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!

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.