Graft is a global, open-sourced, blockchain-based, decentralized payment gateway and processing platform that anyone can use. 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. Graft employs payment processing protocols and flows similar to traditional electronic payment systems such as credit, debit, and prepaid cards, which are already familiar to and trusted by millions of users and merchants around the world. This approach enables easier and faster adoption of Graft as a mainstream payment platform, while eliminating the need for centralized intermediaries (payment gateways and processors) currently required to facilitate transactions between buyers and merchants.
ICO Status: Finished
The Goals of Graft Project: Our main goal is making the cryptocurrencies as convenient as plastic cards, while keeping the payment secure and private. We do this on both sides of the transaction: the buyer and the seller (merchant). In order to achieve those goals, we need a smooth transition from traditional payment methods, such as credit cards, to more progressive ones, like cryptocurrency. It is naive to believe that buyers and sellers will suddenly forget about plastic cards, which have a strong presence in the market and don’t go away anytime soon. Thus, Graft combines both methods and makes the payment process simple and available in any situation. The buyer can pay with their cryptocurrencies directly wherever it’s possible, but use the plastic card, which is linked to the wallet, in any other place that is not yet familiar with crypto. The same is with the seller. Using single point of sale app, merchant can accept various crypto-currencies and credit/debit cards. In addition to these main goals, we are designing more services that will be provided by GRAFT network to improve the lives of sellers and buyers. For example, obtaining an instant credit by the buyer, or creating merchant tokens, which will be used by sellers as “private cryptocurrency” for important business functions such as store credits, loyalty rewards, gift certificates, and discount coupons. There is another interesting and promising feature, which is in conjunction with merchant tokens elevates Graft from “another payment network” to a universal payment platform. This feature is called vchain, from the combination of words “virtual”, “chain”, and “blockchain”. Using vchain, sellers can connect several points of sale located in one store, or even create a network (“chain”) with multiple stores. Buyers can also use vchain to manage multiple wallets linked to each other and transfer funds for free between multiple accounts, which is useful for family or corporate accounts. And finally, a few words about security and privacy. GRAFT uses the CryptoNote protocol, which is by far the highest achievement of modern cryptography. CryptoNote provides incomparably better privacy features comparing to any other blockchain protocol. Payments recorded on the GRAFT blockchain can not be viewed, traced, or linked to particular identity without consent. CryptoNote completely conceals from prying eyes almost all the attributes of the transaction: the buyer’s address, the amount of payment, and the address of the seller. On top of that, GRAFT adds another feature that is unique and has not yet been implemented by anyone else: hidden transaction fee amount. Thus, serious buyers and sellers, who really care about privacy of their financial transactions, for the first time have an opportunity to make their payments in cryptocurrency or cards without the risk of spying from competitors, criminals, or just random observers.
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|ICO token Distribution:
4% for promotions, 8% for the team, 9% - special reserves, 24% - public token sale, 1% = presale, 55% - mining
GRAFT Network enables crypto payments to work similarly to other payment processing networks (like Visa, Mastercard, Amex) by supporting special functions such as instant authorizations, merchant paid fees, etc GRAFT tokens are the lifeblood of GRAFT Network and are used as a specialized interim medium which provides the functions needed for POS-style payment processing. GRAFT tokens are also used for Proof-of-Stake protocol (where the credibility of the nodes is proven by presenting the network token ownership.) So who should consider getting GRAFT tokens and why? Here are some of the potential actors and usages: SuperNode Operators looking to make fees on authorizations Service Brokers (Payment processors, exchanges, risk managers, etc) need GRAFT tokens as Proof-of-Stake to be able provide services on the network Users need GRAFT tokens to be able to buy from merchants who participate in GRAFT Network Merchants who are looking to run a loyalty program Merchants who are looking to do mining or run a authorization Supernode.
|GRAFT VS RIPPLE AND OTHERS: FOCUS ON BUYERS, MERCHANTS, AND THEIR PRIVACY
Focus on Buyer and Merchant Needs Ripple’s is mostly focused on bank settlements, while Graft provide solutions to buyers and merchants. Buyers can pay anywhere with cryptocurrencies or plastic card using Graft wallet app. Merchants can receive payment from anyone using point of sale accepting both cryptocurrencies and plastic cards. Faster payment confirmations are provided by Graft supernode authorization sample, a process that is more similar to Dash masternode scheme. Unlike Dash masternode, however, Graft supernode is not a “wrapper” or a second tier as it is designed to be a monolithic code base that implements both real time authorization and blockchain settlement (mining) features. Such an architecture improves security of the real time authorization process, as payments cannot be settled “off supernode chain” by the “lower” level blockchain network nodes, without supernodes knowing about their existence. Thus, all Graft transactions are authorized instantly without requiring additional fee, by supernodes that are automatically selected by the network using combined proof of work and proof of stake algorithm. Focus on Absolute Privacy Ripple consensus protocol is different, and its main problem is that it does not provide privacy features: untraceability and unlinkability of payment transactions. Unlike Graft blockchain, all transaction information on the Ripple ledger is public. Ripple does not provide the privacy and untraceability that are demanded today by potential Graft users – both buyers and merchants. When we pay with credit card, we share our secret payment information (like credit card number) with some entities – the merchant, the issuing bank, the payment processor, the payment acquiring bank – but those entities are relatively trustable so they try not to share our secrets with the entire world, and no one else can see our transaction history without our or their permission. Oftentimes, however, they