Critical Milestone Paves the Way for a Truly Decentralized, Point-of-Sale Ready Payment Processing Network for Digital Assets
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!”
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.