What is Graphite?

Graphite is a finance-oriented blockchain platform aiming to formalize crypto transactions through a unique reputation-based system, enhanced Know Your Customer (KYC) procedures, and a Proof-of-Authority (PoA) consensus model. Graphite seeks to blend the benefits of traditional financial systems with the transparency and security of blockchain, balancing privacy with a reputation-focused ecosystem.

Key Features and Principles

Reputation-Based Ecosystem:

Graphite’s primary differentiator is it's reputation-centric approach, which enables more formalized, trust-based interactions:

Account Activation: To avoid clutter from inactive or fraudulent accounts, users activate their wallets with a small fee before sending transactions.
Trust Score: Each user is assigned a Trust Score, influenced by factors like KYC, account longevity, transaction history, and volume. This score assists in evaluating a user’s credibility, enhancing trust within the ecosystem.

Advanced KYC and Privacy Controls:

KYC Verification: Graphite offers a KYC verification process that allows users to build their reputations without compromising personal privacy. Verified data remains off-chain and only a user’s KYC level is recorded on the blockchain.
Zero Knowledge Proof (ZKP) for Enhanced Privacy: Through ZKP technology, Graphite plans to implement KYC procedures that confirm identity without revealing sensitive data, thus ensuring security and privacy.
KYC Transaction Filters: Users can apply KYC-based filters to incoming transactions, allowing them to block transactions from accounts without KYC. This feature minimizes fraud risks by reinforcing the “One User, One Account” policy.

Proof-of-Authority (PoA) with Polymer 2.0 Algorithm:

Graphite’s PoA consensus mechanism improves efficiency by using a set of authorized nodes to validate blocks, minimizing computational and energy costs associated with traditional Proof-of-Work systems.
Top-Tier Authorized Nodes: Top-performing nodes are given priority in block validation, incentivizing high performance. These nodes have twice the likelihood of sealing a block, earning a share of transaction fees.
Oracle-Based Randomization: To select block sealers fairly, Graphite uses an Oracle system that provides randomized values for each block, ensuring impartiality and reducing potential for collusion.

Income Generation for Network Nodes:

Transport Nodes: Graphite allows entry-point transport nodes to earn income, setting it apart from most blockchains. A portion of transaction fees goes to these nodes when users initiate transactions through them, enhancing incentives for participation without heavy resource requirements.
Graphite Foundation Nodes: Maintained by the Graphite Foundation, these nodes provide stability, ensuring uptime and network reliability even if other nodes fail.

Efficient Transaction and Fee Model:

Fixed Transaction Fees: Graphite applies a consistent fee rate, protecting users from fluctuating gas prices and reducing transaction delays.
Scalability: The network supports high throughput, handling up to 1,400 transactions per second, with confirmation times under 10 seconds, ensuring speed and reliability.

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Last updated 6 months ago

Key Features and Principles

Reputation-Based Ecosystem:

Graphite’s primary differentiator is it's reputation-centric approach, which enables more formalized, trust-based interactions:

Account Activation: To avoid clutter from inactive or fraudulent accounts, users activate their wallets with a small fee before sending transactions.

Trust Score: Each user is assigned a Trust Score, influenced by factors like KYC, account longevity, transaction history, and volume. This score assists in evaluating a user’s credibility, enhancing trust within the ecosystem.

Advanced KYC and Privacy Controls:

KYC Verification: Graphite offers a KYC verification process that allows users to build their reputations without compromising personal privacy. Verified data remains off-chain and only a user’s KYC level is recorded on the blockchain.

Zero Knowledge Proof (ZKP) for Enhanced Privacy: Through ZKP technology, Graphite plans to implement KYC procedures that confirm identity without revealing sensitive data, thus ensuring security and privacy.

KYC Transaction Filters: Users can apply KYC-based filters to incoming transactions, allowing them to block transactions from accounts without KYC. This feature minimizes fraud risks by reinforcing the “One User, One Account” policy.

Proof-of-Authority (PoA) with Polymer 2.0 Algorithm:

Graphite’s PoA consensus mechanism improves efficiency by using a set of authorized nodes to validate blocks, minimizing computational and energy costs associated with traditional Proof-of-Work systems.

Top-Tier Authorized Nodes: Top-performing nodes are given priority in block validation, incentivizing high performance. These nodes have twice the likelihood of sealing a block, earning a share of transaction fees.

Oracle-Based Randomization: To select block sealers fairly, Graphite uses an Oracle system that provides randomized values for each block, ensuring impartiality and reducing potential for collusion.

Income Generation for Network Nodes:

Transport Nodes: Graphite allows entry-point transport nodes to earn income, setting it apart from most blockchains. A portion of transaction fees goes to these nodes when users initiate transactions through them, enhancing incentives for participation without heavy resource requirements.

Graphite Foundation Nodes: Maintained by the Graphite Foundation, these nodes provide stability, ensuring uptime and network reliability even if other nodes fail.

Efficient Transaction and Fee Model:

Fixed Transaction Fees: Graphite applies a consistent fee rate, protecting users from fluctuating gas prices and reducing transaction delays.

Scalability: The network supports high throughput, handling up to 1,400 transactions per second, with confirmation times under 10 seconds, ensuring speed and reliability.