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!
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.
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.
*The change was first announced on Telegraph and other social media channels around Jan 23, 2018.
To further clarify naming convention, grf:token is a NEM token that was used to transfer tokens to presellers. grf:token was issued pre 1:100 split, so the owners of grf:token receive 100 GRFT’s for 1 grf:token during the exchange.
- KYC/AML check – to make lawyers and government happy, and keep the bad guys out
- Unique payment wallet addresses to prevent fraud
- automated updating of the transaction status
- giving users ability to track their transactions
All these things amounted to quite a hefty engineering undertaking with lots of integrations with third party services. We were diligent and careful selecting partners for these services (KYC/AML and Payment processing), making sure their systems were up to par in terms of maturity, sophistication, reliability, and most importantly security.
However, when you have so many parts that need to come together, and not enough time to test things properly, things do happen, and we had a few last minute hiccups bringing things into production. (Something as simple as number of decimal places can mean a diference between a transaction being accepted by a crypto payment processor and not being accepted)
As the result, we had to pare down on the initial currencies supported to only BTC and ETH.
The good news is that earlier today we were able to add Paypal for fiat payments, and XEM, which brings our currency support to where it needed to be. Because we were late with support for fiat and XEM, we’ve decided to extend the early bird 10% discount by 2 more days.
Finally, we had lots of questions about KYC checks – and we hear you – people just don’t want to give out their personal info! We totally wish we didn’t have to collect it either! Unfortunately in order for us to operate under US jurisdiction, we have to comply with AML (anti money laundering) rules and regulations. Having said that, we’re using the best KYC provider we could find. We looked at their processes and came away very impressed by the systems they’ve designed and their treatment of people’s personal data – they really do try to do the right thing and go a long way to keeping your personal identifying information (PII) private.
With that, we will try to get a little bit of rest now and get back to work to make both the ICO, and this project a huge success!
Sincerely, GRAFT Team
Graft is a rare ICO project with its own blockchain. The team is so dedicated to mainstreaming cryptocurrency and making a merchant-friendly solution that we have developed a blockchain that is built around the merchants’ systems and processes, bringing together the most advanced techniques in the space and resolving the issues with the other cryptocurrencies. Soon, merchants with Graft will be able to accept crypto at the point of sale as easily as they do with cash or credit cards.
Running on its own blockchain sets the GRAFT project apart from its competitors that are based on the ERC20 tokens. As such, the Graft blockchain-based network will not be subject to the underlying Ethereum blockchain conditions such as latency and fees, putting the company in a strong position to be able to offer optimum payment services.
This brings us to the MainNet – the first major milestone and the cornerstone of GRAFT blockchain and eco-system!
We promised, and we delivered! The team has worked tirelessly around the clock for 5 days straight, launching, optimizing, relaunching, until we got to the chain that we could open up to the world.
As of 10pm America Central Time on Jan 16 it finally happened! The baby has been born!! The baby is healthy and all the parents and family are recovering from the huge adrenaline rush and weeks of hard work.
Congratulations to the AWESOME TEAM and Long live and prosper GRAFT Blockchain!!!!!!!