurrency payments system can be divided into these;

•Cost

•No true decentralization; thus no security and independence

•Long confirmation times

•Scalabilty

•Lack of a fully functional trust mechanism

•Issues related to processing micro payments

•Poor user interfaces

•Lack of essential transaction types

•Lack of various cryptocurrency accepting outlets

•Volatility

Firstly, customers are always at the receiving ends of the expensive cost. Depending on the blockchain, customers end up paying from $0. 01 to up to $30 in commission which pushes away regular customers. This system is fashioned to create inconvenience to the customers in terms of cost than any other person in the system, notwithstanding the slow pace at which these transactions are carried out which affects the customer more. RTA(Real Time Authorization) which is a system that can check whether a customer’s credit card is acceptable in a few seconds, so that an Internet shop or store merchant can process an order immediately is not available in the cryptographic payment system now.

More so, notwithstanding the fact that some cryptocurrencies have improved confirmation times, they are still unable to process essential transactions types such as authorization and completion of a transaction in a short time therefore it is impossible for retail, hospitality, and convenience store industries to adopt them without using intermediaries that is, payment processors to fill the gap.

Thus,

Therefore, the very presence of these payments processors which are likely centralized commercial institutions controlled by the government or stakeholders contradicts the core targets of the cryptocurrency ecosystem which are decentralization, privacy and independence.
Moreover, there are very few merchants that accept a wide range of cryptocurrencies and most are not even interoperable with their wallets or apps. Most times, these merchants find it hard to integrate cryptocurrencies on their devices and more often than not, we realize that most of these public cryptocurrencies are not flexible for easy integration. Sometimes one can still find sources or services on the internet that directs one to merchants that accepts certain cryptocurrencies but the problem with such services, is that you can’t be sure that a certain merchant still accepts cryptocurrency which leads to customer dissatisfaction, makes cryptocurrency unreliable in times of emergency and thus, decreases the level of trust in the blockchain.

Also, most times merchants always feel uncomfortable to trade cryptocurrencies at an affordable price to customers because they fear losing out if the price fluctuates and the price comes down. Thus, they raise prices of goods and services for customers thereby making users to lose trust in cryptocurrency and would rather stick to the popular traditional fiat currencies than opt for cryptocurrency.

If the cryptographic payment system is to compete or be accepted into the traditional payment system with traditional online payments and the fiat banking system, it has to deliver at least the same features that people are accustomed to:

•Easy integration of cryptocurrencies for merchants
•Easy regular payments
•Wide range of currencies acceptability
•Fast transactions
•Security and privacy
•Cheap transactions commissions and probably a virtual marketplace, like an app.

Some of the networks available have only few of these features and there’s no unified open platform yet. Now Imagine a world in which consumers have control over their money and are connected directly to their payments mechanism of choice no matter where they are. In this world, shoppers pay anyone anywhere.

Now, imagine GRAFT

GRAFT is a decentralized global open-sourced real-time credit, debit crypto payment blockchain platform.

GRAFT is an acronym for Global Real-time Authorization and Funds Transfer.
The GRAFT blockchain is designed in a way that anybody can participate, use incentives and implementation it’s network services. GRAFT is creating the first blockchain platform that allows for cryptographic payments methods that can be vastly used by mainstream merchants and consumers alike. This will be done while providing the decentralization, privacy and independence principles that the blockchain is built on.
GRAFT utilizes the already made concepts, building on them to make the interoperable to mainstream users. Just like the name implies, GRAFT is an agricultural/biological concept of taking various parts of a plant to make the best specie.
GRAFT enables payments and transfer of GRAFT tokens(GRFT), Bitcoin, Altcoins or any other cryptocurrency or fiat currency.

How will these problems be resolved by GRAFT ?

Cost

Questions can arise as to whom all the transaction fees are paid to since there is no central commercial enterprise behind the blockchain. These fees are mainly used for mining by nodes to keep the system active. But the real question is, who is being charged?

Charging the wrong guy?
Other cryptocurrencies including Bitcoin charge the customer to pay the transaction fees but GRAFT , these fees are incredibly low and all fees are borne by the merchants. Meanwhile, in order to compete with services like ACH or PayPal, GRAFT provides limited free transfers between wallets.
On GRAFT , micropayments can also be made no matter how small the amount is.

How about the speed and scalability?

Image Source

We all know time is money.
The GRAFT platform employs RTA(Real Time Authorization) to process transactions in less than three seconds. This is achieved by using a consensus of always-on trusted supernodes which are authorizers or validators with the ability to perform distributed instant authorization lock on a buyer’s account and communicate response back within millisecond. Incredible!
Scalability which is the ability of a system to perform or process large numbers of transactions without lagging. Bitcoin in the cryptocurrency, processes transactions at a speed of 7 transactions per seconds(7 tps) compared to Visa or Square in the real world that can process up 56000 transactions per second(56,000 tps). Visibly, this drawback too, is making hindering the acceptance of cryptocurrency as a good method of online payment. But GRAFT is offering to eliminate all that. With an incredible speed and high performance maintained by supernodes that authorize and validates transactions in real time, GRAFT is making the cryptocurrency a better method of payment.

How will the false decentralization be resolved?

Since GRAFT utilizes trusted supernodes (supernodes because they perform bigger and better functions than ordinary nodes), there is no need for a centralized commercial body as the processor to initiate more speed, thus decentralization is truly achieved.

Security and Privacy?

Security in GRAFT is a major concern, thus, it is built as part of the system instead of being an add-on to the system after it has been already implemented. GRAFT utilizes and enhances several standard security features that are inherited from predecessors to improve the GRAFT platform for all users.
In addition to this, GRAFT promotes privacy by employing a digital identity profile which is attached to the GRAFT wallet. This feature enables the user to give permissions for data sharing to counter parts. GRAFT also implements CrptoNote as an underlying transaction recording protocol which provide an incredible high degree of privacy of the sender and receiver.

