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.

How to Exchange grf:tokens to GRFT Tokens

If you participated in presale or promotion programs and received intermediate NEM Mosaic tokens, please follow those instructions to exchange your grf:tokens to real GRFT tokens (1:100).

1. Download and install GRAFT wallet to receive GRFT tokens

Download Android Wallet

Download Windows Wallet (beta)

Download Mac Wallet (beta)

Install Full Node with CLI Wallet on Ubuntu (for advanced users)

Make sure you select Mainnet.

2. Open NEM wallet and send your grf:tokens to the following address:

ND5PXCUGLQPBVFLAZW7UMTDO6RW6EI5HXS2NNIM2

When creating transaction with NEM Mosaic grf:tokens, put the address of your GRAFT wallet in the MESSAGE field. If you fail to specify the return GRAFT wallet address in Message, your tokens will be lost! Continue reading “How to Exchange grf:tokens to GRFT Tokens”

GRAFT Transactions: How to Transfer Your GRFT Between Wallets

If you read GRAFT white paper, you probably know that RTA (Real Time Authorizations) is one of the main features proposed by GRAFT. Eventually, all GRAFT transactions will be real-time (point of sale purchases) or near real-time (“regular” inexpensive, or in some situations even free fund transfers between user wallets). Now, when ICO is finished, we can finally be fully focused on development of RTA and other important features.

Implementing RTA, however, is not a simple task which requires significant development and testing efforts, and we never promised it will be available at the beginning. Meanwhile, before RTA is available on mainnet, GRAFT wallet users will be able to transfer their GRFT balances between wallets using “traditional”, slow transactions. Such transfer is not available on mainnet for mobile and desktop wallets yet, only on RTA testnet; however, those transfers between mobile and desktop wallets will be available on mainnet by the end of this week.

Note that even now you can use CLI wallet for GRFT transfers by exporting your mobile or desktop wallet and importing it into CLI wallet:

Exporting wallet from mobile/desktop wallet app

To view the mnemonic phrase go to the Settings and press “Show Mnemonic Password” button. The application will ask you to enter your password if the password is correct, you will see the mnemonic phrase.

Installing CLI wallet

See Installing VM and Installing network node and CLI wallet sections of Mining Guide

Importing mobile/desktop wallet into CLI wallet

To restore your wallet via GRAFT CLI, you need to get the mnemonic phrase of your GRAFT wallet and run GRAFT CLI with the following options:

–restore-deterministic-wallet \\allow to create wallet from mnemonic phrase

–electrum-seed “” \\mnemonic phrase of your Graft wallet

Linux/MacOS:

.//graft-wallet-cli –restore-deterministic-wallet –electrum-seed “

Windows:

\graft-wallet-cli.exe –restore-deterministic-wallet –electrum-seed “

Important Changes in GRAFT Design

Combined PoW/PoS (proof-of-work/proof-of-stake) algorithm was one of the most important proposals in the original GRAFT white paper. After getting some real-life experience with running the mainnet since January 16th, and based on feedback received from multiple miners and potential supernode owners, the GRAFT team realized that there is big difference between “combined” and “coupled”. The proposal of the “combined” PoW/PoS was in fact “loosely coupled” PoW/PoS. The problem with coupled PoW/PoS is that the PoW power is mostly consolidated in a few large pools, which limits the ability to create a large number of independent full supernodes. This process of consolidation happened very fast because 1) we use CryptoNote/CryptoNight protocol which is very well known in miners’ community and 2) our project received good attention and massive support of miners community, with many miners spending significant resources to contribute to the network hashrate (which is great!).

With that said, we decided to make the following changes in RTA (“real time authorization”) design:

1. “Decouple” PoW and PoS, so the full supernode will require only the stake (PoS), effectively eliminating the requirement to mine a block in order to run the full supernode. The full supernode will only require a stake (50,000 GRFT) in order to be eligible for processing RTA. We modify the authorization sample selection algorithm so instead of looking at recent mined blocks it will compare the hash of the supernode’s PoS wallet with the hash of the last mined block (height – 30). The main idea here is that the selection is random while the result is deterministic for anyone who calculates the formula. The Tx fee is still equally distributed between the members of the authorization sample; the miner also receives the share of the fee.

2. Introduce 4-tier stake model where a higher tier has a greater chance to be selected into authorization sample, while the selection process is still random.

50,000 GRFT – tier 1

90,000 GRFT – tier 2

150,000 GRFT – tier 3

250,000 GRFT – tier 4

Each tier participates in a random selection of 2 sample supernodes (a total of 8 full supernodes). Thus, naturally, tier 4 supernode has more chances to be selected due to the limited number of tier 4 supernodes. “Empty” spots are filled by the higher level tiers (or lower in absence of higher). This algorithm is also adaptive as it will “regulate” the average number of full supernodes on each level.

3. Allow delegated stake. Balances from multiple wallets can be “delegated” to a single full supernode in order to form a stake significant enough to run a full supernode. The earnings are distributed between the wallets according to their stake share. Minimum balance for delegated stake is 5,000 GRFT.

4. Introduce 2-tier transaction fee. The RTA (“instant confirmation”) Tx fee will be set to 0.5% of Tx amount or 0.01 GRAFT, whichever is greater. RTA transaction is used for real time point-of-sale purchases, in store or online, similar to credit/debit card payments. The regular (“slow”) transfer fee will remain the same: 0.1% or 0.01 GRAFT, whichever is greater, for micropayments (Tx amount less than 1,000 GRFT), and Log(1000) of Tx amount – for Tx amounts greater than 1,000 GRFT. This transaction type is used for transfers between accounts, similar to ACH bank transfers.

