Graft, the blockchain payment platform designed for point of sale, has moved the launch date for their main net on January 16th, just a few days prior to their Initial Coin Offering launch date, which is scheduled on January 18th.
Graft is one of those rare ICO projects that runs their own blockchain. This project is supported by a dedicated team of developers that built the blockchain around the merchants’ systems and processes by making the most of today’s available technologies, with the intent of solving the issues the payment system faces. Graft will enable merchants to accept cryptocurrencies at the point of sale as easily as they would with cash or credit cards.
While other blockchain ICO projects base their tokens on ERC20, Graft has developed its own blockchain. It is due to this that Graft’s blockchain is unable to have underlying Ethereum issues such as slow processing and fees, making the company a reliable provider for optimum payment services.
When bitcoin was first created, blockchain was seen as a technology that would completely change the financial system. Since then, ten years have passed and the traditional financial system has remained unchanged by the introduction of blockchain. One of the reasons that cryptocurrencies are not still used by the mainstream is because the existing digital currencies were not made with the intent of serving as an effective transaction environment (at point of sale) compared to the existent payment methods.
Making transactions with bitcoins and other cryptocurrencies cost users more than if they were to use credit or debit cards to make payments. Transaction fees could cost users as much as $30. Apart from that, existing cryptocurrencies do not offer merchants the option of choosing in which currencies (fiat or digital currencies) they can cash out. Graft is dedicated to solve these problems that the payment system is having while also trying to make cryptocurrencies adopted by the mainstream.
Transactions that will occur on the Graft blockchain will have real-time confirmation and the fees will be made up from a fraction of those cryptocurrencies, which will come from the transaction amount not by the network load as in the case of bitcoin. Through its design, the Graft blockchain encourages and facilitates micro-transactions. Additionally, Graft uses existing payment operations and infrastructure, allowing merchants to accept payments in the fiat currencies of their country and virtual currencies. That means that Graft lets merchants make payments just as easily and smoothly as MasterCard, Visa and Amex.
The Graft ICO starts on January 18th and it will last until February 18th, with a hard cap of $25 million. Early contributors that will purchase tokens in the first 48 hours will get a 10% bonus.