GRAFT Blockchain Project
GRAFT is short for Global Real-time Authorizations and Fund Transfers, but also represents grafting of the new into the old.
When done correctly, this transition to blockchain-based payments will lead to radically improved credit/debit payment system through the combination of lower transaction fees, tight privacy controls, low rates on credit balances, and connected extra services.
GRAFT Blockchain is a socially responsible organization, introduces a decentralized, real-time payment processor and services platform into the global market covering a wide variety of credit and debit payment use cases.
GRAFT software that is not subjecto to shared intellectual property (IP) or under an NDA is under an open source license. GRAFT Foundation is a non-for-profit entity, and we intend to operate as such unless we’re forced to change status by the governing laws of the land.
- Many new merchants (especially small businesses) able to offer electronic payments
- Underbanked consumers able to get a credit facility and pay electronically
- Consumers able to save on variety of fees such as international transaction fees
- Businesses that conventional banks won’t underwrite able to offer credit and electronic payments
- Consumers benefitting from significantly lower credit card borrowing costs resulting from peer lending
Core Set of Principles for GRAFT
DecentralizationGRAFT Payment Network is based on the main idea behind the blockchain – decentralization. Decentralization evens out the playing field and allows small actors to carry out functions that are typically entrusted to a single entity. Decentralized arhitecture is very nimble, conforming to local cultures, rules, and regulations. “Trust-less” approach protects against manipulations without requiring a central authority. Finally, decentralization gets away with the single point of failure, a single target that a centralized service is, making it vulnerable to hacking, political pressures, and corruption.
Transaction Privacy and Untraceability as the Basis for Payment BlockchainWe believe that complete transaction privacy and untraceability should be at the basis of the payment blockchain. The private network then implements facilities that allow both parties to select the levels of disclosures that are appropriate for any given transaction
PoW / PoS / PoI working togetherWe believe that proof-of-work, proof-of-stake, and proof-of-id each have their place in an application specific blockchain implementation like payments. We believe in implementing and using all these various approaches gradually and selectively to accomplish the ultimate security of the network as well as speed and reliability of the transactions.
Open Platform for Service BrokersIt is difficult to completely automate or/and decentralize some services such as identity verification, credit card processing, or instant currency exchange. While some core features such as real time authorization and untraceability are provided and implemented by the network itself, many important services will be delivered by third party service brokers. It is difficult to completely automate or/and decentralize some services such as identity verification, credit card processing, or instant currency exchange.
Specialized BlockchainsComplex systems are not stable. We believe in specialization of blockchains vs having bloated one-size-fits all approach that other smart contract based blockchains implement. We will add smart contract features that are relevant to the application, with an eye towards integrity and reliability of the network
OrganizationWe intend to keep the core organization as small as possible (in the order of 15-20 people), mostly engineers. GRAFT Foundation team will not be engaging in the build-out of the network or any other administrative controls of the network. Our part is software design – we leave the commercial efforts to other parties who want to become part of the network.
While it will be core organization’s mission to build the software that will power GRAFT Network, it will be up to the eco-system of partners who will enable the commercial success of the project. We anticipate both function specific involvement from individuals and/or firms dealing with the specific aspect of the solution, to regional organizations who will act as market oracles in observance with local regulations, needs, and customs