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Everything posted by Snider

  1. 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
  2. We call it supernode because it performs more functions than “traditional” network node, and there are different requirements for supernode owners. Yes, Graft network is open and decentralized, and anyone will be able to run a supernode, but there are different levels of supernode and different conditions (and rewards) associated with each level. Proxy Supernode is the “entry level” – everyone can install the supernode software and host Relay supernode. The only requirement is public IP, but this can be achieved even with home network. Proxy supernode does not mine or provide services, but it
  3. Many payment networks such as ACH or PayPal provide free transfers between user accounts which create a huge incentive comparing to cryptocurrencies, which charge users unproportional fees regardless the speed and amount of transaction. This feature is perfectly suitable for transactions with low speed requirements, such as funds transfers between family accounts or remittance of employees’ salaries. In order to be able to compete with traditional payment networks, Graft provides limited free transfers between user wallets. Bitcoin and most other cryptocurrency networks usually cannot “afford”
  4. During a public stage of Pre-ICO, with our Bounty Campaign you can earn GRAFT coins by helping Graft network grow. For early marketing and rewarding active participants of our community, we reserve 25,000 GRAFT. The rate is 1 GRAFT is 0.00262 BTC.How to Participate Learn here the different ways to participate and submit application for the section you selected.You can submit multiple applications for different sections. We will review your application and allocate your Pre-ICO bounty funds accordingly. After you have completed any of the tasks listed, please submit the claim form. After Pre-
  5. Snider

    Graft Pre-ICO

    Why raise money through ICO We have very ambitious plans that include implementing default exchange and authorization brokers, reference e-commerce and point-of-sale integrations, launching Graft debit card, and community credit. Executing on these goals will require funds. We’re incredibly excited to continue working on the technology, putting our fantastic team to work and growing the organization to more great people! Why Pre-ICO We believe in delivering real value at every step of the way. As such, we will be launching the ICO on the real network so people and organizations can purchase
  6. We’ve been getting lots of questions on what differentiates graft from other cryptocurrencies, so we decided to invest the time to thoroughly compare across the characteristics that matter to payment processing applications. It’s important to keep in mind that cryptocurrencies are not inherently better or worse – they were just designed with different use cases in mind. We designed Graft to be the best cryptocurrency for payment processing. The post How Graft is Different from Other Cryptocurrencies and Why is it Better for Payment Processing Applications appeared first on Graft Blockchai
  7. Unlike most crypto payment systems, and similar to traditional credit/debit card processing, Graft payment is divided into two phases: authorization and settlement. Like in credit/debit card world, Graft authorization happens in real time (hundreds milliseconds to a few seconds, depending on various conditions), while settlement is performed later on, usually within 2 minutes (compare to several hours and even days in traditional payment networks). Although there are cryptocurrencies with block (settlement) interval less than 2 minutes, there is no specific reason to reduce it, especially with
  8. Traditional credit and debit cards are accepted by service brokers which are hosted by Graft supernodes as network “plugins”. The supernode network is fully decentralized organization. The service broker, including credit card acceptance broker, is a distributed gateway which has an owner who complies with all necessary regulations. In addition to default “reference” implementation of credit card acceptance broker created and maintained by Graft Foundation, there will be multiple third party implementations that offer similar competitive services. Thus, technically, a single credit card accept
  9. Snider

    Is Graft mineable?

    Yes, Graft is mineable. Unlike most cryptocurrencies, Graft consists of supernodes that process two-phase payment transaction, just like “traditional” credit card payments: real time authorization and settlement (mining). Also, supernodes may host additional brokerage services such as credit card authorizations, instant exchanges, and merchant payouts. Supernodes receive mining reward for each solved block, but they do not earn transaction fees from mining. Transaction fees can be earned by processing real time transaction approvals. Supernode is allowed to participate in real time authorizati
  10. 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 th
  11. 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 f
  12. 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? The post First set of SuperNo
  13. 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. The post New version of Graft
  14. 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! The post We’re off to the races! appeared first on Graft Blockchain. View Original Post
  15. 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. The post How crypto payments are infiltrating the $60bn global art market appeared first on Graft Blockchain. View Original Post
  16. Snider

    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 o
  17. 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 fo
  18. 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 s
  19. 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 reachi
  20. Graft white paper is now available at GitHub and open for public comments. Anyone can suggest changes to enhance the idea and improve the implementation. The post Graft white paper is available at GitHub appeared first on Graft Blockchain. View Original Post
  21. Snider

    ICO vs VC

    Interesting article about ICO (Initial Coin Offering) which is a new form of VC (Venture Capital) investment performed using cryptocurrency. As of early June, blockchain-related startups have raised $327 million through ICOs, more than the $295 million blockchain entrepreneurs have raised through VC funding. The post ICO vs VC appeared first on Graft Blockchain. View Original Post
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