It is not a secret that some payment functions cannot be fully decentralized, even if they are “placed” on top of blockchain technology. One example is credit card payment processing which implies a lot of compliance with various regulations, both local and international. But we still want to use those cards, and we would like them to work together with cryptocurrencies. GRAFT Network resolves this dilemma by introducing service brokers which implement specific features that cannot be fully automated by decentralized network. This short article explains how service broker work in a form of instructions for a newbie.
First of all, there are several types of service brokers:
Credit card accept broker
Instant cryptocurrency accept broker
Instant cryptocurrency exchange broker
Payout (exchaging cryptocurrency to fiat currency and transferring to bank account)
Identity verification broker
Any existing company-service provider (such as credit card payment processor or cryptocurrency exchange) can become a GRAFT service broker, and thus magically extend their business from “traditional” centralized world to the world of decentralized crypto payments.
1. Setup
Integrate with appropriate GRAFT DAPI and test using testnet;
Install your own full supernode or make a lease agreement with one or more full supernode owners.
2. Advertise
Define your service offer:
Client type (wallet, POS, or both),
Region (country) or list of regions,
Service fees (information about fee structure and/or exchange rates)
Identity disclosure requirements (what elements of user identity are required in order to execute the service request);
GRAFT Network will broadcast the advertisement messages to all supernodes and make it available to all wallet and/or point of sale clients connected to the network and matching the target audience criteria, along with your reputation score calculated by full supernodes based on historic data stored in the blockchain.
3. Process
When a user needs particular service, the GRAFT software will automatically choose the service broker based on the best match or the user criteria and the broker offer. Once your service is selected, just process the service requests and credit or debit the user’s account as a result;
Share service fees with the processing supernode owner if you “lease” the supernode, or earn extra fees if you own the supernode.
