Our own polling sheds some light on what could be behind people gravitating to crypto for payments: Of course in the critical path of adoption is the infrastructure for crypto acceptance and that happens to be one of GRAFT’s main missions in life. The merchants are looking for seamless integration, fiat (or stable token) payouts, and reporting capabilities.
It’s no secret that GRAFT is not well known around the cryptoverse and even less so outside of it, so it’s very important that we create awareness. We ask you to play your part, leveraging opportunities like the IMF tweet to highlight why GRAFT’s approach and the network it is building is indeed superior and absolutely required for mass adoption.
Unlike other projects that position themselves as a payment network, GRAFT blockchain is about REAL decentralization that yields flexiblity in adoption, a service broker architecture that provides network flexibility, inclusion, and participation opportunities, integration with existing systems and workflows, uncompromising privacy at the core, and addressing the speed and fees issues present in crypto payments today. Please be sure to highlight these aspects of the network out there using these images or your own:
LYRA UpdateWe hit a big first milestone with LYRA DPoS architecture this week – a very early first proof-of-concept version was shown by Slava. LYRA combines delegated proof-of-stake (DPoS), private transactions, and chain collection (no single blockchain!). Why are we working on LYRA now?
There are several reasons for that: 1) we’re in the field that is developing extremely rapidly and favors projects that not only deliver the functionality, but also (and perhaps most importantly) offer technology leadership. 2) A DPoS architecture will be useful in different ways over time, starting tentatively as a sidechain solution for merchant tokens / loyalty programs.
Dear GRAFT supporters,
Q1 2019 was a very busy quarter for the GRAFT team, with the highlight being the launch of the Supernodes on the mainnet in stimulus mode to establish a production-ready network and an upgrade of the mining algorithm. Both went down smoothly. The great news is we have got over 1,000 Supernodes launched and staked in under 2 weeks – it is a fantastic accomplishment and we would like to take a moment to congratulate the team and the community!
Let’s go over other progress and plans that will hopefully help bring things into perspective.
First, there’s the technology track – we are working hard on finishing up and releasing the real-time authorization (RTA) to the mainnet, tentatively end of May. Elements of the RTA (eg. staking transactions and sample selection) are already part of the supernode, pending further optimizations, as well as finishing up the point-of-sale ready RTA flow. We are doing some major internal rework on the clients as well to make them more robust and scalable – we should be able to complete that around the same time or shortly after. We have put out the reference versions of the exchange broker, payment gateway, WooCommerce integration, and are finishing up the payout gateway. We’re finishing a Monero13 merge, which is proving to be very involved this time around. Then there’s the early R&D work on delegated proof of stake (DDPoS) consensus algorithm to make sure that GRAFT stays the most advanced point-of-sale ready crypto payment network on the market, ready to face real-world scaling challenges and additional features like merchant tokens and loyalty programs. Needless to say – we have our hands full.
When it comes to market adoption – we’re not leaving it up the chance either. With 300+ merchants, 100+ merchant service providers, and 50+ exchange and payout brokers waiting in the wings to get started and with efficient channels to get to more, we want to make sure that GRAFT hits the quickest path to adoption possible. While GRAFT’s primary use case relies on facilitating payments with virtual currency using existing payment infrastructure, there are other use cases that could make the merchants act and deploy even faster. Among those are loyalty programs, store refunds, cash backs and cryptocurrency sales, end-to-end vertical solutions, etc. With your help and by conducting merchant outreach early, we can position GRAFT to be in the most advantageous position for market adoption.
We have started the rebranding effort in last quarter and are currently in the process of doing due diligence on availability etc of the names before we put it up for the final vote.
Getting InvolvedThere are three primary ways to get involved with GRAFT at this point:
- Become part of the infrastructure. You can run a supernode, become a merchant service provider, exchange broker, mine, or consolidate multiple of these options under one roof.
- Evangelize. Social media, local meetups, talking to and tweeting at the merchants – anything is fair game – we just ask you to keep the tone professional and thoughtful to convey the quality of the project.
- Put your creative hat on and roll up your sleeves. Help GRAFT network achieve market traction quickly by identifying (and if possible building) the functionality representing the additional use cases you can think of, no matter how small. We’re opening a section on the forum dedicated to the quick traction ideas – please participate.
FundingYou have been asking us about the financial status, and we would like to provide you with a bit of an update.
The most important thing is at this time we have the funding and budget secured for the core development efforts to deliver on the short and mid-term roadmap.
Investment / donation opportunities:
Opportunities remain to invest in GRAFT project with additional funds going towards marketing, liquidity (exchanges), additional dev resources, and new initiatives. If you are a qualified (accredited) investor who’s interested, please contact us at email@example.com and we will work to match you up with an appropriate investment option.
