First of all, untraceability is not a feature of any cryptocurrency. As of today, CryptoNote is perhaps the only protocol that enables full privacy and untraceability. The beauty of Cryptonote is that it hides the details of transaction while still preventing double-spending. This is achieved through the use of key image which is unique “fingerprint” that represents the spending address and amount without disclosing any details about the buyer or the amount. By providing the key image for upcoming transaction to the network of supernodes, the buyer’s wallet will temporarily “lock” its “account”, so no other transaction with the same key image can happen until the locked transaction is settled or the lock is removed. If the buyer will try to finalize the transaction with the key image different from the one used in the original lock, such transaction will be rejected by the supernodes. On the other hand, the key image does not contain any information about the buyer, buyer’s wallet, or recipient (merchant). In addition, any traces of communication between the buyer (wallet app), the merchant (point of sale app), and the supernodes (selected proxy and sample supernodes) during authorization phases are completely removed once transaction is settled (written into the blockchain). Even transaction fees paid by merchant to authorizing supernodes are hidden from public view, which is another major privacy improvement comparing to all previous CryptoNote implementations that do not hide transaction fees.
We call it supernode because it performs more functions than “traditional” network node, and there are different requirements for supernode owners. Yes, Graft network is open and decentralized, and anyone will be able to run a supernode, but there are different levels of supernode and different conditions (and rewards) associated with each level.
Proxy Supernode is the “entry level” – everyone can install the supernode software and host Relay supernode. The only requirement is public IP, but this can be achieved even with home network. Proxy supernode does not mine or provide services, but it can be useful for several purposes; for example, as a trusted relay for those who have highest privacy requirements, so they can host their own “wallet server”, or for large merchants as a “store server” for even faster transaction processing.
Miner Supernode can generate revenue by earning block rewards. The only requirement (in addition to public IP) is higher computing power required for PoW mining. Miner supernode is the last step before the next and highest level.
Full Supernode is both miner and service provider. It cannot perform its instant authorization functions or service brokerage (credit card acceptance, for example) without mining. In addition, performing Full functions requires a stake – collateral balance associated with supernode address. Hence combined PoW/PoS. Miner supernode can mine without a stake but it won’t be able to provide services, i.e. it won’t be able to earn transaction and service fees. Note that Graft miner does not receive transaction or service fees, only block rewards. Transaction and service fees are only paid to Full supernode that mines, has a stake, issues instant approvals, and hosts network service brokers.
Many payment networks such as ACH or PayPal provide free transfers between user accounts which create a huge incentive comparing to cryptocurrencies, which charge users unproportional fees regardless the speed and amount of transaction. This feature is perfectly suitable for transactions with low speed requirements, such as funds transfers between family accounts or remittance of employees’ salaries. In order to be able to compete with traditional payment networks, Graft provides limited free transfers between user wallets. Bitcoin and most other cryptocurrency networks usually cannot “afford” free transactions for three major reasons:
Lack of incentive for minersThreat of DOS attacksUncontrolled growth of blockchain
Graft resolves the first problem by logical separation between payment and transfer, so supernodes (miners) receive transaction fees for instant payments which constitute the majority of all transactions, while free transfers are processed “on the background” with lower priority.
The second problem with DOS threat is resolved by voluntary user identification and authentication. Of course, there are no free lunches, so the users should “pay” by providing their identity to the network to ensure the reasonable use (by limiting the number and frequency of free transfers per user) and prevent the network abuse. However, using zero knowledge proof authentication technology will allow users to prove their identity without compromising their privacy.
The last problem with uncontrolled block size growth is resolved by a complex of measures: small block interval, unlimited block size, and standard restricted transaction size for particular transaction types such as free transfer. In addition, one of the sides of the free transfer must prove that they contributed to the network by conducting “commercial” payment transaction types in the past.
