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, built-in loyalty programs, and connected extra services.
GRAFT payment processing network 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 project with strong community behind it.
Core Set of Principles
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
GRAFT core team is lead by Slava Gomzin, a 15 year veteran of Payments Industry, principal NEC and HP engineer, and author of Hacking Point of Sale and Bitcoin for Nonmathematicians, and Dan Itkis, a veteran R&D executive and enterpreneur, who built and brought to market first Voice-over-IP protocol and gateway stack for Intel, which later became the basis of modern internet voice conferencing, first commercial DSL-ready Video-over-IP (MPEG1/2/4) encoders for Tektronix, and large scale interactive digital media networks for Cisco Systems.
GRAFT core organization is engineering-focused, consists of top proven talent, is distributed, and nimble. We’re focused on delivering cutting edge technology, following best industry practices and incorporating all the latest progress in the field.
GRAFT does not maintain administrative controls of the network – the network is decentralized and open to participants fullfilling various functions, building businesses and revenue opportunities, and adopting GRAFT to local market specifics.
GRAFT Network will leverage existing channels and markets (such as MSPs, ISO’s), while opening the field up to small newcomers.
GRAFT intends to develop towards a fully distributed autonomous organization (DAO).
Development Methodology and Roadmap
GRAFT development methodology currently is core team lead with active community participation. Over time, GRAFT will transition to more community driven development as robust and sustainable developer community body emerges.
- 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