Internet Security Blog - Hackology

SafeIn – Control your Privacy

Blockchain is beautiful as technology, the potential and utility is enormous but due to recent cryptocurrency price hike people are more into for the gains which takes away the actual charm of it. Utility of Cryptocurrency is when we can use it in our everyday activity, make transactions or provide a feature which safeguards our data and make it transparent and convenient.

SafeIn – Make it Simple – Control your Privacy

SafeIn is a project which launched in late 2017, SafeIn addresses multiple e-commerce and cryptocurrency transaction problems of the technologically advanced era by showcasing their unique idea of one click sign-in verification and global payment functionality.

SafeIn Token attempts to solve basic issues faced

What it would mean for simple Users : Users won’t have to register over and over again to new websites or other web based services. The Know Your Customer (KYC) procedure for ICO investors is a simple procedure due to its trusted, convenient and fast payments in cash / cryptocurrency. Safein supports physical and digital monetary platforms. The company also ensures enhanced Cyber Security to serve and protect data privacy of each respective user. Security of user data will be of core importance as this feature is what guarantees the success of SafeIn.

  • No more registrations in multiple websites
  • No more waiting to get KYC done for each site / ICO
  • Trusted, convenient and quick payments in fiat and cryptos
  • Enhanced privacy, cybersecurity and data protection
  • Revolutionary referral program with token rewards

What it would mean for Merchants / Website Owners : SafeIn provides a safe KYC platform with lower cryptocurrency and fiat transaction costs, lower compliance costs and lower risks along with buyer protection. As SafeIn will will ensure the safeguard of user data while enabling a trust system for merchants so they know the risk factor is minimized employing the inherent feature of blockchain.

  • Enhanced trust and increased conversion rates
  • Reduced customer support costs
  • Free KYCs
  • Lower cryptocurrency and fiat transaction costs
  • Lower compliance costs and risks as well as buyer protection

SafeIn Whitepaper – Concept

The basic concept is simple as per their Whitepaper : Stop giving out your identity to every vendor to make your purchases. SafeIn will have a database of digital identities and you will be able to use SafeIn to make the purchases, while the vendor will be at ease that all required data is held with SafeIn and they will share what is required by the VENDOR (with your consent)

Safein wants to create this kind of relationship between online vendors and consumers and guarantee that one is qualified to buy a specific item without him being forced to showcase his government-issued ID and other personal information as Safein already has all of it and can approve the sign-in/purchase instantly.

As outlined in their onepagerSafein is a game-changer because of:

  • Ability to easily solve the delays, crypto payments and multiple account management problems in e-commerce
  • Free of charge user verification and data protection services complying with applicable regulations
  • Exceptional focus on ease of use, integration and cybersecurity
  • Tokenized platform business, where everyone benefits from being part of the network
  • Revolutionary referral growth model, consisting of a Referral, Registration and Login token pools

SafeIn -Social Media Presence and Rating

SafeIn has obtained an average rating of 4.3 out of 5 from ICOBench, ICOBazaar and TrackICO. While it has a very healthy discussion on their BitcoinTalk Announcement Thread . ICO ratings might not be the most decisive factor but going through the BitcoinTalk thread should give you a fair idea about their dedication and clarity of project.

SafeIn ICO Ratings

Facebook :
LinkedIn :
Medium :
Telegram :
Twitter :
Reddit :

Their team has been appearing in many Crypto related conferences around the world ,I personally HATE ICOs which are without a “Face” this one has got one.

SafeIn – Team

SafeIn team comprises of fresh faces in cryptocurrency, which is not uncommon and shouldn’t be an issue if they are serious about the project – SafeIn Team is focused about their work, as they are frequently appearing Live on social media and attending Crypto related conferences

SafeIn Team and Advisors

Co-founders Vladas Jurkevičius, Audrius Slažinskas and Lukas Deksnys have worked together before at Atlantis Games they specialize in Law, Economics, Mathematics and Mechanical Engineering.

Mushegh Tovmasyan, Safein’s Fintech Specialist is also the man behind Equiti Group which is a global scale FX and CFD brand and broker service provider.

Joseph Steinberg is their head of Cybersecurity. He is adviser for various cybersecurity firms, Cyerbsecurity is of prime importance in this project.

SafeIn – Legal ICO

Few ICOs opt for the legal highway , SafeIn has plans to legalize the process so they can focus on the progress of their platform. According to the Safein official press release, SafeIn will be the world’s first payment service provider to put in the necessary paperwork and obtain the Electronic Money Institution (EMI) license in the EU, which covers crypto and fiat payments.