During a public stage of Pre-ICO, with our Bounty Campaign you can earn GRAFT coins by helping Graft network grow. For early marketing and rewarding active participants of our community, we reserve 25,000 GRAFT. The rate is 1 GRAFT is 0.00262 BTC.How to Participate Learn here the different ways to participate and submit application for the section you selected.You can submit multiple applications for different sections. We will review your application and allocate your Pre-ICO bounty funds accordingly. After you have completed any of the tasks listed, please submit the claim form. After Pre-ICO ending on October 15, 2017 you will receive a reward certificate electronically signed by the Graft Foundation. The reward certificate then can be redeemed to GRAFT coins within 30 days after Graft production network launch. The redemption can be done by submitting the reward certificate and providing the Graft wallet address using redemption form
Campaign Categories Phase 1 (current)Start date: August 23, 2017; End date: October 15, 2017
- Ambassadors – 10,000 GRAFT
- Translations and Signatures – 5,000 GRAFT
- Twitter – 10,000 GRAFTFacebook – 10,000 GRAFT
- LinkedIn – 2,500 GRAFT
- Reddit – 2,500 GRAFT
- Media Publications – 10,000 GRAFT
Ambassadors CampaignAmbassadors Bounty Pool = 10,000 GRAFT Reward: 200 – 2000 GRAFT, depending on proposed scope
RequirementsKnowledge of the concept and sharing the philosophy of Graft project Activity in blockchain or/and payment industry for at least 2 years
ResponsibilitiesInform the audience of your language group about the concept and philosophy, concept and operational nuances by communicating on subject-related resources and answering questions via e-mail.
To become an ambassadorIf you decided to become an ambassador of the Graft project, please apply by email to email@example.com. In the message specify your personal info (name, country, working language, background in the blockchain or/and payment industry)
Translations and SignaturesTranslations Bounty Pool = 5,000 GRAFT White Paper Translation = 100 GRAFT To become a translator submit your white paper translation application Announcement or channel translations, signatures: send email to firstname.lastname@example.org
Twitter CampaignTwitter Bounty Pool = 10,000 GRAFT
Twitter RequirementsYour Twitter account must have at least 100 followers. Following Follow Graft official Twitter account @graftnetwork https://twitter.com/ graftnetwork, like 2 recent tweets, and retweet the latest tweet: 2 GRAFT Likes, Retweets, and Mentions For every Like+Retweet or Mention:
- 0.3 GRAFT for 100-200 followers
- 0.5 GRAFT for 200-500 followers
- 1 GRAFT for 500+ followers
How to ParticipateSubmit Twitter Application We will review your application and allocate your Pre-ICO bounty funds accordingly.
Facebook CampaignFacebook Bounty Pool = 10,000 GRAFT
Facebook RequirementsYour Facebook account must have at least 100 followers/friends.
FollowingFollow official Graft Facebook page https://www. facebook.com/Graft-460292407666720/, like 2 recent posts, and share latest post: 2 GRAFTLikes, Shares, and Original Posts For every Like/Share or Original Post:
- 0.3 GRAFT for 100-200 followers
- 0.5 GRAFT for 200-500 followers
- 1 GRAFT for 500+ followers
LinkedIn CampaignLinkedIn Bounty Pool = 2,500 GRAFT
LinkedIn RequirementsYour LinkedIn account must have at least 100 followers.Following Follow official Graft LinkedIn page https://www. linkedin.com/company-beta/24791196/, like 2 recent posts, and reshare latest post: 2 GRAFTLikes, Shares, and Original Posts For every Like/Share or Original Post:
- 0.3 GRAFT for 100-200 followers
- 0.5 GRAFT for 200-5,000 followers
- 1 GRAFT for 500+ followers
How to ParticipateSubmit LinkedIn Application We will review yourapplication and allocate your Pre-ICO bounty funds accordingly.
RedditCampaignReddit Bounty Pool = 2,500 GRAFT
Following and UpvotingFollow Graft official Reddit community r/Graft at https://www.reddit.com/r/Graft/ and upvote all its posts: 2 GRAFT
Posts and UpvotesPost a topic in r/Graft reddit community https://www.reddit.com/r/Graft / related to Graft or/and cryptocurrencies or/and blockchains:
- If the post gets over 2 upvotes: 0.3 GRAFT
- If the post gets over 5 upvotes: 0.5 GRAFT
- If the post gets over 10 upvotes: 1 GRAFT
- Reddit account must have at least 10 karma.
