GRAFT SN RTA Alpha Testing

Participation

  • Alpha is limited to 50 active geographically distributed participants
  • Participants are chosen on first-come-first-serve basis once basic requirements are met
  • If a participant become inactive over 48 hours, they can be replaced by alternates from the backup list

Qualifications

  • Have power user working knowledge of Linux
  • Know how to compile software
  • Are available for testing for the next 30-60 days

Process and Expectations

  • Run tests as directed by the team (e.g. carry out sales transactions, connect/disconnect nodes, run various kinds of error simulations)
  • Report results back in clear English
  • Document and submit bugs in GitHub
  • Test stake will be distributed according to test plan

Minimum Hardware / System Requirements

  • Physical or Virtual server with the following specs:
  • OS: Linux Ubuntu 18.04
  • CPU: 4 cores
  • RAM: 8 GB Hard Drive Space: 10 GB
  • Fast Internet connection (no dedicated public IP required)

To apply

please fill out the application form. If you’re selected, we will contact you with instructions in the weeks leading up to the RTA alpha launch.

Cryptopia Announcement

As you may have heard, GRAFT is getting listed on Cryptopia. The trading is schedule to start in a few hours, around 4am UTC on the 18th of July 2018 with the following trade pairs will be available – GRFT/BTC, GRFT/LTC and GRFT/DOGE.

Here’s the original announcement.

Cryptopia is a very reputable exchange located in New Zealand and a solid potential partner for parts of GRAFT network – we’re VERY excited about working with them!

One thing to note is that currently Cryptopia has a deposit wallet set up as a non-integrated address, with payment ID as a separate field from the wallet address. This is an older way to do it and is incompatible with the mobile wallets which expect an integrated ID.

We’re working through this issue with Cryptopia, but for now, the deposits are only available from CLI wallets. (warning: Cryptopia uses paymentID for user identification, so if you try to do a deposit without specifying PaymentID, it will be lost)

ICO Airdrop Clarification

Dear GRAFT Community,

We would like to take this opportunity to clarify the promise we made to the ICO participants to do an airdrop if the price doesn’t recover to the ICO level within nine months.

Why did we do it?

As you might imagine, we’ve never before carried out an ICO, less so an ICO based on a live mineable blockchain. As such, we came up with coin pricing based on what we assessed to be а fair market value (very conservatively at that, comparing to other similar projects). One thing we didn’t know was that the price of the coin would be immediately driven down by ASIC miners, creating a large disparity between the ICO and mining price levels. As project leads we felt compelled to make it right by the ICO participants and to rectify this situation.

Terms of the Airdrop

The following are the terms of the airdrop:

If the price of GRFT doesn’t recover to the ICO level (0.0000262 BTC) prior to November 18, 2018 (9 months from the end of the ICO) for a reasonable period of time (24 hours cumulative, according to CoinMarketCap), GRAFT project team will airdrop the difference in GRFTs to the ICO participants in good standing. The effective price at the time will be determined based on a 10 day moving average.

Example 1 ; September 20 GRFT price is 0.0000262 BTC or higher – no airdrop will take place

Example 2 : October 10 GRFT price is 0.0000262 BTC or higher – no airdrop will take place

Example 3 : November 10-18 GRFT price avg 0.0000131 BTC (and the price hasn’t crossed 0.0000262 BTC before then), each ICO purchase of 1 GRFT will receive ONE additional GRFT via airdrop.

The effect of potential airdrop

The actual number of GRFT’s issued for the airdrop will depend on the price difference between the airdrop and the ICO price (in BTC). The funds will be provided from the undersold ICO funds, and since all the ICO funds were earmarked for circulation, should not result in an increase of the circulation supply.

Furthermore, to avoid “dumping” effect, any airdrop distributions will be spread out over time with exact schedule defined around the time of distribution once all the parameters are known.

Conclusion

We understand the controversial nature of this offer and value community’s opinions and feedbacks. We try to make decisions that are fair to all our supporters, while carrying on the mission of the project. Your support is highly appreciated and valued.

Best Regards,

GRAFT Team

New Element of GRAFT Ecosystem – Payout Token

Designing Payout Tokens and Real Time Decentralized Exchange

As we’re working on the design and development of the features defined in the original GRAFT white paper, we are monitoring industry trends, listening to the community, and constantly looking for new ways to enhance and extend functionality of GRAFT network and its applications. Currently, we are in a process of refining several sections of the white paper, adding new features that will help GRAFT become an even more comfortable place for both merchants and buyers. In order to do that, we are designing two very important ingredients: a payout tokens and a real-time decentralized exchange. These two new features will enable optimal flow of funds, either crypto or fiat between GRAFT users on both sides of retail payment transaction. We will publish information about those new elements of GRAFT ecosystem in this blog, in two different posts, before it goes to the next version of the white paper. The first article below describes payout tokens, and the second one, which will be published soon, will describe real-time DEX using atomic swaps on network of GRAFT supernodes. The product roadmap will be also updated along with the publication of the updated white paper.

GRAFT Merchant Token Platform:

Introducing Payout Token

Although recent version of the GRAFT white paper provides pretty detailed definition of merchant token concept, it does not contain (yet) some important details which are described in this article. In addition, we introduce a concept of payout token – a special type of a merchant token that will be used to facilitate merchant payouts in local fiat currency. Before we move to payout token definition, let’s refresh our memories to recollect the concept of a GRAFT merchant token, which is a foundation of GRAFT payout token. Here is the definition from the GRAFT white paper:
In addition to fast and inexpensive transactions, merchants place high value on customer loyalty and branding. This functionality will be enabled by the token layer of the GRAFT currency. The token represents domain (merchant) specific GRAFT use, and offers smart contract-backed functionality like loyalty point accumulation and use, reward points, sale discounts, spending discounts, competitor discounts, coupons and store credit. Merchant token is a predefined smart contract that allows creating a private token that belongs to its owner. Unlike some other smart contracts and token platforms, creation of GRAFT merchant token does not require any programming and can be done by anyone.
Note that merchant tokens are not equivalent to “open” smart contracts: we do not try to build another Ethereum platform. Unlike Ethereum-like smart contracts that can be unpredictably customized through programming, flexibility of merchant tokens is limited to their necessary features, which makes them simple and inexpensive but powerful tool accessible to a merchant of any size – from individuals and small businesses to large retail chains. In addition, the main features of each particular merchant token type will be supported by supernode DAPI and GRAFT wallet and point of sale apps. Thus, those features are going to be available for merchants and buyers “out of the box”.

