Safein: Making payments a one-click affair

Safein is a platform that provides users with simple access to any website eliminating the need to log in, type password and go through other authentication processes. The application also serves as a versatile electronic wallet where both real assets (EUR, USD) and cryptocurrency can be stored and converted automatically. Although the token sale hasn’t started yet, the alpha version is already available: Safein application can be downloaded from GooglePlay, and it already has over 1.000 users. Besides, the website is being exploited by over 20.000 users.  

  What Safein project is dedicated to?

In conditions of growing online trading people have to leave their personal data here and there: retail websites require sensitive users’ information together with payment credentials. It’s both risky and time-consuming. Although paying online is more convenient than making regular purchases, website users have to keep in mind their login credentials and worry about vulnerabilities possible in case of data leaking. Safein serves as a unified platform for making online payments and accessing literally any website controlling the information it receives.   

  Safein addresses several issues:  

1. Users have      to create account for every website. With Safein,      one profile will be enough.
2. Account      verification is required every time when a user accesses a site, but ID      verification in Safein eliminates      this need.
3. Processing      fees can take a bite of user’s wallet. Safein      solution is cheap and can be free of      charge for token owners.
4. Online payments      bear the risk of frauds, but the platform allows for totally risk-free      transfers.
5. Websites can      obtain personal information and disclose it to third parties. The project      helps to maintain full control over      user’s information and defines the level of access.

Therefore, Safein is designed to save user’s time on signing in and performing the routine processes of payments. Besides, it protects personal assets and makes its exploitation totally transparent.   

  Users

Now Safein project is available for anyone except for residents of US. A user needs to install the app on his mobile phone, provide basic data and create wallets (or bound the current ones). Additionally, Safein team works on the extension of database of the partners – companies that accept payments made via Safein.  

  Technical realization

Safein is based on Ethereum: that allows for transparent distribution of information and regulation by smart contracts. The platform is made in the form of both website and mobile app that allows making purchases wherever the user may be. The universal wallet can be used to store fiat currency (GBP, EUR, USD and, probably, other currencies will be introduced later on) and cryptocurrency (Litecoin, Bitcoin, Ethereum, and others) – they will be automatically converted accordingly into currencies accepted by vendors. 

In order to leverage one-off payments on all websites, Safein needs to establish partnership with companies. That seems to be the greatest challenge so far, because the number of platforms and applications alike is huge, and the developers should prove the necessity of the third party between online stores and customers. Theoretically, Safein may be applied in various spheres, such as:  

• ICOs and      crypto exchanges;
• Online      stores and digital markets with a high risk of frauds and chargeback      rates, as well as stores that plan to introduce payments by      cryptocurrency;
• Social      media;
• Gambling      service providers and other similar platforms that need to verify user’s      age and the legal regime to accept payments without registration process;
• Car and      house rent service providers;
• Trading that      requires e-signatures and immediate verification of the data to prove credibility.

On later stages of its development, Safein may be able to maintain payments in brick-and-mortar shops, restaurants, and so on.  

  SFN Token as the means of attraction

Since Safein is a new platform, it needs to attract both buyers and traders. For that purpose, SFN token has been introduced: it serves as the means of rewarding merchants and buyers for using this payment method and identity verification solutions provided. The following rules apply:  

• Companies      (sellers) that possess SFN tokens are granted free money transfer      processing;
• Every user’s      activity in Safein is given tokens;
• Referral SFN      incentives are granted for growing user base.

  About Safein team

Safein team consists of European developers mainly and includes specialists from different spheres: business development, marketing, cybersecurity, the blockchain, sales, IT, and so on. Together with numerous advisors, they possess enough experience and practice to implement all ideas behind Safein project.  

  ICO details

Pre-ICO will take place from 3rd of April to 16th of April with the raising goal of 2.000 ETH to cover the expenses on MVP development (legal, administrative, and marketing). Tokens will be distributed right after the sale. Note that the first 1000 ETH goes at rate 1 ETH=12,000 SFN tokens, while the second thousand of ETH tokens goes at rate 1 ETH=10,500 SFN tokens. 

ICO start date is April 25th 2018. The fundraising campaign has the hard cap of $21.000.000 – a reasonable sum for such a large-scale project like that. The whitepaper states soft cap and hard cap in ETH – 6,000 ETH and 40,000 ETH correspondingly. Ethereum cryptocurrency is accepted only, which isn’t convenient for potential investors, especially considering the fact that electronic wallet is already tailored to store different fiat currencies. The ratio of ETH to SFN will change gradually. All in all 1,000,000,000 tokens are to be sold. If developers fail to reach the soft cap, contributors will get investments back.  

  Token distribution

  ICO funds will be used the following ways:  

1. Implementation      of crypto wallets and introduction      of payment functionality;
2. Getting the official      license;
3. Starting of fiat      payments in regular currencies;
4. Partnership      with merchants;
5. Administrative,      legal, operational and added expenses for at least 2 years.

  MVP

There’s the alpha version available and MVP that allows creating an account in Safein and chaining it to a mobile phone. On a demo website, you can try the functionality without registration, test security levels for various platforms and check your login activity. Login sessions can be terminated any time.  

  Bottom line

All in all, Safein is a promising platform that’s designed to ease and improve user experience – that’s what many vendors lack. Since there’s not minimal or maximum personal cap, the number of investors can be limited. Another aspect that can hinder the rate of its development is attraction of merchants and companies that will accept payments via Safein: in order to provide users with access to any website, the team needs to establish the connection with it first. Therefore, from investor’s point of view, Safein is a relatively risky project.  

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