- You must upvote all positive posts in r/Graft daily.
- You cannot post more than twice a day.
How to ParticipateSubmit Reddit Application We will review your application and allocate your Pre-ICO bounty funds accordingly.
Media PublicationsMedia Bounty Pool= 10,000 GRAFT If you publish an article about Graft on the website of a big media outlet, you will earn 100 GRAFT or more, depending on the quality or the article and the reach of the media outlet. We will rate every article separately. If you want an estimation of rewardcreceived prior to posting the article, submit your article text andcthe name of the media outlet via e-mail: email@example.com. You can claim your reward by submitting an article link to the same email.
Why raise money through ICO
We have very ambitious plans that include implementing default exchange and authorization brokers, reference e-commerce and point-of-sale integrations, launching Graft debit card, and community credit. Executing on these goals will require funds. We’re incredibly excited to continue working on the technology, putting our fantastic team to work and growing the organization to more great people!
Why Pre-ICO We believe in delivering real value at every step of the way. As such, we will be launching the ICO on the real network so people and organizations can purchase real cryptocurrency. For this to happen we need to invest more into engineering, operations, legal, and other processes. Pre-ICO will give us the few extra months that are needed to get ready and set us and our users up for a successful ICO. Participating in Pre-ICO We’re offering substantial discounts to early backers. If you’re interested in pre-sale, please send us your name, email, phone number, and the amount that you would like to purchase to firstname.lastname@example.org. About Graft Coin Graft is a cryptocurrency that will be traded on the cryptocurrency exchanges. Like other cryptocurrencies, graft represents a digital token that can be used to pay for products, services, and transactions in place of fiat currencies. Owning graft coin will not represent ownership in Graft Foundation.
We’ve been getting lots of questions on what differentiates graft from other cryptocurrencies, so we decided to invest the time to thoroughly compare across the characteristics that matter to payment processing applications.
It’s important to keep in mind that cryptocurrencies are not inherently better or worse – they were just designed with different use cases in mind. We designed Graft to be the best cryptocurrency for payment processing.
Unlike most crypto payment systems, and similar to traditional credit/debit card processing, Graft payment is divided into two phases: authorization and settlement. Like in credit/debit card world, Graft authorization happens in real time (hundreds milliseconds to a few seconds, depending on various conditions), while settlement is performed later on, usually within 2 minutes (compare to several hours and even days in traditional payment networks).
Although there are cryptocurrencies with block (settlement) interval less than 2 minutes, there is no specific reason to reduce it, especially with Graft built in “always on” real time authorization system. First, very short interval complicates the block generation and PoW process, as a lot of supernodes must communicate each other and agree on the new block, so with very short interval the network latency will start affecting the process. Second, reducing the interval still does not resolve the real-time authorization (“instant confirmation”) problem. Even with 30 seconds interval, it is still too long for real time payments (credit card authorizations are in a range of hundreds milliseconds to a few seconds), not to mention the fact that 1 confirmation (1 block) is still not enough to mitigate the risk of fork for significant amounts. So special additional technology is still required to resolve the real-time authorization problem. Graft resolves this problem by implementing a scheme called authorization sample, which is a group of supernodes that is selected by special Proof of Work/Proof of Stake algorithm from a larger pool of candidates.
The supernodes in authorization sample must match several criteria in order to prove their loyalty to the network:
Must be an active miner – solve at least one block within last 1440 blocksMust maintain a collateral (“stake”) deposit account with 1000 graftMust be “always on” (99% of the time within last 48 hours)Must have a public IP
The authorization sample supernodes validate the transaction and guarantee that the buyer cannot spend the same money more than once until the transaction is settled (added into the block which is written into the blockchain). The settlement is performed by the mining part of the supernode within 2 minutes.
Traditional credit and debit cards are accepted by service brokers which are hosted by Graft supernodes as network “plugins”. The supernode network is fully decentralized organization. The service broker, including credit card acceptance broker, is a distributed gateway which has an owner who complies with all necessary regulations. In addition to default “reference” implementation of credit card acceptance broker created and maintained by Graft Foundation, there will be multiple third party implementations that offer similar competitive services. Thus, technically, a single credit card acceptance broker is not fully decentralized service but it is running on decentralized, distributed, and diverse service platform. In addition to traditional credit and debit cards, Graft is designing and implementing its own crowdfunded credit card eco-system which will be fully decentralized.