And of course we will never say no to project donations, providing you with lots of karma points (and an honorable mention on GRAFT site). To donate please send an email to firstname.lastname@example.org and we will generate a unique donation address for you.
We have very ambitious goals for Q2 and beyond. Q2 should allow us to see complete end-to-end network in production. Beyond Q2, we will be focusing on filling out the network with service providers, adding user and merchant features and workflows, expanding support for various use cases, improving scalability. From the specific goals for this year, we strive to achieve 100k real RTA transactions this year and 1M next year, subsequently pushing GRAFT to the scale of traditional payment networks.
A lot of GRAFT’s success depends on the community – we rely on the community to stay engaged and active, providing meaningful contributions towards success of the project. The timing is right with the merchants and users around the world looking to add alternatives to traditional payments. The faster we’re able to execute, the more likely the project will achieve success.
And please remember – YOU ARE THE NETWORK!
- Fix Windows compile for libboost-1.69 (#266)
- Fix segfault while syncing blockchain (#271)
- Removed chatty debug messages while updating processing stake transactions (#272)
- fixed shutdown while processing requests (#260)
- changed error to warning for RPC requests from supernode to cryptonode during blockchain based list and stakes synchronization (#263)
Last night we published a report on Medum – Are Merchants Interested in Decentralized Payment Network – Why and What’s Standing in the Way?
The report is a summary of the Merchant Survey we’ve been running for a while and will continue to run in order to gain insights into the market and validate the assumptions we’re making as well as priorities we’re setting for the product development”
Enjoy the read – we hope you find the information useful.
“Claps” are appreciated as they help raise the visibility on Medium
Disqualification flow is a critical part of fair and optimum Supernode sample selection. Please review the current proposal and comment.
As promised, we’re very happy to be delivering the much anticipated big SuperNode release today!It has been an incredible journey with lots of hard work, learning, stumbles, and small victories along the way! We owe a big Thank You to everyone who helped us get here!!!
To get started with the Supernode, you will need to install new GRAFT node and the SuperNode. You’ll find install instructions and binaries in github using links above.
Staking is done via “cold wallet” staking transactions as described in the guide and install instructions. Staking transactions expire based on your preferences and can be added up for a higher tier.
RTA sample is chosen randomly using the staked blockchain based supernode list embodying the real RTA implementation.
The next few months will be spent building up the network using stimulus transactions, flushing out any bugs and vulnerabilities and finishing the workflow. We will then roll out mainnet production-ready external RTA API support along with new wallets around May-June timeframe, to run on top of a robust and stable network.
Public testnet seeds are being upgrade later today at block 287770
The mainnet network upgrade is scheduled for March 20, around 14:00 GMT, @ block 308460
With that, we would like to invite you to take a minute to celebrate with us!
- Supernode communication and tier-based authorization selection
- support for “cold wallet” staking transactions
- RTA fee distribution
- RTA sale transactions external API and flow
- client support
RTA Staking Primer
As we are nearing the “RTA Supernode Mining” mainnet launch, we wanted to take this opportunity to offer some further detail and logic around this upcoming release and the stimulus plan that goes with it.
To remind everyone, the goal of supernode mining release and stimulus plan is to get the network to a robust state ahead of launching the Point-of-sale transaction support on the mainnet.
In reviewing typical returns in the masternode space today, we have seen a wide range of numbers – from 0.6% / mo. on Dash to significantly higher on lesser known masternode coins. Based on market data, the state of our network, fixed costs of running a supernode and other factors, we estimate GRAFT sweet spot to be approximately 4-5% / month at this time.
Now, our measure of a healthy network ready for point-of-sale launch is between 250 and 1,000 active SuperNodes. Too many would mean that the returns would become too small and the supernodes operators would become disinterested. Too few would mean that the integrity of the network would be in question. We also need to make sure that the stimulus returns can be sustainable later with live transactions – for example a 5% return in a 1000 SN network at today’s prices would translate to roughly $5M in sales transaction volume across the network at current GRFT price level.
In summary, we anticipate an initial stimulus package at 2,500,000 GRFT / mo. with the goal of reaching network participation of 500 SuperNodes, at approximately 5% monthly return per SuperNode.
We will reevaluate the stimulus plan periodically during the RTA mining phase as we gather more data. Stimulus transactions will continue into point-of-sale ready mainnet launch and will be phased out as the real network sale transactions ramp up.
RTA stands for Real Time Authorizations (GRAFT’s second layer core functionality)
The stimulus transactions will come out of the Reserves funds.
More Information on Supernode Staking
Update:To clarify what’s included and not included in this Supernode release:
- support for staking transactions (cold wallet)
- RTA authorization sample selection and RTA transactions (using p2p communication protocol and blockchain-based qualification list of supernodes)
- RTA fee distribution
- RTA flow (sale, pay, etc)
- client support