Stable Value

Since Graft tokens (GRFT) are tradable, when they are used for merchant payouts directly, volatility may become a problem. We cannot ignore the fact that many merchants would like to be able to accept cryptocurrencies but prefer to get paid in their local fiat currency. This is their reality: merchants still need to pay for restocking, utility bills, and employee salaries in fiat. At the same time, they don’t want to be involved in cryptocurrency exchange business, and they need to be isolated from the financial details of the crypto business. In order to finally fill the gap and connect the two worlds – cryptocurrency transactions and fiat currency merchant operations – we have created a concept of a payout token, which represents a local currency and can be transacted on GRAFT blockchain in real time using the supernode tier of the blockchain. Payout token is based on GRAFT merchant token technology, similar to gift, rewards, and other merchant token types.

Underwriting

The main goal for creating payout token is providing an easy and reliable way for merchants to get paid in stable local fiat currencies while avoiding usage of centralized payment processors. Payout tokens are issued and maintained by responsible token underwriters (such as banks). When someone (payout broker, for example) is buying payout tokens from the token underwriter, the company generates a necessary amount of tokens and transfers them to the buyer in exchange to an equivalent amount of fiat currency. When someone (merchant or payout broker on behalf of merchant) is selling payout tokens back to the token underwriter, the company destroys the tokens and pays an equivalent amount of local fiat currency to the seller. Thus, payout token is always backed by sufficient amount of fiat currency, and its price always remains the same and equals to the corresponding fiat currency float. For example, 100 USDG can be always bought or sold for US$100. Payout tokens will be issued by licensed token underwriters only in exchange to equal amounts of fiat currency. Furthermore, the rights to handle particular payout tokens can be delegated (licensed) to local commercial banks or even national governments. At this point, we’re open to partnership inquiries from financial institutions interested in underwriting payout tokens tied to the local currency. Please email info @ graft.network or contact us through other means if you represent an organization that wants to get involved.

Details

VChain name for all payout tokens is always “GRAFT”. Each payout token subtype matches a particular local fiat currency. For example, GRAFT.USDG token (ticker: USDG) matches US dollar. Payout Token Naming Format GRAFT.[Currency Ticker]G Examples:
GRAFT.USDG GRAFT.EURG
 

Vlog Version

Special shout-out to Jose D for making this wonderful video version of this important blog post, making our ramblings little easier to digest. Thanks Jose!!!

Verifone Certification Status Update

After working closely with the Verifone team over the last six months on developing and certifying GRAFT Network integration using Verifone’s brand new Connect application platform, we’re proud to announce passing of the main phase of the rigorous certification process as of the end of last week, making GRAFT one of the first applications on the platform and first one to enable cryptocurrency payments using Verifone’s interactive series payment terminals.

The integration app is running on the RTA Testnet, so not yet compatible with the Mainnet (pending Full Supernode release), and some of the configuration options are pending Verifone platform updates. However, merchants and other eco-system participants can start testing things out in preparation for the launch on Mainnet.

Overall, we’re very happy to be partnering with Verifone, excited about the push into enabling alternative methods of payment and other interactive applications on their formidable new terminal platforms.

The payment terminal space is quickly emerging and going through a transformation of its own, both on the device level with a “Single Unit” (POS/Terminal) conversion and on the software level with application platforms, opening up greater possibilities for innovation!

GRAFT is Now Traded on Stocks.Exchange for BTC and ETH

We’re happy to announce that GRFT is now traded on Stocks.Exchange as our second external exchange with support for BTC and ETH pairs.*

External exchanges play an important role for any token by providing liquidity for miners and a way for new people to get involved with the project, and we want to offer a well-balanced, diversified set of trading exchanges with few more becoming available soon. Having said that, our main focus is on building out the product and the eco-system, including integrating with decentralized exchanges (DEX) in order to achieve the very important in-network interchange and payout functionality.

* Please note that current Stocks.Exchange integration is limited to CLI wallets for GRFT deposits. We’re working with Stocks.Exchange on implementing integrated addresses which include both the receive address and the Payment ID. Integrated addresses are already supported in all GRAFT wallet apps.

GRFT is now tradable on TradeOgre.com

Well, we can’t say we planned on it, but GRFT is now tradable on TradeOgre exchange.

Our focus exchange-wise has been on getting a higher tier exchange that can be a solid part of the GRAFT eco-system for in-network exchanges; however, since GRAFT is a public, decentralized blockchain, if a new exchange that needs to gain some traction in the market decides to list it, there’s little that we can do to stop them. This is what happened with TradeOgre* – they have unilaterally decided to list GRFT, so we woke up to the fact that GRFT was tradeable.

While it came as a surprise, the fact that GRFT is now tradeable allows people who were in for a quick turnaround to get out quickly. We don’t see and never positioned GRAFT as a “turn a quick profit story” so we’re relieved to see the balance shift back to the folks who appreciate GRAFT for its long-term potential.

*TradeOgre is a new budding exchange with little real history, so if you decide to trade, please do so at your own risk.