Yes, Graft is mineable. Unlike most cryptocurrencies, Graft consists of supernodes that process two-phase payment transaction, just like “traditional” credit card payments: real time authorization and settlement (mining). Also, supernodes may host additional brokerage services such as credit card authorizations, instant exchanges, and merchant payouts. Supernodes receive mining reward for each solved block, but they do not earn transaction fees from mining. Transaction fees can be earned by processing real time transaction approvals. Supernode is allowed to participate in real time authorization process only after successfully solving a new block.
There are several major differences between Graft and Dash, but all of them are focused on the Graft’s mission to be as close as possible to the “real world” of retail, hospitality, gas stations, convenience store, or restaurant payments.
Dash’s InstandSend is an optional feature, which is implemented on top of the blockchain network protocol as a 2nd application tier. Therefore, Dash transaction can be processed in two ways: InstantSend authorization or “regular” send. If InstantSend fails for any reason, transaction is sent through the regular slow path. Such a scheme is not acceptable in the “real world” of payments. In order to “compete” with the dominance of credit cards, crypto payments must be always approved instantly. Unlike Dash, Graft real time authorization is a built-in feature: all Graft transactions are approved in real time, within a range between several milliseconds to a few seconds, depending on the merchant settings. Thus, both online and brick-and-mortar merchants and their customers can always rely on Graft real time authorization. The buyer is required to pay an additional fee in order to process the payment faster using InstantSend. Graft transaction is always approved in real time, and such approval does not require any additional fee. A small symbolic flat fee is paid by the merchant (similar to the credit card fee in the “real world” but significantly lower), which enables an an adoption of Graft for micropayments. Like in the world of traditional payments with credit and debit cards, the buyer (sender) does not care about the fee rate or complexity of the fee structure, which allows much higher conversion rates and better buying experience. Dash has another optional feature called PrivateSend which also requires additional configuration efforts and extra fees from the sender (buyer). Unlike Dash, which is based on Bitcoin code, Graft is based on CryptoNote protocol and Monero code, which provides incomparably higher level of privacy, untraceability, and unlinkability of transactions, right “out of the box”, without any additional actions or fees required from either buyer or merchant. Thus, each payment on Graft network is “visible” only to the buyer and merchant involved in this particular payment, just like in the real world of credit card payments, or in fact even better as there is no central authority in between. Unlike Dash, which is mainly a cryptocurrency with some optional features, Graft is an open payment platform that allows merchants to accept various methods of payments such as other cryptocurrencies and credit/debit cards. Different merchant payout options in altcoins of local fiat currencies will be also available through Graft point of sale app and Graft service brokers. Graft wallet users can also instantly exchange other cryptocurrencies or fiat currencies as part of the payment transaction.Graft payment processing flows and transaction types are atypical for cryptocurrencies but very usual for the brick-and-mortar and ecommerce merchants; those flows have been designed to allow an easier adoption by the mainstream merchants and consumers, without the need for any centralized intermediaries (payment processors) which defeat the basic principle of cryptocurrencies – decentralization. Unlike other cryptocurrencies that provide a single wallet app, which is typically used for both sending and receiving payments, Graft separates those functions, just like in the “real world”, between buyer’s wallet app and merchant’s point of sale app. So the users with different interests will never be confused by the “opposite” features they never use, such as top up in the wallet or payout in the point of sale. And finally, the network of Dash masternodes is based on Proof of Stake, while Dash miners still use Proof of Work. The owner of each masternode is required to pledge 1000 coins (~ $200,000) in order to be able to perform InstantSend or PrivateSend. Unlike Dash, all Graft network nodes are both instant authorizers and miners, and so they earn their right to issue real time payment approvals by successfully mining blocks. Thus, both real time authorization and mining are enabled by Proof of Work, which makes the whole system more fair and secure.