GRAFT "Revolutionizing the payment processing industry for Cryptocurrencies"

Introduction

It has been a decade since the Blockchain technology came into existence and along with it came cryptocurrencies and cryptographic tokens. There has been a significant growth and development in the crypto industry. Individuals earn crypto assests by performing different tasks online and offline. Many business owners are looking for ways to integrate cryptocurrencies as their payment options.

However, a lot of limitations such as long confirmation times, high transaction costs and the use of a 3rd party has slowed the adoption of cryptocurrencies as means of payment.
GRAFT has successfully created a platform that would make way for wide adoption of cryptocurrency as means of payment at payment terminals of stores.

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GRAFT and its Significance to the Payment Processing Industry

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GRAFT (Global Real-Time Authorizations and Funds Transfer) is the first global, open sourced, blockchain based payment gateway designed for point-of-sale transactions.

GRAFT aims to create a platform that allows the use of cryptocurrencies as a means of payment in stores and employs the same payment processing protocols similar to how traditional electronic payment systems such as debit, credit and prepaid cards are processed.

At point-of-sale terminals using cryptocurrencies as means of payments, merchants and buyers face problems of long wait times, high transaction costs and use of a 3rd party. These problems has affected the adoption of cryptocurrencies as a means of payment by most mainstream merchants and consumers. But, with the GRAFT platform cryptographic payments would be widely accepted by most merchants and customers.

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.

REAL TIME AUTHORIZATIONS

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Imagine a scenario where you paid for a product using crytpocurrency and you had to wait for more than 30mins before the transaction was processed. As an individual, you would be discouraged from using cryptocurrencies as a means of payment.

Long confirmation time is one of the limitations that has affected the adoption of cryptocurrencies as a means of payment and this limitation has been addressed with the use of GRAFT's RTA(Real-time Authorizations).

GRAFT's RTA would process transactions within 3 seconds. This is achieved by using a consensus of always on Supernodes that has the ability to perform a distributed instant lock on a buyers account and communicate a response back to the client within milliseconds.

RTA would highly affect the adoption of cryptocurrencies in the payment processing industry. RTA would make it easier for merchants to accept cryptocurrency at point of sale, without changing processes and would also enable normal instore and online checkout process.

SERVICE BROKER

The service broker is introduced by the GRAFT network in a situation whereby the elements of the payment processing or a particular operation cannot be done in a decentralised way. It delegates the operation to the network of service brokers.

In some cases, a customer might want to pay for a product using different payment method and the merchant wants to be paid in a different currency, the GRAFT makes use of a special mechanism called the service broker.

Once a merchant decides to receive its payment in different cryptocurrencies, the payment currency of the transaction will be processed by a service broker. The GRAFTpoint of sale app will prompt the merchant with a list of available brokers for the payment currency selected. However, if there are more than one payout broker service available for the same type of exchange, the GRAFT point of sale app will automatically select the best offer during transaction execution.

SUPERNODES

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Supernodes are the main building block of the GRAFT platform. It is an independent always on running the combined implementation of the GRAFT blockchain node and GRAFT DAPI node. Supernodes carry out Real-Time Authorizations, transaction holds and interchange holds.

They collectively maintain the network using GRAFT's combined Proof of Work/Proof of Stake Algorithm. There are different levels of Supernodes which include the Proxy Supernode and Full Supernode. There are different conditions and stakes associated with each level.

GRAFT Terminal integration

Most stores accept payment for product through their payment terminals which currently accept credit/debit card transactions.
GRAFT is currently working on integrating their platform with more traditional payment terminals so as to integrate cryptocurrencies as a means of payment into the current economy.
GRAFT has succesfully been able to integrate on both Verifone and Ingenico payment terminals.

Verifone Terminal Integration

Ingenico Terminal Integration

GRAFT CryptoFind App

Adoption of cryptocurrencies as means of payment is currently in its latent stage and most stores are yet to integrate it into their mode of payment structure.

GRAFT has developed an application for customers to locate stores that accept cryptographic tokens as means of payment and also for merchants to update the information about their business accepting cryptocurrencies as means of payment.

GRAFT Mobile POS App

GRAFT Mobile POS App allows merchants to use their mobile to accept cryptocurrency payments. The App is available for IOS and Android.

GRAFT Mobile POS for iOS

GRAFT Mobile POS for Android

GRAFT MultiCurrency Mobile Wallet

GRAFT has successfully launched a multicurrency mobile wallet where individuals can store their cryptocurrencies or cryptographic tokens. It eliminates the need of having more than one wallet for storing of cryptographic tokens. The App is available for IOS and Android.

GRAFT MultiCurrency Mobile Wallet For IOS

GRAFT MultiCurrency Mobile Wallet For Android

GRAFT TRANSACTION FEES

Unlike Credit card transactions where customers and the merchants are charged transaction fees for every transaction. In the GRAFT ecosystem, the customer doesn't pay for transaction fees. The merchants are charged at a very low rate.

For RTA transactions less than 1000 GRFT or more than 1000 GRFT, the merchant is charged a constant fee of 0.5%.

CONCLUSION

Cryptocurrency has achieved tremendous growth over the years. Some online and offline businesses are currently accepting cryptocurrencies as a means of payment. In offline payments, cryptocurrencies are yet to be fully adopted into traditional payment terminals due to some limitations.

However, with the help of GRAFT network the limitations has been mitigated and these will contribute to full scale adoption of cryptocurrencies in traditional payment terminals by merchants. Individuals would be able to utilize their cryptographic tokens to pay for products purchased.