- Open-source project
- Dual layered blockchain combining Proof of Work (PoW) and Proof of Stake (PoS)
- Decentralised payment processing network with incentives for all stakeholders
- Built to work with current credit card infrastructure and accepts multiple cryptos
- Graft Main Net is online
- RTA (Real Time Authorisation) Public Alpha launched on 12th November 2018
- 3M USD ICO raise in early 2018
- Currently trading at 0.017 USD with a 7M USD market cap
Global Real-Time Authorisation and Funds Transfers (GRAFT), as the name implies, is a global, open-source, blockchain-based, decentralised payment gateway and processing platform. It has been created with a view towards accessibility and decentralisation. GRFT acts as the native cryptographic token supported by the network’s blockchain and is used for real-time payment authorisations, transfers of funds and settlements between buyers and merchants.
Anyone can participate by maintaining the GRAFT blockchain which consists of two layers. The first utilises PoW network nodes to perform the ecosystem’s transaction settlement function by generating new blocks and adding them to the blockchain. Mining nodes earn PoW block mining rewards and also receive “settlement” transaction fees for both regular transfers and RTA transactions.
The second layer of GRAFT’s blockchain is maintained by the network’s supernodes. There are two levels to GRAFT’s supernodes. Its Proxy Supernode is “entry level”, and anyone can install the requisite supernode software and host one. Proxy Supernodes can be used by privacy-conscious users to host their own wallet servers, by large merchants to run store servers for faster and more reliable transaction processing, and to earn staking rewards by acting as a public exit node connecting mobile wallets and points of sales to the GRAFT network. Full Supernodes are a level above and act as both an authoriser and a service provider. Performance as a Full Supernode requires a stake (i.e. a collateral balance associated with the address). Full Supernodes earn transaction and service fees as they stake the GRAFT network and issue real-time transaction approvals.
GRAFT employs traditional payment processing protocols and flows, such as those involved in processing credit and debit card transactions, eliminating the need for centralised intermediaries and enabling faster adoption of GRAFT as a mainstream payment platform allowing for cryptocurrency transactions. As the network is built atop GRAFT’s dual-layered blockchain, transactions take seconds, buyers enjoy multi-currency support, merchants earn loyal rewards, and cryptocurrency micropayments are made possible through smart transaction fees.
The GRAFT network aims to accelerate user and merchant adoption by combining cryptocurrency and traditional payment technologies. Merchants have access to favourable currency exchange rates and near instantaneous conversions, with the added ability to earn pay-outs in either cryptocurrencies or local fiat currencies. Additionally, GRAFT allows for the creation of merchant-issued tokens, including those supporting peer-to-peer low-interest credit.
Users are incentivised to use GRAFT by removing the traditional disadvantage of using cryptocurrencies for smaller transactions; transaction fees. In the GRAFT ecosystem, the payer does not pay fees. All fees are borne by the receiver (merchant or payee). This allows for micropayments, such as buying a cup of coffee, to be made accessible by setting very low fees compared to alternative payment solutions. Transactions below 10 USD place a 2% transaction fee on merchants, while those above this threshold experience a 1% rate.
GRAFT creates merchant and user accessibility through three key technologies. The first is its mobile Point of Sale System and Decentralised Application Processing Interface (DAPI). The combination of this hardware and software allows for merchants to accept both credit / debit card and cryptocurrency payments online and in-store. Additionally, transactions are confirmed within seconds and merchants can opt to receive payments either in fiat or cryptocurrency. Second, is GRAFT’s multi-currency mobile wallet which allows users free transfers between zero-proof wallets and instant currency transfers and exchanges. Lastly, GRAFT is developing its own cryptocurrency credit card to create a complete payments ecosystem.
GRAFT has an experienced team of 14 members. The project was co-founded a non-profit organisation in 2017 by Slava Gomzin and Dan Itkis. Slava has over a decade’s experience in the payment industry and holds certifications from the ISC, EC-Council, CompTIA and PCI Security Standards Council. Dan complements his partner’s experience and is a security professional and a serial entrepreneur who has designed and brought over half a dozen products to the market. The two are joined by an incredibly competent team of 12 other members, as well as established partners and advisors. Courtney Perrin from Frost Brown Todd and John Wagster from Blackline Advisory Group act as GRAFT’s legal and strategy partners respectively. Advisors to GRAFT include the COO of UkrSibbank BNP Paribas Group, the CFO of SmartRG and the co-founder of AnywhereCommerce.
Many projects are seeking to innovate in the marriage between cryptocurrency and traditional payment processing. Pundi X is one such competitor with a market cap of 215M USD and an ICO raise of 35M USD compared to GRAFT’s modest 7M USD and 3M USD respectively. Time will tell whether the payment processing market only has room for one project bringing cryptocurrency to point-of-sale transactions or whether competition may be accommodated and encouraged. For now, what can be said is that GRAFT is developing a comprehensive payment processing solution with the potential to achieve global adoption. Trading at just 0.015 USD, GRFT could be a worthy addition to the shopping basket of any forward-thinking investor looking to diversify their payment processing coin holdings.
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