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Graft: A Global Payment Processing Revolution!

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lunaticpandora
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9 months agoSteemit3 min read

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What is Graft?

The guys behind Graft (Global Real-Time Authorizations and Fund Transfers) are a global, open sourced blockchain project dedicated to becoming a decentralized payment gateway and processing platform for all the world to use.

The fundamental change that the Graft team plans to introduce in their product, is that instead of payments being realized thought addresses like we are used to in blockchain projects instead they are mimicking how the current dominant systems work, their theory is that this will be to ease adoption and increase adoption rates across the globe, since making a payment using Graft is no different to using your debit card or credit card.

So in short words, the main proposal behind Graft, is to ease and speed up crypto currency adoption and to make payments more efficient by making the process similar to what people are already used to but with a backbone in all the blockchain technology we all know and love and are attracted thanks to the freedom and security it provides.


How it Works?

We all know Bitcoin right? It was created as a digital peer-to-peer secure currency or "online cash" but the catch that came with the initial decentralization was the slow transfer times of the network where sometimes you could only have to wait for 10 minutes or multiple hours and lets be sincere here, no one wants to process payments 10 minutes at a time, thats not how you run an efficient business and thats the reason many believe blockchain adoption has not exploded yet, because of the speeds of the transactions but this is not 2008 anymore and many projects out there well aware of the issue are working to fix this and some have found great success.

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The Solution

The team behind Graft offers a relatively simple but innovative solution to the problem, they call it "Real-Time Authorizations" what this does, contrary to other blockchain projects and crypto currencies is process transactions in real time (the target for every transaction is 3 seconds or less, you can clearly see the advantage here when running a business over something like bitcoin, which would take anywhere from 10 minutes to hours to confirm a single transaction) and better yet, all of this is achieved without the customer having to pay those big hefty fees that bitcoin has.

The transaction fee goes to the merchant/the business owner and not the buyer and even then the transaction fee is minimal compared to other crypto currencies, this happens because the merchant is part of the authorization process of the transaction, working like a node himself.


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This post was written for the @originalworks contest found below!

https://steemit.com/@originalworks/680-steem-sponsored-writing-contest-graft

https://twitter.com/LunaticPandora4/status/1018807247579877378

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