INTRODUCTION
• The necessary introduction to graft
• Essence of Graft terminal integration
• Benefits of graft
• Graft products
• Future of graft
Before proceeding to the benefits of Graft, it is most proper to firstly give ourselves a good introduction into the world of Graft
Graft And Its Way Of Impacting The Payment Processing Industry
Graft is an acronym for Global Real-Time Authorizations and Funds Transfers. As the name depicts, it is basically defined as a decentralized payment doorway, which is sourced openly, grounded in blockchain and easy for all to use. It was created in such a way that everyone, who wants to buy and sell, can do so in a decentralized and economical way. Graft is best illustrated as an open network ecosystem, that accommodates all regardless of their financial capacity and location.
Graft Methodology
The system employed in Graft are payments processing protocols and chains, which are a little bit similar to the way conventional electronic payment system, like; debit cards, credit cards and prepaid cards are being operated. To millions of the traditional electronic payment system users, Graft presents a greater opportunity than all traditional forms of electronic payment methods. The decentralization of Graft makes it cheaper to maintain, easier to access, more proximal to the users, swifter in response, and adoptable for all. The elimination of centralized intermediaries- such as payment gateways and processors- catalyses often delayed transactions and cuts unnecessary costs like maintenance fees and transaction fees.
Rationale Behind The Invention Of Graft
On emergence, everyone saw cryptocurrencies as the future of Global currency but people's opinion began to change when they realized the relative slowness of blockchain settlement system, which was unable to replace the conventional payments systems. This slowness struck a lot of concerns and these accumulated opinions brought about the solution to blockchain inadequacy, Graft.
Although many individuals have tried creating cryptographic tokens but these tokens are still lagging behind in essential transactions- like authorization and completion of online transactions- which renders the real problem of blockchain unsolved. These unsolved problems makes the blockchain systems impracticable in demanding retail and hospitals. Looking at these problems and the failed attempts, you would agree with me that without the intervention of Graft , merchants won't be able to use the blockchain system without a third party system and medical institutions will not be able to authorize the blockchain system as well.
In order for blockchain systems to acquire a high level of trust from its users, these below-listed problems must be solved;
• Insufficient privacy due to traceability of blockchain
• Deficiency of trust between buyer and merchant
• Dicey utility
• Poor usability at interfaces
• Lack of efficient customer support
• Lack of essential transaction types
• Unsuitable payment chain
• Delayed confirmation times
• Unpredictable and unbalanced transaction fees
• Inability to process micropayments and repeating charges
• Absence of offline transactions support
• Volatility
• Little scalability
• Partial security
As you can see, the problems tackling Blockchain companies is quite enormous but Graft offers it all by allowing cryptographic payments to be further decentralized. This decentralization will foster globalization and welcoming acceptance amongst merchants and consumers for the first time in the history of blockchain industry. Graft procedures do not eliminate basic principles of cryptocurrnecies; it would only make them better and more acceptable to users.
Apart from the above listed problems, to make blockchain more acceptable it must;
• Give vendors to consent approved Cryptocurrency peradventure they wish to accept Visa.
• Give its users the ability to create coupons, Gift Certificates, Loyalty Rewards Programs, Store Credits etc.
• Enable the Creation of Credit on the blockchain.
• Create a lending and earning system.
• Install systems that will increase Anonymity and Privacy unlike other traditional payment systems
• Enable people to send Money Free to Friends and Family
Now that we understand fully the definition of graft, its essence and the problems it solves; we can now proceed to the modus operandi of graft: Graft terminal integration.
Graft Terminal Integration
This terminal integration allows graft to accept cryptocurrencies and there are two types of Graft terminal integration, viz;
• VeriFone Terminal Integration:
It is a point of sale terminal vendor founded in San Jose in 1981 and it generated about 1.7billion revenue. VeriFone is quite reputable for shipments purposes.
• Ingenico Terminal Integration:
It is also a terminal vendor founded in Paris in 1980 and it generated over 1.89 billion revenue. It enables a contactless, value added and integrated services. It is more reputable in US shipments.
Although, both Ingenico and VeriFone are alike, they are the leading stand alone pos terminals. Verifone became the dominant POS vendor when it accumulated 51.5 percent share of US terminal shipments. On the other hand VeriFone shipments a 17 percent drop the previous year.
Just in case, we thought there was no POS system for cryptocurrencies, we now know that there are POS systems. Now we can proceed to the in-depth procedures behind the efficiency of graft.
How Graft Works
As we earlier stated, Graft does not seek to destroy the former procedures involved in cryptocurrency transactions. The only aim is to improve the transactions and make them safer for the world to use.
• Graft POS and tools
Graft POS accepts all cryptocurrencies via a well-structured integration. There are many companies involved in the crypto point of sale service but the most used are Verifone and ingenico.
• Graft Mobile Apps
Graft mobile apps are a part of the integration plan which allows merchants to accept
• Transaction cost
Many might wonder what brought about the inclusion of transaction cost since blockchain possesses no commercial enterprise. Some would even be curious to the extent of asking who is in charge of the collection of such fees.
