Topic: GRAFT - Universal Payment Processing Network - page 93. (Read 84390 times)

Any chance for OS wallet?

Noobs Guide to mining : https://steemit.com/crypto/@guidedcrypto/how-to-mine-graft-grf-coin

I have the seed but I rather be able to export my private key which is way better of a backup with your private keys you are guaranteed not to loose your coins

I am thinking about getting into the ICO but I haven't found any news regarding on what exchange the coin is going to be listet after the ICO.Can anybody maybe answer this?

Great news!
After getting some real-life experience with running the mainnet and based on feedback received from multiple miners and potential supernode owners we decided to make a few changes in RTA (“real-time authorization”) design. Read more in our blog
https://www.graft.network/2018/02/07/important-changes-in-graft-design/

what pool gives such a high Network Hash Rate?

? did you not write down the seed ?
Importing worked fine with the seed for me...

I'm prepared to be wrong about (1) the name, and (2) the security of the fast supernode approvals, but what about:

(3) rolling out a point-of-sale system and having merchants sign up to it;

(4) the regulatory issues?

[see my earlier post for more detailed explanation]

They also need to update the android app I'm getting a little skeptical of using it you cant send and there's no way of getting the private keys which to me is the most important way of backing up your wallet I have lost coins because one wallet passphrase wont work in a different or updated wallet and if I would of had the keys it I wouldn't have a issue

I disagree. I wasn't personally aware of the "American-english" definition of the word. Or the meaning in Miriam Webster or The New York Times, for that matter. I think it looks good and is easy to pronounce. And it made me think of skin grafts, which in turn makes very much sense in this case of trying to patch the gap between crypto-currencies and the average consumer.
Search-ability is of course important and I think you have a good point here. But then again think of a name like Nicehash. Not exactly a winner in every country. Until one understands what it is referring to.
TL;DR: Keep the name.

Probably that was the easiest of my four questions to answer 

I'm not affiliated with GRAFT, so just speculating here. My guess is that if a supernode approves a transaction that turns out to be a double-spend, the money is taken from supernode's stake/collateral. Most of the time that is the idea of supernodes.

I like the ideas behind this project, and the efforts that have gone into it by the founders, and their credentials too (if you look at the team page and google their names).  However, I have the following doubts:

(1)  The name GRAFT is terrible, because in the US this is a colloquial term referring to insider embezzlement or corruption.  A glance at Merriam Webster will reveal this, or a search of headlines with the term 'graft' in the New York Times - the vast majority of the articles that come up have to do with corruption.  It strikes me that the founders of this coin are not native American English speakers (the term does not have this meaning in British English, where it means 'hard work', the opposite) and simply did not know this.  But for wide acceptance, there is no denying that the name is a major blunder.

(2)  The supernode system for fast approval of payments sounds like a good solution (and a solution is certainly needed) but how is it protected from hacking and defrauding?  Payments are approved outside the blockchain, which is the only mechanism guaranteed to be fraud-proof (the whole point of its existence).  So how is payment security outside the blockchain going to be implemented?  There is no information about this that I can find in the white paper or on the website.

(3)  I don't understand the business model going forward for point-of-sale.  Either the idea is (a) to partner with existing POS providers, such as Visa and Mastercard, or (b) create a new POS network.  Option (a) is a non-starter; existing providers will not partner with Graft for obvious reasons.  First of all, the whole idea of the coin is to subvert the existing system, and existing providers will obviously regard it as a direct threat to their existence.  Second, there is the whole privacy and untraceability aspect; while we as consumers may like and want this, existing POS providers will not accept a payments system where they can garner no information about payee identities, amounts, track payments, etc.  Apart from security and money laundering issues, it goes counter to the whole direction of their business model, which is to track users and predict their spending habits, etc.  This leaves (b), which means founding a whole new POS network, with new hardware, and getting businesses to accept this.  This requires a MAJOR investment and planning, and is a HUGE undertaking.  Is there any evidence that the Graft team is prepared for this, and/or is capable of it?  Apart from requiring huge investment up front in terms of the network hardware, it also requires getting merchants to sign on the dotted line, and the only way to do this (initially) would be to offer them the terminals for free, which implies even more investment.  How much is this all going to cost?  What is the plan?  Is there even a chance that any merchants would sign up?

(4) Even if (3) can be surmounted, there is the regulatory issue.  Given that merchants would need to sign up to this, how can Graft be guaranteed to be consistent with local regulations in the areas in which it is proposed to operate?  Especially given the money laundering issues having to do with choosing a blockchain whose major feature is obfuscation of transactions and fungibility?  I can see major problems here.

Until there is some sort of answer from the team on all of the above points, I won't be investing in this.

The explanation you gave in the above post made perfect sense. I wasn't really doing a lot of math either. It just seemed to me that easyhash was a "bit" more profitable. But I'll admit that I have only been mining for a combined 48 hours now. And I may very well switch back again :-)
And thanks again for the explaining how nethash is calculated!

That is true, because graftpool.online uses PPLNS System to calculate your earnings. It basically meands that you need to stay longer on a pool, but your earnings are in average 5% higher.

But do your math, just remeber that you cant compare "minging 2 hours on pool A and mining 2 hours on pool B" here.

Cheers MiRei

Hey guys,

Ill explain it to you. The "Network Hashrate" shown on pools is not a real-time value. Its calculated based on the difficulty of the actual block. The calculation is simple: DIFFICULTY / DIFFICULTY_TARGET (where DIFFICULTY_TARGET is always 120 sec = 2min for Graft). For Block #18383 that would be 3242439737 / 120 = 27020331 = 27 MHs. But try it yourself.
The "Network Hashrate" is an indicator for "How much Hashingpower would be needed to find a Block every 2 Minutes".
The Pools Hashrate on the other hand is a real-time value, that could be higher than the whole Network Hashrate. If thats the case, there will simply be more than 1 Block every 2 Minutes....

The Graft Blockchain calculates its difficulty over the average of the last 720 Block. If the last 720 Blocks longer than 1440 minutes (720 Blocks * 2 Minutes) the diff will fall. If it took less than 1440 Minutes the diff will rise.

So if a pool put 40MH/s on a 15 MH/s Blockchain, there will me more than 1 Block per 2 Minutes. The diff will adjust, but over the average of 720 Blocks. Then, when the diff rises to a certain point, the pool stops putting Hashes on the Blockchain, leading to less than 1 Block per 2 Minutes. And the diff will fall again.

Using this mechanism is not directly abusing the Blockchain, since its still a valid way to do it. But its putting his own interest bevor everyone elses.


I hope I could clear things up for you and of course Ill be waiting for you on the awesome graftpool.online

Cheers
MiRei

I do not have enough data to be sure just yet,it may well work out to be the case in a few days time. One would think it should be due to lower pool fees though. Will see how it goes and report back my findings here

I did a bit of switching back and forth. I ended up concluding that my returns on easyhash.io were a bit higher than on the graftpool.online. That may all be down to chance though.

are  VCs firms invested ?

I have noticed this on multiple occasions also. Very strange.

I am currently moving from graftpool.online to easyhash.io due to the lower pool fee, but so far even with the network has rate not being much different I seem to be getting less at easyhash.io. Will mobitor it for a couple of days, if no improvement, I will go back to graftpool.online.


Also, can anyone with certainty explain what the max cap for this coin is? I have seen two different figures and not sure which it is.