Safle Review – Bringing Your Identity Back Into Your Hands
30 Novembro 2021 - 1:16PM
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The concept of digital identities has gained popularity following
the debut of modern-day technologies such as blockchain. Safle, a
next-generation non-custodial wallet, is one of the projects
currently leveraging blockchain to bring identities back to the
hands of users. Unlike the centralized and federated identity
models, the Safle ecosystem introduces decentralized identities,
giving crypto users control over their identities and data. While
the crypto market has grown exponentially, users have limited
options of non-custodial wallets. Meanwhile, the ones that exist
have proven to fall short in some areas. For starters, most of the
current non-custodial wallets are limited to specific blockchain
networks, making it hard to transfer assets across multiple chains.
They also face major security issues that have exposed DApps and
crypto users to malicious attacks in the past. Safle is designed as
a decentralized blockchain identity wallet consisting of other Web3
infrastructures that support DApp development and integration with
multiple blockchain networks. The Safle ecosystem seeks to solve
the existing pains in the digital identity niche, creating a
frictionless experience for cryptocurrency users and developers to
build on decentralized infrastructures. Dating back to 2019, the
primary goal of Safle is to give users back what is rightfully
theirs: security and privacy. At the helm is Abhimanyu Kashyap, an
MSC Communications graduate from the University of Nottingham,
whose interest in recent years has been in the development of infra
tools for the decentralized modern web. Kashyap was also involved
in the building and marketing of India’s fastest loan engine,
Moneyloji. That said, let’s delve deeper into the Safle ecosystem
features to understand better the value proposition in creating a
decentralized digital wallet identity. The Safle Ecosystem Safle
leverages its native features, including SafleID, SafleVault,
Saflekeyless, SafleNode, SafleDAO and the platform’s token $SAFLE
to introduce an ecosystem where users can create digital identities
and access the crypto market seamlessly. Ideally, the Safle digital
wallet enables users to manage their crypto assets, access DApps,
store NFTs and make smart payments. 1. SafleID The
SafleID feature is a core part of Safle’s ecosystem; it facilitates
user onboarding and lifecycle management of the platform’s software
plugins. This decentralized ID wallet is designed using
EVM-compatible smart contracts. As such, it supports several
chains, including Ethereum, Polygon and Binance Smart Chain (BSC).
Users who opt for this digital wallet can transfer their digital
assets across the networks mentioned above without leaving the
SafleID wallet. In addition, SafleID features advanced wallet
management tools such as time-locks, multi-sig, daily limits,
seedless recovery and trusted contacts. 2.
SafleVault The SafleVault is a secure vault built with six layers
of encryption, allowing users to manage their private keys securely
and flexibly. This vault is designed to store users’ private keys
and can be deployed through multiple avenues, including a user’s
device (desktop or mobile) or the cloud. Users can retrieve the
information stored in the vault using a password or biometric
identification. Notably, the SafleVault supports the management of
all BIP44 compatible digital assets while maintaining the same
level of encryption. 3. SafleKeyless As mentioned
earlier, crypto users often find it hard to navigate between
various ecosystems without moving funds to different wallets. The
SafleKeyless feature eliminates this barrier by allowing users to
sign transactions on any DeFi application as long as it is
integrated with the Selfkeyless SDK. With this feature, Safle
wallet users can carry out transactions across multiple DeFi
platforms and assert their identity without installing extra
software or hopping screens. 4. SafleNode Besides
decentralized wallets, Safle’s ecosystem features a dynamic tech
stack, providing building tools for DApp developers. The SafleNode
comprises several SDKs and infrastructure APIs, including the
previously highlighted Saflekeyless feature that DApp developers
can integrate to enable a seamless user experience. Additionally,
the platform has made open APIs available, allowing access to
real-time blockchain and crypto data for price predictions and
on-chain analysis. 5. SafleDAO & the Native
Governance Token Like most decentralized ecosystems, Safle is
governed through a Decentralized Autonomous Organization (DAO). The
DAO makes decisions on Safle’s ecosystem development by creating
proposals and voting through the platform’s native token, $SAFLE.
This token also powers other operations, including fee payments on
the network and community rewards for early adopters and
supporters. Per the project’s whitepaper, the initial supply of
$SAFLE at the token’s generation event (TGE) will be distributed to
seed investors, public token sales and strategic allocation.
6. Staking Rewards The Safle ecosystem also features
staking rewards through its native token, $SAFLE. Even better,
users who leverage SafleID to stake on platforms like Ethereum can
do so from their non-custodial wallets. While staking rewards are
yet to launch, Safle intends to enable users to access the high APY
offered by various DeFi protocols to maximize their returns. The
rewards programs will also be used to balance the $SAFLE token
demand and supply – at any point, the number of distributed rewards
will be proportional to the number of tokens in supply and those in
staking pools. 7. Safle SmartPay and Swaps The
Safle SmartPay feature is designed for merchants looking to use the
Safle ecosystem as a primary business tool. Merchants who integrate
the Safle infrastructure will be able to accept crypto payments,
swap crypto for fiat and create master-child wallets managing
several child wallets. On the other hand, SafleSwaps will
facilitate single transactions without leaving the SafleID wallet.
This feature is powered by smart contracts, introducing an
aggregator model that provides a high-liquidity and low-cost
environment for swapping digital assets. The Future is
Decentralized Identities Though relatively new, the concept of
decentralized identities is spreading like wildfire. More people
are gradually realizing that centralized organizations are taking
advantage of personal data and information. Well, thanks to
blockchain-built innovations, the future of the ownership economy
is looking brighter. Safle, which has already taken up the mantle
of building self-governed digital identities, is not only making
progress in its technical features but strategic partnerships and
capital raising. The project raised $900k in its seed funding
round, attracting notable investors such as Draper Dragon Fund,
Woodstock fund, Sandeep Nailwal and JD Kanani (Matic/Polygon
founders). JD Kanani, who commented on Safle’s recently concluded
seed funding round, was keen to emphasize the value proposition of
decentralized identities in fostering blockchain adoption, “Safle
is building vital next-generation wallet infrastructure that will
eliminate existing points of friction to drive wider adoption of
all blockchain applications. Matic is excited to be among the first
chains supported by SafleID, and we look forward to supporting
Safle on their mission to drive greater adoption of blockchain
technology.” With blockchain ecosystems becoming mainstream,
decentralized identities will play a significant role in shaping
the future of the digital world. This extends to upcoming niches
such as NFTs that have popularized the idea of the metaverse.
Looking into the future, thriving within digital ecosystems will
require one to have a digital identity that is verifiable and
unique. Image Source: Safle
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