More so, GRAFT establishes itself around the world by making it’s platform easily accessible to merchants all over the world with just their devices. The GRAFT platform apps can be used on POS terminals and Verifone too.

GRAFT also initiates an incentive of rewarding users when they get merchants interested, listed or when they build businesses that supports GRAFT.

These rewards various according to number of listings.

On GRAFT , one can locate merchants that accepts a specific type of currency and which doesn’t accept at a particular time... thanks to listing.

Volatility

GRAFT eliminates merchants fear of volatility by using instant, real-time transactions settlement which minimizes possible loss of value. The merchant payment app on GRAFT can automatically adjust the transaction amount to the current exchange rate and then redeem it to the local currency.

Users shy away from cryptocurrencies because of the time wasted in transactions confirmations. Most times, these transactions takes minutes or hours and we all know time is an asset. GRAFT eliminates this problem by introducing RTA consensus supernodes method into the GRAFT system to process transactions within milliseconds. This feature will enable merchants to interoperate with GRAFT and use it to run their businesses as usual as fiat payments.

The growing number of standalone solutions is undoubtedly a game changer. Since all the apps are cloud-ready, they are not only easy to sync across multiple devices, but also portable, cost-effective and intelligently designed. However, the problems begin to pop up when it comes to making these apps communicate with one another.
But as a GRAFT user, how do I profit from the easy integration and interoperability of GRAFT softwares on my devices?

Firstly,

It saves time and money that would have otherwise been used for installing programs or buying new devices to suit the softwares

Moreover,

It eradicate errors and data duplication that would have been incurred during manual installation.

Also,

It gives one better insights as the softwares and apps can easily work together or can be developed together for better results.

Lastly,

It won’t be too complicated to the user as it is built on existing apps and softwares and will easily merge into the device.

More so, the effect of merchants and customers accepting and giving payments of any form is interesting. On GRAFT , anyone can use, say, Steem dollars to buy services from a merchant operating with Bitcoin. Additionally, even when trading -selling or buying from online merchants using fiat currencies, one won’t still need to make any conversion.
This will enable the massive adoption of the blockchain and cryptocurrency as the best method of online general payment both for cryptocurrencies and fiat since there won’t be the problem of conversion rates that exists even in fiat currencies.

So far, cryptocurrency and the blockchain technology as been seen as a rigid standalone decentralized trading network. But with the GRAFT platform, it will make the ecosystem more flexible and interoperable for any average user. The fact that this integration is easy and free with no transaction conversion problem involved, will make the system easy and simple for everybody, thus, anybody can just pay for transactions at merchants shops at incredibly fast speed without needing to convert currencies.
Moreover, normally in cryptocurrency, buyers can’t easily become sellers and sellers can’t easily become buyers on the large scale. But on GRAFT , anybody can become anybody. On the decentralized Crowdfunded Credit Card ecosystem, there are consumers(card holders, buyers), credit provider, identity provider and merchants(sellers). Anybody with the GRAFT wallet which is a free app can become a credit consumer and get credit from credit providers. Credit providers is just any user with a positive balance. Also, anybody with GRAFT Point Of Sale(POS) or a third party POS with GRAFT SDK can become a merchant. The identity provider is implemented as a service broker that runs as a plugin. GRAFT also encourages communication on the network to minimize fraud. There are several apps that allows for smooth running of the platform and a GRAFT Smart Card that will also be user as a payment method.

How will the RTA change the future of Cryptocurrency?

Time and speed has been the major waterloo of cryptocurrency. Coupled with few other factors, it has singlehandedly wrecked the system and disable it general acceptance as a mode of financial payment. But with RTA, GRAFT will usher in a new system of fast and instantaneous transactions that will mirror the traditional online financial system and even overtake and replace it -This can be the new future of cryptocurrency.

Use Case

Mr A is currently an active user and holder of various cryptocurrencies that he has acquired through purchase and actively participating in activities on the blockchain. He wants to order things online but can’t find a merchant that accepts his type of cryptocurrency. He then locates one on a map but on request, he is told that they don’t longer accept it. He then integrates into the GRAFT platform and then gets to see merchants that accepts certain currencies and those that don’t longer accepts certain currencies. He realized the listing incentive on the platform then he began getting merchants interested and listed on the platform, thus he was rewarded. With his tokens, Mr A can now purchase anything almost anywhere around the world with GRAFT merchants without needing to convert his tokens to fiat or any other currencies.

SYNOPSIS

GRAFT will increase the speed, reliability, interoperability, scalability and acceptance of cryptocurrency as a major mode of financial online payments. This will cause a massive adoption of cryptocurrency in the real world.
With amazing incentive and features, it encourages the speedy growth of the platform and easy integration into already made devices.
GRAFT will be the future of cryptocurrency in the financial facet. It will usher in a global system that can be accessed anywhere in the world by anybody to pay for services using any currency.

Watch my video about GRAFT below

Watch videos about GRAFT and its services below

Verifone Terminal Integration

Ingenicio Terminal Integration

Visit these websites to learn more about the platform.

•GRAFT Website

•GRAFT Whitepaper

•GRAFT Twitter

•GRAFT BTCTalk

•GRAFT Facebook

•GRAFT Reddit

•GRAFT Youtube

•GRAFT Medium

The Team

The Advisors

Partners

RoadMap

Except otherwise stated, all pictures or media used herein are sourced from the sites of GRAFT and are licensed for use in this contest.

This is a contest organized by @originalworks. Click here to check the contest.

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My twitter post link: https://twitter.com/NathanielsJnr/status/1019329130234597376?s=20

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