Our main target is to eliminate useless registrations and KYC checks by allowing our users to only do it once on our platform and then using that data whenever you are using any online service

Safein team released a beta-version of its platform with basic single-click login functionality. The beta-version, or  MVP (Minimum Viable Product), is available for testing at the Safein website. Each activity carried out by Safein platform users is rewarded with SFN tokens.

In addition (to MVP), we have just launched an identity verification service inside our platform where users can whitelist for our ICO by verifying their identity within our app! They will be able to use the same account later on to participate in partnering ICOs or exchanges

Registering and completing the SafeIn steps now will allow you to safe time in future with more ICOs and merchant sites.

SafeIn Technical Details

  • Type: Utility token
  • Symbol: SFN
  • Platform: Ethereum
  • Pre-Sale: Apr. 3, 2018 (Postponed)
  • Public Sale: Apr. 25, 2018 (Postponed – reasons below)
  • Hard Cap: 40,000 ETH
  • Payments Accepted: ETH (KYC Required)
  • Barred: United States

SafeIn ICO Breakdown

SafeIn ICO has followed a new approach, while most ICO come up with a fix share for team,development and advertisements – SafeIn has set dynamic values , it makes sense that setting higher development share in first year and lowering it as development wouldn’t require the same after 2-3 years.

SafeIn Dynamic Token Distribution

Pre-ICO period:

  • First 1,000 ETH: 1 ETH = 12,000 SFN tokens
  • 1,001 – 2,000 ETH: 1 ETH = 10,500 SFN tokens

ICO period:

  • First 4,000 ETH: 1 ETH = 9,000 SFN tokens
  • 4,001 – 12,000 ETH: 1 ETH = 8,500 SFN tokens
  • 12,001 – 22,000 ETH: 1 ETH = 8,000 SFN tokens
  • 22,001 – 30,000 ETH: 1 ETH = 7,500 SFN tokens
  • 30,001 – 38,000 ETH: 1 ETH = 7,000 SFN tokens

SafeIn – Issues

SafeIn is a promising project but there are alot of factors which need time so we can test them out, I had listed few questions (a few were answered by Vladas during his last Live Facebook Session)

  • Why people will trust SafeIn with personal Data – This is a leap of faith we will need to take, it also raises a question if this is the best of ideas to allow one company to store private data and make it a standard, to this SafeIn says that user data will be stored in user Mobiles but the corresponding confirmations will be stored encrypted on their SafeIn, so even if SafeIn gets hacked or data gets leaked – no one will be able to access the actual data
  • Why Websites / Merchants will Implement SafeIn – Currently SafeIn is more focused on providing a better system for upcoming ICO’s where SafeIn can assist with KYC , but eventually SafeIn will move on to merchant websites. A registered system which will take care of the KYC process will be a strong reason for sites adopting SafeIn
  • When developers be able to implement SafeIn on their Websites – By end of next month API demos and endpoints will start rolling out , although I think it might take more time then a month.
  • Will Ordinary Websites with Login Systems be allowed SafeIn – I couldnt get this answer from SafeIn if anyone has this do let me know know .
  • 1,000,000,000 STN are way too many – The total decided tokens are 100,000,000 which is a huge number and for impatient investors it will take time before they will be able to see some profits on their investment.

SafeIn – Airdrop which is a Safedrop

SafeIn is calling their Airdrop a Safedrop so you may use My SafeIn Link and claim your free STNs but do follow the KYC if you plan to participate in their ICO so when the time comes you are not stuck at KYC.

As with all other ICOs which accept ETH payment and ask for ETH wallet address. DO NOT give wallet address of some exchange etc

ICO Postponed For 2 Months

Just as i published the article I came to know that the ICO has been postponed, this announcement was made today (31st March 2018). The announcement mentioned two main reasons for postponing the ICO, either you can read that or the crux here :

Bearish Crypto Market : Crypto is going through a rough match right now which means the SafeIn ICO wont be seeing healthy investors – this can have a huge impact on the success of the ICO and thus the future of SafeIn.

More Partners : SafeIn has also realized that they would need more strategic partners before their ICO rolls out because once it is done and SafeIn can not deliver what they have mentioned in their ICO it will again be bad for SafeIn.

SafeIn – Verdict

A dedicated project with scope and potential , the hurdles which SafeIn has to avoid will be many. A legal proceeding will enable SafeIn to flourish and various giants in the industry might pose a threat but if the team is clear and dedicated eventually they will be able to pull it off. As they will launch their Codes , I will review them if there is something worth mentioning. Their Code audit will be done by Zero Knowledge Labs which will release their audit report , again a good safety measure and adds to the project.

1 comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get Wise

Subscribe to my newsletter to get latest InfoSec / Hacking News (1 Email/week)
Utopia p2p Ecosystem

Discover more from Internet Security Blog - Hackology

Subscribe now to keep reading and get access to the full archive.

Continue reading