REAL-TIME PAYMENT BLOCKCHAIN

How to Become a GRAFT Service Broker: Implementing Centralized Features on Decentralized Network

It is not a secret that some payment functions cannot be fully decentralized, even if they are “placed” on top of blockchain technology. One example is credit card payment processing which implies a lot of compliance with various regulations, both local and international. But we still want to use those cards, and we would like them to work together with cryptocurrencies. GRAFT Network resolves this dilemma by introducing service brokers which implement specific features that cannot be fully automated by decentralized network. This short article explains how service broker work in a form of instructions for a newbie.

First of all, there are several types of service brokers:

  • Credit card accept broker
  • Instant cryptocurrency accept broker
  • Instant cryptocurrency exchange broker
  • Payout (exchaging cryptocurrency to fiat currency and transferring to bank account)
  • Identity verification broker

    Any existing company-service provider (such as credit card payment processor or cryptocurrency exchange) can become a GRAFT service broker, and thus magically extend their business from “traditional” centralized world to the world of decentralized crypto payments.

    1. Setup

  • Integrate with appropriate GRAFT DAPI and test using testnet;
  • Install your own full supernode or make a lease agreement with one or more full supernode owners.

    2. Advertise

  • Define your service offer: Client type (wallet, POS, or both), Region (country) or list of regions, Service fees (information about fee structure and/or exchange rates) Identity disclosure requirements (what elements of user identity are required in order to execute the service request);
  • GRAFT Network will broadcast the advertisement messages to all supernodes and make it available to all wallet and/or point of sale clients connected to the network and matching the target audience criteria, along with your reputation score calculated by full supernodes based on historic data stored in the blockchain.

    3. Process

  • When a user needs particular service, the GRAFT software will automatically choose the service broker based on the best match or the user criteria and the broker offer. Once your service is selected, just process the service requests and credit or debit the user’s account as a result;
  • Share service fees with the processing supernode owner if you “lease” the supernode, or earn extra fees if you own the supernode.

  • About GRAFT Project

    GRAFT is a blockchain based payment processing network the functions similarly to a credit card processing network with off-chain authorizations and in-network atomic swap based interchanges. The network is completely decentralized, able to work cross borders and adapting to local regulatory environment.

    In addition to decentralization, GRAFT solves four biggest problems that exist in cryptocurrency at a point-of-sale today - privacy, speed, fees, and integration.

    Economically, it’s a two layer (proof-of-work and proof-of-stake) blockchain with proof-of-stake based authorizations with participants able to benefit both for mining and staking

    Finally GRAFT is open-platform, open-source, non-for profit community project. To support GRAFT Network, please donate BTC to: 39UBccrXeKBtoxeKXPqsXxPFnhzt6bueSY

    © 2019 Graft Blockchain
    GRAFT Blockchain is an open source, de-centralized, open-platform, non-for-profit, community project with no explicit warranties or support from GRAFT Foundation. Play a part in payment revolution!

    To support GRAFT Blockchain Project, donate BTC to: 39UBccrXeKBtoxeKXPqsXxPFnhzt6bueSY