The SAFEX World Marketplace
THE SAFEX MARKETPLACE AND BENEFITS
The SAFEX world marketplace is close to being launched. It will be a decentralized, global marketplace that will allow users to buy and sell goods and services directly on the blockchain with anyone in the world and pay with cryptocurrency.
The SAFEX world marketplace will have advantages over existing platforms like Amazon. Unlike existing platforms, which are centralized and in business to benefit themselves, the SAFEX marketplace will be decentralized and consist only of sellers, buyers and software. Participants will be allowed to transact privately, with the anonymity of participants being ensured through ring signatures and one-time addresses. This will prevent the data of participants from being collected by a centralized entity, which may use the information to their detriment.
Amazon is well known for using the data it compiles to evaluate which goods being sold by third parties are most profitable, and then offering those goods for sale directly by Amazon itself, thus undercutting its own merchants and causing them economic harm.
Parties who sell on the SAFEX marketplace will pay a flat 5% fee on each transaction, which is substantially lower than the 15% – 40% fees typically charged by existing platforms. Transactions directly between buyers and sellers will cut out the middleman and allow merchants to earn higher profits, which may translate to lower prices for their customers. In addition, the fact that vendors are paid in cryptocurrency means they will be paid immediately when they send the goods and won’t have to worry about scam artists ripping them off.
The SAFEX project kicked off in January 2016, with founder Dan Dabek raising $50,000 in a crowd sale in which 99% of the original Safe Exchange Coins were issued to investors. A total of 2,147,483,647 of the original coins were issued. The original SAFEX coins were OMNI coins on the Bitcoin blockchain pending the launch of SAFEX’s own native blockchain, which was successfully launched in September 2018. Holders of the original Safe Exchange Coins must migrate those coins to the new blockchain by November 30, 2019, because the original coins have no use on the new blockchain. During the migration, holders of one original SAFEX token receive one new SAFEX token (SFT) along with .0023 SAFEX Cash (SFX).
SAFEX Tokens (SFT) are necessary to create new accounts on the marketplace. Holders of SAFEX Tokens (SFT) can also lock these tokens and receive the 5% revenues paid by vendors on the SAFEX marketplace.
SAFEX Cash (SFX) is used to pay for goods and services on the SAFEX marketplace. It can be obtained by Proof of Work mining as well as by staking locked SAFEX Tokens (SFT), as noted above. SAFEX Cash (SFX) is a privacy coin that hides the account balance of its holders. A total of 1 billion SAFEX Cash (SFX) will be emitted over a 20 year period, and emissions will follow an S-shaped curve, which means that more coins will be created as demand grows and broadly benefit a large number of users, including new users. This is much different from bitcoin, where the early adopters received and continue to hold a grossly disproportionate share of the outstanding coins.
The project has a lot of potential and the current projected launch date for the marketplace is September/October 2019, before Black Friday. For more information about SAFEX, go to https://safex.io/.
If you’re interested in buying SAFEX Tokens (SFT) or SAFEX Cash (SFX), the exchange with the largest trading volume for them is Livecoin, which is open to U.S. investors and does not have any KYC requirements. You can check out Livecoin here: https://livecoin.net/?from=Livecoin-BTNZB4rg