With RTA Supernodes alpha testnet release, GRAFT makes a first step into the era of cryptocurrency being a viable option at the point of sale, providing a level of service comparable to that of the credit/debit card networks. With the Supernode release, GRAFT is off to build an ecosystem of Supernodes and Service brokers – some are used to perform quick (credit-card speed) transaction authorizations, some to provide external system connectivity, others to act as service brokers performing currency exchanges and hosting various applications for merchants.
Supernodes for quicker transactions
Supernodes (aka Masternodes) are gaining traction in the blockchain space as a mean of expediting transactions. They work by constructing a second-layer network around the nodes that maintain the blockchain itself and are able to provide additional functionality on top of the blockchain such as “off-chain” transaction processing or governance. Supernodes/Masternodes usually run on a Proof-of-Stake model requiring staking for collateralization and provide passive income to their owners, which helps explain their popularity.
The GRAFT supernode is the backbone of its blockchain’s second layer. It enables many different functionalities including real-time authorizations of cryptocurrency payments, the hosting of service brokers and GRAFT’s decentralized exchange, smart contract merchant token and v-chain capabilities, various cryptocurrency transaction types, merchant offline transaction approvals, distributed identity provider services, network participant reputation scores, and much more.
Decentralized payment network: GRAFT’s answer to crypto payment woes
Enabling cryptocurrency to pay for goods and services has been a hot topic recently, with integrated payment providers like BitPay and Coinbase enabling e-commerce payments via a gateway solution of their own. These services act as fully integrated service providers performing settlement and payout functions. Multiple (predominantly online) merchants have rolled out alternative payment options based on these integrated services, a notable example being Expedia. Merchants, however, have been rolling them back, citing high unpredictable fees, high risks and lack of universal coverage. Stripe’s short-lived experiment to offer cryptocurrency payments is another example of the centralized approach failure.
GRAFT is working to give the space a decentralized equivalent of a payment network (such as the ones provided by Visa, Discover, and Mastercard) by offering a network fabric that connects gateways and services together, crossing locales and making sure the network works with existing point-of-sale solutions and payment terminals. In fact, GRAFT utilizes the recently-added ability of leading payment terminals to run 3rd party applications on their platforms. Most notable is GRAFT’s integration with Verifone’s Engage line of terminals.
“GRAFT’s solution makes a lot of sense both technically and economically, staying true to decentralized model of cryptocurrency, and enabling regular people to service various parts of the network. We look at it as people ARE the network,” said Dan I, GRAFT blockchain co-creator. “At the end of the day, the network functions – hosting blockchain nodes, doing authorizations/validations, providing exchange services, ensuring compliance, taking care of distribution and support, and even offering credit is best done by lots of individuals or small businesses and that’s the promise of ultimate decentralization.”
GRAFT (which stands for Global Real-time Authorizations and Funds Transfers) was originally conceived by Slava Gomzin, author of ‘Hacking Point of Sale’ and ‘Bitcoin for Nonmathematicians’ – some of the seminal work in the point of sale and cryptocurrency spaces. The network is designed to address all issues that cryptocurrency faced at the point of sale – speed, fee, and privacy, while taking advantage of the “smart” nature of digital money backed by the smart contract capabilities, and doing it all in a decentralized manner. The project is an open platform / open source and the network is free to use with the low 0.5% network fee paying Supernodes for their service.
GRAFT is the first cryptocurrency that combines the benefits of CryptoNote protocol, which provides absolute privacy to all participants, and second-layer network of supernodes, enabling fast authorizations and instant exchanges. Such a combination of absolute privacy, instant authorizations and exchanges, and network of service brokers is a unique feature that differentiates GRAFT form all other solutions and enables wide cryptocurrency acceptance in retail environments.
More information about GRAFT blockchain can be found on WWW.GRAFT.NETWORK
Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom
Telegram Alerts from BitcoinNews.com at https://t.me/bconews
Image Courtesy: GRAFT