Monday, Jan 21 – GRAFT unveiled the first implementation of an exchange broker – a component of the GRAFT Network ecosystem that allows users to pay with any currency or digital asset, while merchants receive payment in the currency of their choice. The exchange broker serves as the first critical component that relies on GRAFT blockchain two-layer network to execute the point of sale transactions with digital assets in real time.
GRAFT is making alternative payment transactions work in real-time anywhere via instant off-chain authorizations and integration with existing payment terminals, and then settling them onto the blockchain with uncompromising privacy.
Along with the pay-in broker, GRAFT also released a demo application that emulates the process running on a real payment terminal through integration with one of the biggest POS manufacturers in the world – Verifone, and is working on other payment terminals, carrying out the payment using testnet BTC or ETH.
GRAFT Blockchain is built on the idea that the payment industry can benefit tremendously from the democratization brought forward by the blockchain technology, but only when the right technologies are chosen and combined with the accepted industry workflows and systems. In addition to decentralization, GRAFT solves four biggest problems that exist in cryptocurrency at a point-of-sale today – privacy, speed, fees, and integration.
The concept of exchange broker that GRAFT has developed – provides support for any currency that is of interest to both transacting sides (merchant and user) and exchange broker’s function here is to do exchange of currencies in real time for a price both sides agree on. GRAFT coin works as transmission token during the process, facilitating both the real-time decentralized interchanges and staking requirements for the network validators.
See the full blog post and a link to the github repository with install instructions here: https://www.graft.network/2019/01/21/exchange-broker-alpha/
About The GRAFT Network
GRAFT (Global Real-time Authorizations and Funds Transfers) enables a credit card-like payment system for a myriad of digital assets through a decentralized, open source network layered over a dedicated blockchain. GRAFT leverages existing point of sale smart terminals to enable point-of-sale cryptocurrency transactions where merchants can immediately have the tender of their choice brokered and deposited in real time. This is accomplished through the open-source GRAFT Network, which is completely decentralized by design and enables virtually anyone to become a participant and beneficiary stakeholder in GRAFT’s blockchain based processing network. Real-time authorizations and brokering occur thanks to a community of operators, each receiving rewards for their particular services to the network.
The GRAFT Network is dedicated to applying principles of decentralization conceived and implemented by seminal cryptocurrency blockchains like Bitcoin to the payment processing space where the opportunity for innovation and decentralization have a great value technologically and from socio-economic perspectives.For more information on GRAFT and its decentralized point of sale blockchain technology, please visit http://www.graft.network..