Preface

Trade is a key aspect of human existence and development, it has played a significant role in expansion of people's choices, no man no matter how creative can provide himself with all the services he needs, hence trade is an inevitable process, hence it processes must be made accessible, secured, transparent and of greater degree of privacy.
Today, people mainly use credit cards and fiat as media of trade and exchange, this problems are faced with some imperfections like:

• misplacing money or cards at home, public places or transports etc.
• Bad guys, road side criminals and pocket pickers may get at you
• Some trade points and organizations may not accept cards or you travel to a country and your local credit card is not supported.
  This problems are subservient, except that high fees are paid to banks and other intermediaries for processing transactions.
  When bitcoin was introduced in 2009, it took internet trading and payment systems to a whole new dimension of secured but yet relatively dull validation system, this has proven abortive in replacing credit cards (online and plastic) and fiat most especially in retail stores.

Apart from bitcoin, many existing cryptos have come up with better confirmation and processing times, but yet they are still Incapable of processing important authorizations, this incapability is a primary factor responsible for the difficulty in adopting cryptographic payment systems by health institutions, brick and mortar stores etc without employing the services of intermediaries. This platforms can't be said to be fully decentralized, secured and independent once there is the presence of services rendered by intermediaries who process payments. Also, transactions can be traced and worst of it all rates and transaction fees are very high, user ends up paying large commissions for transactions made.

What if there was a solution to all this, very transparent platform such that it didn't matter what methods of payments Is used: Fiat, credit cards or crypto plus running loyalty reward programs, with such platform users are given multiple payment options to choose from, all these at very low rates charged, due to total elimination of high credit card fees and interest, also since this platform is more decentralized merchants pay less for transactions performed and consumers are relieved of their burden of unnecessary charges.
This then is the aim of Dan and slava (Founders of GRAFT) as they introduce GRAFT.

GRAFT (Global real-time Authorizations and Funds Transfers)

This is about open sourced payment platform based on blockchain technology, that offers decentralized payments and transactions with real time authorizations.
GRAFT attempts address the problems responsible for the Non-acceptance of cryptographic payment systems by merchants all over the globe, the aim of GRAFT is to establish a network platform that allows cryptographic payments to be generally accepted by merchants and consumers globally and also lead with example what decentralization is defined as.

What makes GRAFT outstanding

GRAFT intends to change the payment systems of trade industries by tackling the follow as explained below:

• Currently, most cryptographic payment systems lack essential transaction types and payment flows.
  GRAFT introduces a whole new dimension with different transaction types all which are essential and unique to specified cases they include: Authorize, preauthorize, complete, sale, transfer, cancel, issue, Redeem, Exchange, etc. This transaction types are unique to certain cases, for example Authorize is initiated by merchant and confirmed by consumer, it is used when final amounts of transactions are not known, while preauthorize is also similar to long term authorize it is initiated on transactions where the value of service may not be certain at the time being.

  (To read more about this transaction types download the GRAFTS whitepaper pg16-20)

• Another very important limitation of most cryptographic payment systems is long and delayed confirmation times.
  With GRAFT, one doesn't need to wait for 10mins - to several hours for transactions to be confirmed, all transactions on GRAFT are processed in real-time and best of it all no extra charges are attached (the expected duration atmost is 3secs), this will totally change the future of crypto, giving cryptographic payments the speed that is required for it's acceptance generally by ME chants around the globe. GRAFT establishes thus new development by using a constant online consensus called authorization samples, this is made up of constantly available and trusted supernodes.

  (download the GRAFT whitepaper to learn more about authorization samples and supernodes)
  At very short intervals, transactions are confirmed and necessary response are communicated back to concerned clients and also the platform is managed by this supernodes, hence no transactions are validated off-chain. This ensures that merchants continue in business at cheaper cost.

• Inadequate security and privacy is a key limiting factor to the acceptance of cryptographic payment systems to be insecure? Well, most of this systems become vulnerable to malicious attacks the moment merchants employ the services of intermediaries for processing transactions since the confirmation times of such cryptos are long and frustrating to merchants and consumers. Also, transactions on this platforms are traceable and hence we can't say they provide users the privacy they deserve.

GRAFT understands that security and privacy of users data is very important and should be given the attention it deserves. GRAFT intends to apply user verification and Authentication by effective identity management and proofing. This an obvious step to optimum security.
An important and rare element of security technology employed by the platform is the multifactor Authentication with biometrics, user ID will be specially attended to in other to reduce cases and problems of lost key.

