MVP Development Status Update

We would like to update the community on the status of Graft blockchain development. We have made a lot of plans and promises, and now it’s time for our dreams to start coming true. In order to achieve our ambitious goals, we have put together an efficient team of very talented and experienced developers. Two of them came from Monero project, which is very important for us as we forked the blockchain from Monero, and there will be many blockchain protocol changes.

Network Node, Testnet, and Blockchain Explorer

As an important milestone, we have finished some initial blockchain code modifications which allowed us to set up a public testnet with the first Graft block explorer.

While the testnet is open for access from the Internet, we have not published yet any information on node/supernode setup, configuration, and connectivity since we are still frequently updating it, and we would like to make sure it is stable enough to be open for public view and alpha testing. We will notify everyone once we publish the instructions so anyone will be able to connect and test the basic network.

Supernode

The majority of the work, however, currently is concentrated in supernode code which is — unlike network node forked from Monero — being designed from scratch. The proof of concept supernode was written in Python for the sake of rapid prototype development. After thorough review, the team decided to refactor the supernode code in C++ in order to keep a single technology stack and optimize the development process and network performance. Although the supernode and network node are based on the same technology stack now, the supernode is still deployed as a separate process (daemon), and we intend to keep it this way, at least for the near future.

Mining

Also, we are working on instructions for miners, including GPU and mining pools. Initially, it will be possible to mine on CPU, so the entire full supernode can be hosted on single machine. That’s how the typical testnet supernode is configured. On the mainnet, however, the network hashrate will grow fast, which will require GPU, then multiple GPU, and eventually mining pools to be set up in order to efficiently mine and maintain the full supernode. We are working on providing instructions for GPU miners as well as creating a first mining pool. The GPU mining machine can be detached from the supernode, which enables a hybrid “on premise/cloud” configuration, where, for example, the GPU mining rig is located at home while the supernode is hosted in AWS.

Mobile Wallet, Point of Sale, and Payment Terminal Apps

Finally, we are working on development of client applications, which include wallet and point of sale mobile apps that should look familiar from the PoC phase, as well as new apps running on payment terminals such as Verifone, Ingenico, Equinox, and AnywhereCommerce. Those new apps are going to be different from our existing mobile apps as they are going to be tailored to particular terminal hardware/OS/API/SDK and mostly integrated with third party point of sale software. The terminal apps are very important as they will open the door to the mainstream merchants including top tier retailers. Here is how the typical terminal app will interact with Graft blockchain:

We are still on initial design phase with those apps, but we believe we will be able to demonstrate the working prototypes before the ICO. Stay tuned!

Summary Comparison of GRAFT Blockchain to Other Payment Solutions

GRAFT VS RIPPLE AND OTHERS: FOCUS ON BUYERS, MERCHANTS, AND THEIR PRIVACY

SINCE GRAFT USES CRYPTONOTE PROTOCOL, HAS THE MONERO COMMUNITY INDICATED SUPPORT FOR GRAFT?

ARE TENX AND OTHERS CRYPTO CARDS COMPETITORS?

HOW GRAFT IS DIFFERENT FROM OTHER CRYPTOCURRENCIES AND WHY IS IT BETTER FOR PAYMENT PROCESSING APPLICATIONS

HOW IS GRAFT DIFFERENT FROM DASH?

CASH, DEBIT, CREDIT, MOBILE, BITCOIN, OR GRAFT?

FEATURE COMPARISON – GRAFT VS. OTHER CRYPTO-CURRENCIES FOR PAYMENT PROCESSING APPLICATIONS

Since Graft uses CryptoNote protocol, has the Monero community indicated support for Graft?

While Graft supernode code is being written from scratch, the blockchain CryptoNote implementation codebase is forked from Monero. We do not anticipate a direct and immediate Monero community support. However, we believe that our project attracts people from CryptoNote communities as it adds a lot of features that are not available in existing CryptoNote implementations. One example of such a feature is real-time authorization (instant confirmation). Another example is hidden transaction fee amount, which is exposed to public view in all existing blockchains. This table compares Graft with Monero, Bitcoin, Dash, and other cryptocurrencies. However, there are even more important features that are not simply enhancements of the CryptoNote protocol. No one needs just another blockchain, even if it provides better privacy. But Graft is much more than just “another blockchain”. Graft is innovative payment application platform which supports various payment and payout methods, either traditional or innovative. While providing “reference”, default implementations of applications and services, Graft ecosystem is open for any software vendors and service providers. We believe in diversity of payment methods and cryptocurrencies.

In order to process real-time authorization (instant confirmation) Graft network puts a “lock” on buyer’s account. How does it not violate one of the main goals of any cryptocurrency system – untraceability?

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.