The inclusion of transaction fee is done in a bid to maintain the system and prevent it from collapsing. However, in comparison to the tradition payment systems, Grafts transaction fee is cheaper and affordable.
There are two basic reasons for the inclusion of transaction fees and they are as follows;
• The first reason is the prevention of network misuse and low performance associated with blockchain. For instance; assuming transactions were free, anyone can move the same amount from between two or more accounts indefinitely for negative motives.
• Secondly, most cryptocurrencies management funds come from crypto mining and transaction fees. Just in case mining bonus becomes low, transaction fees would serve as a supplement.
Exceptions to transaction fee payments
Unlike bitcoin and other cryptocurrencies, Graft does not charge the payer. Graft believes charging the payer is a wrong move and should not be adopted in blackchain technology. The transaction fees are removed from the portion of the recipient.
• Brokers fees
Unlike btcoin and altcoin where the brokers fee is charged periodically, Graft charges such fees only at the payout time.
• Transaction Processing
Most people in the world are using more smart phones and less personal computer or workstations which means that an outstanding brand for descentralization would depend on computer-hosted nodes and dedicated dominating supernodes that are hosted by experts in addition with a random collection of supernodes collated by DAPI cells a unique fraud prevention algorithm
• Real-Time Authorizations
One of the sole reasons people have not fully adopted blockchain technology is the slowness of its transactions, which is relatively determined by the amount of transactions made. When it comes to business, we all understand that people cannot afford to waste time, as time equals money. Graft meets the demand for a swifter transaction through the introduction of unique ad-on systems or forms of transactions. This improved time concept is called real-time authorizations ant the most important thing about real-time authorization is that graft does not charge an extra fee to speed up transactions. It is a free and new improvement.
• Simplified payment chain
A more simplified payment chain is achieved through a conglomeration of tested and trusted supernodes- authorization sample- which has the ability to initiate a swift authorization lock on any purchasers account and also, relate an interactive response back to the customers within the very short range of time. This chain, as simplified as it seems, does not allow off chain authorizations for any transactions.
• Authorizations techniques
In graft technology, transactions are initiated and stopped through graft network nodes and supernodes in real time. Those who own these supernodes are the sole persons responsible for the initiation or halt of transaction processes. When these transactions are going, they are being monitored by DAPI cells. Opposite to the normal API that are hosted on a specific server, DAPI possesses no single address and it is been operated on multiple supernodes.
Our knowledge of Graft is not complete until we expose ourselves to the added benefits involved in using Graft
Benefits Of Using Graft
• Improved security:
Unlike other cryptocurrency systems, where only information security is guaranteed, in Graft both information and financial securities are secure. You can still stay untraceable without risking the loss of your cryptocurrency.
• Increased Availability:
Graft operates on an always on system which is directed by the communication between the clients apps and multiple supernodes. The initiation or elimination of transactions is achieved by the consensus reached on the clients part. So availability of the graft system, unlike other systems, is 99.9 percent.
• Faster users interface:
Transactions now occur in real time with the aid of Graft. You dont need to wait for long periods before finishing your transactions. Everything will be done within milliseconds.
• Safe Identity Management:
There have been previous cases of individuals wallet being compromised due to carelessness of clients Or hacking but graft has solved this problem by implementing a circulated identity provider, which is embedded into a supernode. This places the power of authorization in graft network and this network would ensure that ones identity or privacy is never compromised.
• Users can earn high reputation score:
This is the latest update in Graft, which rewards a client based on how they use the system. Every client is awarded a reputation score, which is updated according to the new information captured by the system. In order to increase the reputation score the client will be required to use the system well by updating their partial identity for reputation sake, however, this does not make their identity traceable as there are systems monitoring information privacy.
• Reduced Volatility:
Since most merchants use fiat currencies in their day to day market activities and cannot afford the current volatility of cryptocurrencies, Graft has solved the problem by installing an efficient transaction settlement system, adjusts the transaction amount to the current exchange rate of the crypto currency.
The clients payment app can always automatically adjust the transaction value to the current exchange rate, and also redeem it to the local currency through online exchange immediately after transaction process completion.
• Improved Customer Support:
Unbiased Dispute Resolution, and Payment Insurance: this is now assured on the Graft system tgrough an interactive interface and responsive apps. In addition to the online customer support, there exist an open source community resolving all problems and these support communities are supported by Linux OS, Redhat, and the MySQL database and Oracle.
Meet The Team
And The Advisors
Graft's Roadmap
FINAL THOUGHTS
Considering the immense work done by Graft in ensuring a better environment for merchants, one would conclude that Graft is the best blockchain system that currently exists. I recommend Graft apps for anyone who wants to operate crypto transactions.
You Might Find This Useful As A Summary Of All That Has Been Said.
If you want a more detailed information about Medibloc, feel free to visit:
• Graft Website
• Graft WhitePaper
• Graft Twitter
• Graft BTCTalk
• Graft Facebook
• Graft Reddit
• Graft YouTube
• Graft Medium
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