Features of the mobile multifactor biometric authentication.

They haven't forgotten about user privacy. In most trading activities, identity of customers and merchants are only significant to both of them, buyer may disclose identity if such is important in processing the transactions and merchants should be sure they are not serving an impersonator, hence by using a system of identity verification and attitude sharing that are in accordance to privacy laws and regulations, the details and identity of merchants and consumers are conserved to them both. With the use of digital identity profile attached to GRAFT wallet and an underlying transaction recording protocol called cryptonote, GRAFT aims at providing high level of privacy for transactions Carrie out on the platform.

Other outstanding features of GRAFT that will change the acceptance status of cryptographic payment systems include

• Establishment of a more scalable platform (scalability is the number of transactions per second as can be processed by a network platform). This is achieved by the reduction of block formation intervals to about 120secs. Although this is not a unique property of GRAFT alone, but with constant trusted supernodes validating transactions in real-time, GRAFT does it better than any other platform. Bitcoin has a scalability of 7tps, while ETH 13tps, Visa claims over 5000tps.

• The GRAFT payment method is flexible and accommodating I. E merchants and users are given options of payment method to choose from, crypto, credit cards or fiat, as decided by the individual. All major cryptos like BTC are accepted as alternatives for users, this eliminates the need of merchants to integrate with various software service providers to benefit from centralized services.

Examples of accepted payment methods and broker services attached

• Another exciting benefit of using this platform is that it charges little fees that are not detrimental to users, and this fees are charged from the merchants, as compared to BTC and other cryptographic payment systems which charge the wrong side during transactions, hence consumers are relieved of the heavy burdens of paying for transactions.
  One may ask, why is there need for fees and transaction charges if this network is decentralized? Where is the destination of this fees?, Let me explain: This fees charged are used for blockchain maintenance by always-on Authorization supernodes, this serves as incentives for maintaining the blockchain.
• GRAFT is compatible on existing credit card systems, this integration ensures that both merchant and consumer are transacting with more familiar methods, this ensures a high level of comfort.
• Finally most transactions between wallets on the platform are free of charge, transactions by users Authenticated carry out most transactions on the platform for free.

Tokens on the platform

Although GRAFT allows bitcoin and other cryptographic tokens, the platform is fuelled by Graft tokens, this stores value on the platform and ensures that buyers and sellers transact and enjoy services on the platform.

Graft token distribution

Merchant Tokens/Vchains

Merchant tokens are smart contracts following set down algorithms that allow merchants to create private tokens owned by owner, value of this tokens are merchant-dependent and they can be created by any merchant. E. G A betting business owner may decide create a merchant token that provides discount for certain amount of bets placed.
Vchain allows formation of virtual private blockchains, multiple sale points owned by a single merchant or company can be on the same private Vchain, purchasers may use Vchain to connect various wallets, hence multiple accounts can be established and managed, Vchain fees are charged but at vary affordable rates which the profits and merits of using this feature strongly superceeds the cost.

Use case

• Somedays ago I misplaced some cash that was meant for the purchase of groceries for the week, although my mum's credit card was alright with some credit value that would have purchased some groceries for the mean time and also I had some STEEM enough to get somethings, the grocery shop didn't accept cards or crypto. Both the store and I should get a GRAFT account, with this I wouldn't waste time purchasing from this merchants at faster and cheaper rate.

Synopsis

GRAFT is a complete turn around in the payment system industry and trade as a whole, it is an option for any business wishing to deal with payments in any form, be it fiat, cards or crypto. It is easily accessible and the comfort of the consumers is a priority, it's a platform necessary for merchants, health industries, retail businesses, hotel and restaurants etc. Just any trade you can imagine.

Videos

Watch my video review on GRAFT and its benefit

Watch this introduction video by GRAFT

Annexes

Some terms and what they mean

Team, advisors and partners

User Applications

Graft provides users with greater level if control, privacy and security, accessibility and availability by creating apps that are integrated on smart devices, they include:

Platform structure

Road map

This is my entry for the Hive account@originalworks writing contest, to join click here
Here is the link to my tweet

https://twitter.com/Dickson65409562/status/1019390260248182784?s=20

- Dickson65409562

For more information visit

GRAFT
GRAFT whitepaper
GRAFT Twitter
GRAFT BTC talk
GRAFT Facebook
GRAFT Reddit
GRAFT YouTube
GRAFT medium

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