The crypto market has come a long way since its first iteration back in 2009. With the rise of these digital tokens, one of the main concerns that investors and potential users had was its security.
Thankfully, the advancement of technology allowed developers to create cryptocurrencies that offer more secure transactions for users. Today, the best option available when it comes to secure and private transactions is SafeCoin.
Are you curious to know more? Keep reading to find out why this token is making a noise in the crypto sphere.
What is SafeCoin?
SafeCoin is a decentralized cryptocurrency that aims to put security and safety at the forefront of every transaction. Aside from top-notch security, the token also promises to provide fast and efficient services thanks to its use of the Solana, the fastest blockchain system in the world today.
SafeCoin is the native token of the SAFE network. Founded by Jeff Galloway, this crypto aims to decentralize the network that has a maximum supply of 36,000,000 and currently has a total of over 27.7 million in circulation.
What is SAFE network?
Secure Access for Everyone or SAFE is a network that aims to protect the data of users it as well as make sure that it stays online indefinitely. It also claims to be the first autonomous data network that allows its users to make applications and censorship-resistant websites.
Advantages of using SafeCoin
The privacy and security that SafeCoin cryptocurrency provides are one of the few reaons why its an ideal investment. However, aside from its world-class security, SafeCoin provides other features people can utilise for their crypto transactions.
Here are some of the benefits of SafeCoin:
Another factor that crypto inventors than to consider when looking for a cryptocurrency that they can invest in is how fast it is to transact. With SafeCoin, they will be getting both as this coin also offers speedy transactions which can be attributed to Solana, the blockchain network that it runs on.
With features such as Proof of History protocols and multithreaded architecture, SafeCoin is capable of processing a whopping amount of 65,000 transactions per data.
What is Proof of History?
A huge factor of SafeCoin’s fast transaction is its Proof of History protocol feature. This acts as the consensus mechanism and it was completely designed by the same Solana team that worked on the blockchain network.
This consensus mechanism makes use of a clock that has been globally synchronized to verify each order of transactions made on the network. This differs from the traditional process that other tokens use where it involves miners and staking to validate the order of transactions.
One of the most important things that investors have to consider when choosing a cryptocurrency is its transaction fees. Although they are inevitable, the best thing that traders can do is to find one which has a significantly lower transaction fee compared to others in the market.
With SafeCoin, not only does it offer more affordable fees which are set at 0.0001 SAFE, it won’t be affected by the market’s volatility, meaning that it’s price won’t fluctuate.
The multithread architecture that the Solana blockchain has doesn’t only help in making fast transactions but also aid in energy efficiency. SafeCoin claims to be the most energy-efficient cryptocurrency on the market today with a recorded kW of only ~0.0000027kW per transaction.
What is multithread?
Multithreading is a design that developers incorporate into their program code to process multiple requests at the same time. This means that it doesn’t have to require multiple copies of the program running in the background leading to lesser energy consumption.
The great thing about having a decentralized coin is that it makes it more accessible to traders. Both Solana blockchain and SafeCoin itself allows people to participate in the network by running their validator and so on. This ability to validate improves the decentralization of the coin.
Along with the world-class security measures that SafeCoin provides its users, it also values privacy to the point where the team that runs this token will never ask for personal details. Moreover, it doesn’t make use of third parties such as Initial Coin Offering (ICO) and Initial Exchange Offering (IEO).
Sense of community
A great factor that SafeCoin has that differentiates it from other tokens in the market is that it has a sense of community. From the developers and the people leading the coin themselves to other investors of the token, SafeCoin makes everyone feel like they’re part of the community.
This same community shares the common goal and passion for the future of the SafeCoin cryptocurrency. Additionally, they also have their Discord server where each member can stop by and talk to each other.
How to earn SafeCoin?
As with other cryptocurrencies, investors can earn or farm SafeCoin which they can then use to buy, sell or trade. Here are the two ways people can earn SafeCoin cryptocurrency:
Proof of Resource
Proof of Resource or POR is done within the SAFE network. How it works is that a group of people called ‘farmers’ provide resources for the entire network. These farmers can do this through downloadable software which they can use to run a node on the network which is responsible for handling requests and storing data in the network.
Additionally, there are no humans involved in this process as the network randomly chooses an individual who’ll be rewarded with an amount of SafeCoin. You can think of it as a lottery where those users who have provided more resources than others have a bigger chance of being selected. Through this process, validations are done cryptographically, accurately and efficiently.
As for staking, it involves you working with a validator node and entrusting your valuable SafeCoins with them. These nodes will then proceed to provide resources for the network where they’ll be rewarded with staking rewards and the delegators will receive a portion of it.
Staking is a great way to earn a passive income because you don’t have to do the hard work yourself. On the other hand, the validator nodes will receive a commission in the form of a random amount of SAFE for their service.
Additionally, staking doesn’t just benefit the validators and the delegators as it also decentralizes the network itself helping it run more smoothly and efficiently.
Should you invest in SafeCoin cryptocurrency?
SafeCoin ticks all the boxes that you would need in a cryptocurrency such as cheap transaction fees, fast transactions and their biggest draw, state-of-the-art security. If privacy and safety is your number one priority when it comes to cryptos, SafeCoin is the one for you.