Earlier this week, GRAFT opened up the testnet for its marquee feature – RTA, which stands for Real-Time Authorizations. The functionality has been much anticipated and was predated by the launch of the Supernode network back in March of this year. The underlying PoW network has been on mainnet since February 2018.
GRAFT is a two-layer PoW+PoS blockchain designed to offer a decentralized version of credit card networks, developed a proof-of-stake network of Supernodes (what GRAFT is calling their master nodes) that capable of performing off-chain functions like payment authorizations, instant pay transactions, interchanges, and support various types of service brokers providing services to the network. The network currently counts to the tune of 1,600 active Supernodes.
While Dash has had InstaSend transactions for a while, it is built on top of Bitcoin blockchain, which is not a privacy blockchain. Dash added PrivateSend, but it’s an optional feature and will roll back to non-private if PrivateSend doesn’t go through as determined by the network.
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GRAFT is the first project to our knowledge that has succeeded in building a second layer proof-of-stake network on top of Monero/Cryptonote stack. GRAFT Supernodes functionality is mainly geared at retail, where the speed of the transaction is key. They also believe that all the point of sale transactions should be private “in transit,” but especially “at rest” (Infosec speak).
Instant Pay at point of sale is not the only attraction of the blockchain however – GRAFT team claims that the network will also be able to handle real-time in-network currency exchanges via a built-in DEX so that the merchants can get paid out in the currency of their choice, and fixes another big shortcoming that blockchains have at point of sale – unpredictable fees.
The project already integrated with two dominant payment terminal providers – Verifone and Ingenico, having received Verifone’s coveted certification.
More information on GRAFT Real-time Payment Blockchain at GRAFT.Network
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