In this post i'm going to give some information about Safex. This will be the first post regarding Safex, i will post more in the coming time, as i think it is a really great project which is just waiting to rise!.
What is Safex (Safe exchange)?
From the bluepaper (whitepaper):
A purely peer-to-peer marketplace with an embedded cryptocurrency that is anonymous, has an emission rate based on merit, and is easy to obtain and use by a wide group of people would allow mass adoption of decentralized cryptocurrency.
Or this i what Safex is aiming to become, at the moment Safex is living as a omni token, #56 called Safe Exchange Coin, on the Bitcoin blockchain. The ICO for safex happened at the 25th of November in 2015 and ended at the 1st of April 2016. All Safe Exchanges Coin to ever exist have been sold during the ICO (2,147,483,647).
Safex is on their way to create their own blockchain from scratch, the new blockchain isn't far from the beta stage. This was recently confirmed by the founder and lead developer Daniel Dabek (Dan) on twitter.
During the launch of the new blockchain all Safex tokens will be passed though a one way burn function and credited on the the Safex Blockchain, and will only exist on the new blockchain (1:1).
On the new blockchain there will also be another coin called Safex Cash. Safex Cash is going to be the currency of the Safex marketplace and will have a total supply of 1,000,000,000. When the launch is happening there will be an airdrop of 10,000,000 Safex Cash (1%) and 50% of that will go to the holders of the Safex token. This calculates to 0.0023 Safex Cash for every 1 Safex token (is 100% Safex is passed though). The reason for the airdop is to seed the network with activity and be able to cover fees for the initialization of the marketplace.
What is Safex Token used for?
Why have Safex Tokens when it's the Safex Cash that is going to be the currency of the marketplace?
There is a number of reasons to hold Safex Tokens. Safex Tokens are required to make an account on the network, more about the accounts in the marketplace can be read in the bluepaper.
One can also "lock in" their Safex Tokens this will stake the tokens and begin reviving fees from the marketplace (how much will depend on a lot of parameters, a calculator can be found on the website). This i not permanent, the tokens can be unlocked again. Both actions will cost 1 Safex Token that will be burned. From the bluepaper:
Incentives are established from charging a 5% marketplace fee, this is a provision on all sales offers of goods and services on the platform. At the conclusion of payment the provision is allocated proportionally to all locked in Safex Tokens.
Safex Cash
Safex Cash, as stated, will be the currency of the marketplace. The safex Cash, not like the Safex token, can be mined, using the egalitarian proof of work algorithm. The algorithm is based on the CryptoNight algorithm (Seigen, 2013). The block reward and supply of Safex cash is going to look something like this:
More detailed info on Safex Cash can be found in the Bluepaper.
As i stated in the begning i will post more about Safex in the coming time. This is just some information about the plan for the project, and hopefully giving you a reason to look more into the project. I think this project is going to be huge! The ultimate goal for the team is to fight with the big guys (amazon, alibaba etc.)
Dan (the founder) is expecting to release the safex blockchain in april 2018 (yes in april) and are at the moment hiring more developers under the name "Balkaneum"
More info can be found here:
Website: https://safex.io/
Bluepaper: https://safex.io/SafexBluePaperJan3.pdf
Official forum: https://safe.exchange/
Reddit: https://www.reddit.com/r/safex/
Twitter: https://twitter.com/safe_exchange
Safe Exchange coin is trade here:
https://tradesatoshi.com/Exchange?market=SAFEX_BTC
It is also going to be on Next.exchange by the 16th of Febuary
