How is Graft different from Dash?

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.

Check out Graft FAQs page to find answers to most important questions about new crypto payment network

Graft FAQs:
– Is Graft a cryptocurrency or decentralized point of sale system? – How is Graft real-time (“instant”) authorization within a few seconds possible with 2 minute block interval? – It looks like in order to process real-time authorization Graft needs to put a “lock” on buyer’s account. How does it not violate one of the main goals of any cryptocurrency system – untraceability? – Has the Graft team ever considered using Ripple transaction protocol as an underlying blockchain settlement mechanism? – Graft mobile wallet and point of sale do not contain the full copy of the blockchain for obvious reasons. Does it mean the wallet content is stored on supernodes which may compromise its security and privacy? – Is the Graft supernode sample authorization scheme similar to Ripple’s consensus process?
– How Graft is different from Dash?

First set of SuperNode API’s is up, POS and Wallet App development begins

It’s been a very busy few days!  The progress has been outstanding however!  We have first pass on the SuperNode complete and API’s are ready for mobile developers to integrate with!!
Meanwhile we’ve been working on designing the apps wireframes and workflows, iteration after iteration.  The goal is to have a super simple but functional POS app and the same for the wallet.  Here’s what we have so far:
 Just got out of the meeting with mobile developers where we flushed out final set of details, ready to get to work!  ETA 14 days.  How’s that for speed to market? 🙂

New version of Graft white paper reveals more details about the Graft real time transaction authorization protocol

New version 1.1 of Graft white paper has been released on Github. The updated white paper reveals more details about the Graft real time transaction approvals and other payment platform features.
Changes since the last version:
  • Relay supernode definition
  • Additional details about real time authorization mechanism
  • Authorization sample definition
  • authorization sample selection algorithm
  • Supernode Rewards
  • Decentralzied crowdfunded credit cards
  • Merchant (domain) tokens
Graft: Decentralized, Real-time Credit, Debit, and Crypto Payment Processing Network.

We’re off to the races!

Happy to announce that yesterday we’ve completed first step (in series of many) – we have successfully forked and compiled Monero blockchain, and generated a genesis block!!!!
We’re talking Proof of Concept and the test network at this point, but this was a critical step in figuring out whether we’d be able to use Monero as the basis for Graft and it looks like we’re clear!
Houston, we’re go for launch!

How crypto payments are infiltrating the $60bn global art market

Cryptocurrencies are entering mainstream merchants slowly but surly.
Eleesa Dadiani owns and runs an art gallery in London’s famous Cork Street.
In a first for the tradition-bound art world of Cork Street, her international clientele will have the opportunity to pay using Bitcoin, the digital cryptocurrency underpinned by blockchain technology.The gallery will also accept other cryptocurrencies such as Ethereum, Ethereum Classic, Dash, Litecoin, and soon, Monero.

Merchant Tokens

One of the most interesting things that modern blockchains do well and Graft will take full advantage of is building multi-level currencies with help of smart contracts.  These domain specific currency derivatives (tokens) fit naturally with the merchant business of promoting loyalty, stimulating repeat business, and enabling suppliers.  With that I’d like to look at adding this new section to the white paper:
Merchant (Domain) Tokens
In addition to fast and inexpensive transactions, merchants place high value on customer loyalty and branding.
This functionality is enabled by the token layer of the Graft currency.  The token represents domain (merchant) specific Graft use, and offers smart-contracts backed functionality like loyalty point accumulation and use, reward points, sale discounts, spending discounts, competitor discounts, coupons, etc.
A coffee chain for example could create a merchant token and attach promotion rules that would provide a patron ability to get discounts on iced drinks at given time of the day, it would tally the purchases with the establishment and offer rewards based on activity or non-activity.
Finally, Graft Domain Tokens would provide a very efficient mechanism for couponing by allowing the merchants to open up the coupon creation and assignment rules within their domain network.

(Possible) upcoming Bitcoin fork explained

 
Good article explaining in layman terms the (possible) upcoming Bitcoin fork – a possibility to get two versions of the popular cryptocurrency due to the split of Bitcoin community.
The risk is that Bitcoin could effectively split in two, with one type becoming incompatible with another, ultimately undermining confidence in the project altogether.
The issue is that Bitcoin’s underlying technology has an in-built constraint: the ledger of past transactions, known as the blockchain, can have only 1MB of data added to it every 10 minutes.
Some software developers have favoured reorganising the format of Bitcoin transactions to make the blockchain more efficient. However, critics say it would deliver only a temporary respite while adding an extra level of complexity.

AlphaBay, the most popular marketplace on Dark Web, shut down by law enforcement

According to the Wall Street Journal, AlphaBay shut down on July 4.
AlphaBay was founded in December 2014, taking the place of the Silk Road Marketplace, which was seized by the FBI in October 2013. Andrei Barysevich, a director at the threat intelligence company Recorded Future Inc., told the Wall Street Journal that AlphaBay not only focused on the sale of drugs, but also allowed the advertising of products and services that other underground markets banned, such as stolen credit card numbers and online fraud tutorials. The researcher stated that AlphaBay sold more than $5 million worth of stolen credit card information in the first half of 2017 alone.

Is Ethereum Getting Crushed?

Interesting article saying that in fact Etherium isn’t crushing.
In case you missed it, yesterday, Business Insider published an article entitled “Ethereum is Getting Crushed.” If you give the article a casual glance, the piece seems to be heralding the downfall of ether (the value token of the Ethereum blockchain, and the latest darling child of cryptocurrencies). The author, Jonathan Garber, supports this claim with the following:
– The cryptocurrency is trading at its lowest level in more than a month; – Ether is down 9.9 percent, at $215/ether; – Ether has fallen more than 45% since reaching a record high of nearly $400 on June 13.