Today, Graft, a first global, open sourced, payment gateway blockchain network designed for Point-of-Sale, announced that it would launch an Initial Coin Offering, or ICO, program to raise funds for the growth of its groundbreaking blockchain-based payments business. The ICO is scheduled to begin on January 18, 2018.
DALLAS, Jan. 15, 2018 /PRNewswire/ -- Graft aims to bring a lasting solution to most of the problems that existing cryptocurrencies face at the point of sale, including long wait times and high transaction costs. The demand for cryptocurrencies has grown dramatically in recent years. This is apparent in the tremendous increase in the prices of cryptocurrencies like bitcoin, ethereum, and litecoin, considering that their prices are mainly demand-driven.
But have you ever wondered why you can't pay for your dinner at any restaurant with cryptocurrency, especially after the increase in value they have enjoyed? The problem is, most existing cryptocurrencies are not designed specifically for point-of-sale.
The Long Confirmation Time for Crypto Transactions Discourages Consumers
In the cryptocurrency world, confirmation incorporates the stages of authorization, authentication, clearing, and settlement; the same stages that are involved in credit card payments. When you add up the time these stages take in a traditional credit card payment, you're very likely to find that cryptocurrencies, say bitcoin, are faster.
The shorter time for bitcoin is good for the merchant because they can access their funds faster, but it's time wasted for consumers because most of the time, they have to wait out the entire confirmation period before the purchase is complete. Credit card payments do not require this type of time commitment from customers.
Using Cryptocurrency Is Expensive For Consumers
The high costs that are associated with the conventional payment systems are one of the things that bitcoin was supposed to tackle. The opposite is what is happening when it comes to using bitcoin as a regular currency.
The fact that consumers pay the transaction fees as opposed to merchants in credit card payments discourages the mass adoption of bitcoin.
Graft is looking to solve the problems of transaction costs and settlement times with a merchant-centric, agile blockchain.
Unlike most of the solutions in the space, GRAFT offers a payment blockchain that is compatible with major existing payment technologies. This allows merchants to accept both fiat and cryptocurrency payments, enjoy instant settlement, and have seamless access to their funds in their preferred currency. This ease of use for both consumers and merchants will go a long way toward ensuring that cryptocurrencies deliver on their promise of being a more efficient medium of exchange.
More information about the Graft Blockchain