Bitcoin now has a running Bitcoin blockchain node in space. This is interesting solution for processing offline transactions (when the Internet is down)! I have never heard about other ("pre-crypto") payment networks launching their own satellites (although they do use satellite network communication channels). Should every payment network and cryptocurrency launch its satellite, or maybe even a network of satellites like GPS to cover the entire Earth surface? 

Graft is a global, open-sourced, blockchain-based, decentralized payment gateway and processing platform that anyone can use. Any buyer and merchant can use Graft in a completely decentralized and inexpensive way. Graft ecosystem is open so anyone can participate by maintaining Graft blockchain and implementing network services. Graft employs payment processing protocols and flows similar to traditional electronic payment systems such as credit, debit, and prepaid cards, which are already familiar to and trusted by millions of users and merchants around the world. This approach enables easier and faster adoption of Graft as a mainstream payment platform, while eliminating the need in centralized intermediaries (payment gateways and processors) currently required to facilitate transactions between buyers and merchants.

WHY GRAFT

All Payment Technologies Combined Together
Most merchants are unable to accept cryptocurrencies without third-party payment processor due to uniqueness of the way blockchain networks process transactions, which is conceptually different from traditional electronic payment methods such as payment cards or Paypal. Although the overall concept of plastic card payments may have been outdated, there are technologies developed around them that accumulated enormous amount of merchant experience and user trust which cannot be abandoned overnight.
 
Accept Cryptocurrencies and Credit Cards
In order to provide the best user experience for buyers and better conversion rates to merchants, Graft payment transaction can take various convertible cryptocurrencies or local fiat currencies in a form of credit/debit card as an input. Automatic instant conversion will help adopt Graft payments by mainstream users who are not familiar enough with cryptocurrency ecosystem and still feel more comfortable with traditional method of payment, but seek better security, privacy, and full anonymity of their transactions.
 
Merchant Payouts in Cryptocurrencies or Local Fiat Currency
Graft will support Bitcoin and several major cryptocurrencies as both additional choice for buyers and acceptable method of payout for merchants. These features will eliminate the need for merchant to integrate with multiple (centralized) payment software providers, and for user to sign up for centralized services and learn and maintain multiple wallet apps. Merchant can decide to receive their proceeds from transactions in other cryptocurrency such as Bitcoin or local fiat currency. In this case, the output of the transaction will be processed by service broker, as part of the same transaction, or later, depending on merchant settings. This ensures that the sale will pay the merchant the exact local currency price. 

Reed Graft white paper to learn more

Interesting article about ICO (Initial Coin Offering) which is a new form of VC (Venture Capital) investment performed using cryptocurrency.

As of early June, blockchain-related startups have raised $327 million through ICOs, more than the $295 million blockchain entrepreneurs have raised through VC funding.

Graft: Decentralized Global Merchant Payment Processor
Graft white paper can be downloaded here.
It will be also published on github and open to public input.

Abstract
Graft is a global, open-sourced, blockchain-based, decentralized payment gateway and processing platform that anyone can use. Any buyer and merchant can use Graft in a completely decentralized and inexpensive way. Graft ecosystem is open so anyone can participate by maintaining Graft blockchain and implementing network services.
Graft employs payment processing protocols and flows similar to traditional electronic payment systems such as credit,  debit, and prepaid cards, which are already familiar to and trusted by millions of users and merchants around the world. This approach enables easier and faster adoption of Graft as a mainstream payment platform, while eliminating the need in centralized intermediaries (payment gateways and processors) currently required to facilitate transactions between buyers and merchants.

I am writing a #blockchain #whitepaper, I hope it will cause another spike :) Stay tuned.