fail to keep our secrets (think Target and many other retail mega breaches). With Ripple or Bitcoin or most other cryptocurrencies that are not based on CryptoNote protocol, the story is exactly opposite: there is no central authority that “knows” our secret “card number” (private key), but at the same time anyone in the world can trace our payments on the blockchain and link them to our identities with minimum efforts. By Implementing CryptoNote and other features, Graft brings the level of untraceability of payment history similar to traditional credit and debit card system, while adding decentralization, privacy, and security, which are the features of any cryptocurrency that are absolutely impossible to achieve using traditional credit card payment technology. HOW IS GRAFT DIFFERENT FROM DASH? There are several major differences between Graft and Dash, but all of them are focused on the Graft’s mission to be as close as possible to the “real world” of retail, hospitality, gas stations, convenience store, or restaurant payments. Dash’s InstandSend is an optional feature, which is implemented on top of the blockchain network protocol as a 2nd application tier. Therefore, Dash transaction can be processed in two ways: InstantSend authorization or “regular” send. If InstantSend fails for any reason, transaction is sent through the regular slow path. Such a scheme is not acceptable in the “real world” of payments. In order to “compete” with the dominance of credit cards, crypto payments must be always approved instantly. Unlike Dash, Graft real time authorization is a built-in feature: all Graft transactions are approved in real time, within a range between several milliseconds to a few seconds, depending on the merchant settings. Thus, both online and brick-and-mortar merchants and their customers can always rely on Graft real time authorization. The buyer is required to pay an additional fee in order to process the payment faster using InstantSend. Graft transaction is always approved in real time, and such approval does not require any additional fee. A small symbolic flat fee is paid by the merchant (similar to the credit card fee in the “real world” but significantly lower), which enables an an adoption of Graft for micropayments. Like in the world of traditional payments with credit and debit cards, the buyer (sender) does not care about the fee rate or complexity of the fee structure, which allows much higher conversion rates and better buying experience. Dash has another optional feature called PrivateSend which also requires additional configuration efforts and extra fees from the sender (buyer). Unlike Dash, which is based on Bitcoin code, Graft is based on CryptoNote protocol and Monero code, which provides incomparably higher level of privacy, untraceability, and unlinkability of transactions, right “out of the box”, without any additional actions or fees required from either buyer or merchant. Thus, each payment on Graft network is “visible” only to the buyer and merchant involved in this particular payment, just like in the real world of credit card payments, or in fact even better as there is no central authority in between. Unlike Dash, which is mainly a cryptocurrency with some optional features, Graft is an open payment platform that allows merchants to accept various methods of payments such as other cryptocurrencies and credit/debit cards. Different merchant payout options in altcoins of local fiat currencies will be also available through Graft point of sale app and Graft service brokers. Graft wallet users can also instantly exchange other cryptocurrencies or fiat currencies as part of the payment transaction.Graft payment processing flows and transaction types are atypical for cryptocurrencies but very usual for the brick-and-mortar and ecommerce merchants; those flows have been designed to allow an easier adoption by the mainstream merchants and consumers, without the need for any centralized intermediaries (payment processors) which defeat the basic principle of cryptocurrencies – decentralization. Unlike other cryptocurrencies that provide a single wallet app, which is typically used for both sending and receiving payments, Graft separates those functions, just like in the “real world”, between buyer’s wallet app and merchant’s point of sale app. So the users with different interests will never be confused by the “opposite” features they never use, such as top up in the wallet or payout in the point of sale. And finally, the network of Dash masternodes is based on Proof of Stake, while Dash miners still use Proof of Work. The owner of each masternode is required to pledge 1000 coins (~ $200,000) in order to be able to perform InstantSend or PrivateSend. Unlike Dash, all Graft network nodes are both instant authorizers and miners, and so they earn their right to issue real time payment approvals by successfully mining blocks. Thus, both real time authorization and mining are enabled by Proof of Work, which makes the whole system more fair and secure. ARE TENX AND OTHERS CRYPTO CARDS COMPETITORS? Yes and no. They are competitors just to the single feature of Graft network – spending debit card – which is just one of the ways Graft is going to enter the mainstream payments. We think about both sides of typical payment transaction: buyer and merchant. Tenx only cares about the buyer, which is definitely important. But what about merchants who want to accept both traditional payments (such as credit/debit cards including tenx) and cryptocurrencies? In order to do that, today merchants must maintain multiple point of sale, payment terminals, and wallet apps which is very impractical. Graft point of sale app accepts both cards and crypto, and convert payouts (payments for proceeds from purchases) to local fiat currency if needed. Another important point – Graft CryptoNote-based blockchain is absolutely private: sender address, recipient address, and transaction amount are encrypted on blockchain and therefore hidden from public view. On top of that, Graft also adds encrypted (hidden) transaction fees which are visible to blockchain reviewers in all existing CryptoNote implementations.
Initial Coin Offering
|ICO Launch: |
15th of September 2017
15th of October 2017
ICO Tradable on Exchanges since:
still not tradable
|Platform: NEM (Mosaic token)|
Team behind Graft
Serial Entrepreneur. Recognized Technology and Product Manager. Built and brought to market over half a dozen products – IDAM, CRMs, MDM, VoIP. Founder of BIOMIO – frictionless IDM. MsETM, CISSP.
15 Years in Payment Industry. NCR and HP. Renowned Payments and Security Expert and Full Stack Technologist. Author of the Books “Hacking Point of Sale” and “Bitcoin for Nonmathematicians”
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Categories:Initial Coin Offering