Although these changes may resemble some existing implementations of PoS and masternodes, GRAFT solution is still a unique combination of most private blockchain protocol (CryptoNote), advanced principles of PoS and multi-tier networks, and new approach to crypto payment processing with features like low Tx fee, the fee charged to the recipient, functional separation between the Wallet and Point-of-sale apps, various retail transaction types, service brokers, and more. GRAFT development team has already started design and implementation of all the features and changes above.

Sample Earnings / ROI Calculations

As can be seen from this calculator, the full supernode income depends on 1) number of transactions in the network, 2) number of full supernodes in the network, 3) average transaction amount, and 4) the stake tier of the full supernode.

The following were the assumptions for these calculations:

Additional Income Sources for Supernodes

In addition to transaction fees, the full supernode owners can also charge Service Broker fees. Service Broker fees are the fees that customers pay to the full supernode owner in return for Service Level Agreements (SLA) and DAPI access. These fees can be metered or flat, depending on the business arrangement the supernode owner wants to offer. More on this later…

Changing symbol to GRFT and grf:token clarification

To avoid confusion with a defunct Graffiti coin which used symbol GRF, we have decided to change the name of the coin to GRFT.

*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.

ICO Launch Recount, Support for USD, XEM, and Early Bird discount Extension

We’re off to a good start with the ICO, had a strong first day, albeit with few hiccups in the beginning. While we concentrated on getting the MainNet up and running, throwing most of the engineering resources on that, the ICO onboarding platform ended up being a sophisticated project in itself. We had to account for things like:
  1. KYC/AML check – to make lawyers and government happy, and keep the bad guys out
  2. Unique payment wallet addresses to prevent fraud
  3. automated updating of the transaction status
  4. 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

The MainNet is Up! Long live and prosper GRAFT Blockchain!!!

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!!!!!!!

GRAFT MVP Development Status Update January 2018

Happy New Year 2018! It’s time for another update! As we are getting close to the ICO, the development team is focused on ICO related tasks at the moment. Early GRAFT supporters, who participated in token pre-sale, know that we used temporary NEM Mosaic grf:tokens during pre-sale. However, we promised to run main ICO on real network – GRAFT’s own blockchain – and we are going to keep our promise. The mainnet will be launched right before the ICO, tentatively on January 16th, so ICO participants will be able to use GRAFT wallets and receive freshly baked shiny GRF coins.

GRAFT Blockchains

We are creating three networks (blockchains), all of them open for public access:

mainnet – actual GRAFT blockchain, production network. This is the blockchain that carry real GRF transactions.

public testnet – an exact functional copy of mainnet for public testing of mining, supernodes, wallet apps, etc. The public testnet was recently hard forked to the mainnet release candidate version.

RTA testnet – a branch that contains real time authorization and other “next” features that are not yet available on mainnet.

The mobile wallet app can switch between the three networks.

Network Node and Blockchain Protocol

We have made several changes required for supporting the supernode activities as well as important protocol changes. One of the main changes is “X100” – increased emission of GRF. The total supply has been increased from 18 *10^6 to 1.8 * 10^9. Read more about the reasons for this increase in this blog post. Note that the majority of GRF will be still gradually emitted via mining within several years. We haven’t modified the emission curve or the number of atomic units; it’s basically just a decimal point that has been shifted by two positions.

Supernodes and Mobile Apps

We are in the middle of implementation of the most important core feature of GRAFT blockchain: RTA (real time authorization), aka “instant approval”. The initial workflow and DAPI have been developed and will be available for public alpha testing on special separate RTA testnet. The mainnet will support a limited supernode and mobile wallet functions at the moment, until the RTA functionality is fully developed and thoroughly tested and debugged. The payment terminal application will be also available through the RTA testnet. CLI (command line interface) wallet currently supports full funds transfer functionality, and can “backup” the mobile wallet by using import / export functions when necessary.

Solo Mining and Mining Pools

Mining is a key function of successful decentralized blockchain. Both “solo” and “pool” mining will be available at the time of mainnet launch. For people who do not want to create their solo mining rigs but still want to participate in GRAFT mining we are creating two mainnet mining pools. Along with the existing test pool, those mining pools will be maintained by GRAFT team and open for anyone to participate. We also provide assistance for anyone who wants to run their own GRAFT mining pool or become a solo miner and eventually a supernode operator. Please check the testnet page on GRAFT website and Getting Started page on the test pool site for mining instructions. Those pages will be constantly updated with more information and various mining instructions and tutorials. Also, please check GRAFT Youtube channel for mining instructions and GRAFT explanatory videos. Happy GRAFT mining!

1:100 Split

Price Cup of Coffee Bitcoin vs GRAFT

What’s the difference between 0.01 and 1? When it comes to a price of cup of coffee, the difference is pretty substantial.

Over the course of the last month or so, we’ve been talking to users, customers, and potential investors, it became clear that one of the things that bothers people about Bitcoin and other major “investment” cryptocurrencies is that they always require a calculator when trying to pay for anything, as the numbers have a lot of .00 in front of them, with the situation likely to get even worse.

Since we’re targeting the retail segment with GRAFT, we thought it’s important to pay attention to the usability at the point of sale. Even though GRAFT is initially intended to be a “hidden” currency, facilitating a payment using one type of currency into another, longer term it’s possible that it will become more visible, and if it does, dealing with whole number is a whole lot easier than dealing with a lot of decimals.

As an added bonus, this makes the purchase price psychologically more palatable to the investors.

After weighing all pro’s and con’s and doing testing to the algorithms to confirm feasibility, we have decided to go forward with the change.

We’re keeping everything else (emission formula, coin distribution percentages, and valuation) the same, just multiplying the size of emission by 100.

If you have received grf:token so far as part of the Presale, service, or bounty programs, we will apply the split at the time of conversion to the GRF coin.