What SAFEX means to me?
The information below was written by Harsh Pokharna who has granted me permission to post it here on Steemit.
What SAFEX means to me?
The biggest problem in the crypto-space right now is the reliance on centralized exchanges and marketplaces. The way forward is a decentralized marketplace governed by the code running it and not a corporate or government controlling/censoring it. SAFEX is one of the leading pioneers in this space.
I have been involved in the crypto-space for quite some time now. What attracted me to Bitcoin and the suite of other cryptocurrencies was the fact that it enables me to transfer value to anyone else, anywhere in the world world without the control of any central intermediary. This is a grand vision and something worthwhile to be a part of.
However there is one missing piece still. Right now, buying/exchanging digital currencies/tokens or for that matter anything over the internet involves an intermediary. We have exchanges like Coinbase, Poloniex, Bittrex and so many more and all are centralized. Even the marketplaces for trading stuff over the internet involve centralization. By centralization I mean to say that they are controlled by one governing body.
And all the problems which Bitcoin helped us escape from come again into picture by the involvement of these centralized exchanges and marketplaces.
Funds are stored with the exchanges/marketplaces and not with you. And that is a serious security flaw.
They have access to all the order books and they are subject to manipulation.
They reserve the right to freeze your accounts or censor your views.
I can go on and on about this but I am sure you get the idea.
I am sure most of you know about the Mt. Gox incident where lots of funds (belonging to common people) were lost. There have been many similar mishaps. The miserable customer service. Frozen accounts, there are plenty of people who have been affected by this. The correct path forward is the development of decentralized exchanges/marketplaces. I am sure this is going to be the next big thing in the crypto-sphere.
With decentralized marketplaces all your funds are in your control and no one can steal/freeze them. There is no censoring authority and complete anonymity for your trades.
SAFEX is the leading pioneer in this space. I will briefly outline some of the points which make me think that SAFEX is an amazing bet:
Frugal
Daniel Dabek, the visionary behind this concept raised 1.2 million MaidSafe coins in late 2015. This is another thing I like. Raising millions of dollars for your idea (which a lot of scam coins seem to be doing right now) is in my opinion not required and is definitely not healthy for the ecosystem. Daniel raised just enough so that they can proceed with the development and regular business operation.
Transparent
Transparency regarding the organization operations and decisions are the foremost priority. The team developed a voting app so that the token holders could have a say in the important decision of discontinuing with the third parties and building their own blockchain. There are regular posts in the slack channel. Even the issues that come sometimes are reported in a very transparent manner.
Amazing Leadership
Daniel has been very perseverant and dedicated towards SAFEX. He launched the crowd-sale single handedly, wrote the entire voting application which uses the tokens that are stored on the bitcoin blockchain, and the user experience of voting. He clearly knows all of his development skills and remains a very transparent leader. The team is growing now owing to the recent developments which I will talk about later.
Unlimited Potential
Start to think what a decentralized marketplace can achieve and your mind starts to boggle. Sky is the limit. If Exchanging products/services/currencies in a decentralized manner around the clock doesn’t excite you, I would love to talk to you because I am obsessed with the idea. I am pretty convinced that SAFEX is going to give the likes of Amazon, Alibaba, Freelancer services and established digital currency exchanges a run for their money. This is a network which cannot be shut down ever by anyone!
Incentive mechanism
So there are 2 tokens
SAFEX coins which represent your ownership in the SafeExchange organization. You have the right to vote on proposals and steer the direction of the organization.
Chille coins which are the currency which will be used for the marketplace.
SAFEX coin holders receive an initial amount of Chille coins (when the chain is launched) + dividends for the applications being built as well as the transaction fees over the network.
Market-cap
SAFEX as of now stands at a market-cap of around 7 million USD and is one of the most undervalued coin in the crypto-sphere as of now. The potential upside is huge. I highly recommend to check it out if you are looking for good investing opportunities.
The team has recently moved their operations to a company office. The team is growing as we speak and the community is growing day by day with a number of highly intelligent and motivated people working continuously towards a world of FREE TRADE.
You can sign up to the SAFEX slack channel with https://safex.herokuapp.com
Join the community. Say hi! https://safex.slack.com/
Check out the website as well for more information! www.safex.io
Original article: https://medium.com/@harshpokharna/what-safex-means-to-me-2e70b8913be7