GRAFT Announces Key Milestone for Cryptocurrency Transactions: The First Instant Payment on a Decentralized Payment Network
Sep. 11, 2018
SHERIDAN, Wyo.--(BUSINESS WIRE)--Sep 11, 2018--GRAFT, the blockchain payment network innovator offering the first fully-decentralized, multi-currency payment processing network and ecosystem, is today announcing that it has achieved its first end-to-end instant (under 2 seconds) transaction on the GRAFT Network alphanet, a critical milestone which serves as a precursor to enabling the use of cryptocurrencies like Bitcoin at the point of sale using existing smart payment terminals. GRAFT (Global Real-time Authorizations and Funds Transfers) is a universal payment blockchain designed to support the larger crypto-ecosystem and global merchants by providing “last mile” bridge between users of cryptocurrencies (such as Bitcoin, Ethereum, Dash, Monero, and several others) and merchants using existing point of sale terminals, creating a credit card-like Real Time Authorization (RTA) system for transacting with digital assets. This is accomplished on the GRAFT Network, an open source payment network where the buyer pays using the digital asset of their choice, and the merchant receives a payout in the currency of theirs (cryptocurrencies as well as local fiat tender such as US Dollars, Euros, Australian dollars, Pound sterling, Swiss francs, Japanese yen, and any others), while reducing fees compared to traditional credit/debit card transactions, and enabling value-add services like loyalty programs, or person-to-person credit.
“We are excited to announce that RTA transactions are now working end-to-end for the entire sale workflow,” said payment technology veteran, and GRAFT Co-creator, Slava Gomzin, author of “Hacking Point of Sale.” “The system is stable with it taking just a couple of seconds to get approval on both wallet and the point of sale as expected. This is a huge milestone, not just for our alpha test, but it represents a key breakthrough making virtually any digital asset useful at the point of sale by solving the key challenges of transaction speed, fees, and volatility. We will continue to make improvements as we move towards the GRAFT Network beta release, but we are happy to reveal that the first instant payment on a private CryptoNote blockchain is now a reality!”
“GRAFT is producing a real time authorization and brokering system (similar to how credit card networks function) that not only addresses the issues that have been stopping merchants from accepting digital assets but opens up the entire payment processing space to a shared economy model, similar to what Uber and Airbnb have done for taxi and hotel industries,” said GRAFT Co-creator Dan Itkis. “The ability to both accept payments and do the exchange in real time is truly the first-of-a-kind game-changer type of solution for the cryptocurrency space.”
With the RTA milestone now behind the development team, GRAFT is ticking a major checkbox on their roadmap to the construction of the first truly decentralized payment network, where the transactions completely align with the merchant processes and there’s no single provider behind the service that can get hacked, shut down, or manipulated.
For more in-depth details on the GRAFT RTA alpha, please visit the GRAFT Blog at https://www.graft.network/2018/09/07/graft-development-status-update-september-2018/.
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 opportunities 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 www.graft.network.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180911005291/en/
CONTACT: for The GRAFT Network
Isaac Lopez, 360-576-5475
KEYWORD: UNITED STATES NORTH AMERICA WYOMING
INDUSTRY KEYWORD: WOMEN OTHER CONSUMER TECHNOLOGY ONLINE RETAIL DATA MANAGEMENT INTERNET NETWORKS SOFTWARE OTHER TECHNOLOGY SECURITY SMALL BUSINESS PROFESSIONAL SERVICES BANKING FINANCE TEENS RETAIL SPECIALTY OTHER RETAIL CONSUMER MEN
SOURCE: The GRAFT Network
Copyright Business Wire 2018.
PUB: 09/11/2018 08:00 AM/DISC: 09/11/2018 08:01 AM