SYS-CON MEDIA Authors: Liz McMillan, Zakia Bouachraoui, Elizabeth White, Pat Romanski, Yeshim Deniz

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GRAFT Announces Public Alpha for SuperNode Based Real-Time Authorizations Layer of GRAFT's Completely Decentralized Payment Network

The first fully-decentralized, multi-currency payment processing network and ecosystem, is today announcing the opening of the public alpha for its Real-Time Authorization (RTA) Network

SHERIDAN, Wyo., Nov. 13, 2018 /PRNewswire-PRWeb/ -- GRAFT (Global Real-time Authorizations and Funds Transfers) Project, the first fully-decentralized, multi-currency payment processing network and ecosystem, is today announcing the opening of the public alpha for its Real-Time Authorization (RTA) Network which enables real-time acceptance of digital currencies, such as Bitcoin (BTC) or Ethereum (ETH), at the point of sale, backed by a completely decentralized payment network. The RTA is a linchpin of the GRAFT project, allowing the real-time transaction authorizations, similar to those done by credit cards. RTA Public alpha opens the testing up to the wider public to further test and optimize its performance and reliability.

GRAFT blockchain is a two-layer (Proof-of-Work and Proof-of-Stake) blockchain designed to enable real-time payments and instant exchanges, providing both the buyer and the merchant with choice of using any digital assets or currencies for payments and payouts. Unlike other cryptocurrency payment solutions, GRAFT Network allows the user to pay with the digital asset of their choice, using the wallet of their choice, while the merchant can get the settlement in currency of their choice (including fiat). Transactions are recorded on the GRAFT blockchain, a CryptoNote-based distributed ledger providing industry leading privacy, and are authorized in real time by a credit card-like real-time authorization (RTA) mechanism, along with a network of exchange brokers that perform currency interchanges through near-instant atomic swaps. The network is free to the buyer and charges the merchant reduced fees compared to traditional credit/debit card processing. All the fee proceeds get divided up amongst the network participants.

"We are very excited about the progress we have made, with key milestones being checked off thanks to a community of developers that are meeting every challenge with a level of determination and teamwork that is admirable," said Slava Gomzin, co-creator of GRAFT and author of "Hacking Point of Sale" (Wiley, 2014) and "Bitcoin for Nonmathematicians" (2016) who originally conceived the idea from his long-term experience in the payment industry and has brought it to bear with fellow technology veteran, Dan Itkis. "With functioning supernodes being put through the rigors, this project is ready for its next stage, which is opening the network and allowing the community at large to participate and test this newly developed, critical layer two function, getting it ready for release to the Mainnet."

The GRAFT network is implemented through a decentralized ecosystem in which participants, including miners, supernode owners, exchange brokers, infrastructure providers, merchants, merchant service providers, and wallet users are rewarded for providing the services needed to make real-time cryptocurrency transactions happen quickly and seamlessly, bypassing the long lag times that cryptocurrencies are known for. In September, the GRAFT team announced that it had achieved its first end-to-end instant (under 2 seconds) transaction on the GRAFT Network alphanet. With the decentralized public network going live, the project will continue to optimize its transaction speeds, streamline communication between the supernodes, and identify and correct bugs in the process. The project will also test and optimize its Supernode "stimulus" program, which, when the project moves into its beta phase, will reward supernode operators with fees from simulated transactions, incentivizing GRAFT community operators to establish and proliferate their nodes, powering the RTA network.

Participating in the GRAFT Public Alpha
Instructions for installing an RTA Supernode can be found here:
https://www.graft.network/alpha-rta-testnet-install-usage-instruction/

For further help with any issues, participants should join appropriate Telegram and Discord channels available on the GRAFT Network website at https://GRAFT.Network.

Individuals and payments industry professionals interested in learning more about GRAFT can read the public whitepaper located at the following URL: https://www.graft.network/wp-content/uploads/2018/10/Graft_White_Paper_3.0_October_2018.pdf.

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.

 

SOURCE GRAFT

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