Safe Token(SAFE)

What Is Safe?

Safe is a smart account infrastructure that empowers developers to work on features and products that overcome typical challenges of externally owned accounts (EOAs). These challenges include insufficient flexibility and security concerns, among others. This is where the Safe platform enters the picture, bringing digital account ownership to everyone through the adoption of open and universal contract standards for asset custody. 

The Safe platform actively works to standardize the use of smart contract accounts and eventually replace EOAs. The two key areas that its developers focus on are Safe{Wallet} for users and Safe{Core} for developers.

Background and Development

Formerly known as Gnosis Safe, the platform's aim is to offer full control over digital assets. This scope may cover digital art, identity, financial, and other types of digital assets through smart contract accounts. With its modular smart account infrastructure, Safe aims to eventually take over and replace EOAs. 

The platform also underwent a meticulous audit in 2018 to ensure that their smart contracts have complied with the industry's highest possible security standards. The authorities behind this audit were Certora, OpenZeppelin, Runtime Verification, and Ackee Blockchain Security.

How Safe Works 

One of the platform's key areas is Safe{Wallet}, which is a smart contract wallet that helps users access and manage their digital assets seamlessly and with full custody. Several users already consider Safe the default smart contract wallet. The platform's user base includes web3 native companies, decentralized autonomous organizations (DAOs), and individuals.

The platform also mainly relies on Safe{Core}, which is its secure infrastructure. Safe{Core} has a vital role of account leverage integration with the platform's own Safe Smart Accounts. Included in the infrastructure are the Safe{Core} API, the Safe{Core} SDK, and Safe Smart Accounts. This stack is vital in order to integrate Safe Smart Accounts with any virtual platform. This is to ensure a tested core with secure and flexible capabilities for applications that are innovative. 

The ecosystem has facilitated over 82 million transactions, stored over $100 billion worth of assets, and deployed over 10 million accounts.

SAFE Token

SAFE token, which is the native token of the platform, aids with the shift towards smart account standards. Token holders can actively participate in the transition towards smart contract use. 

Aside from this, these holders may also help with governing SafeDAO, which is a decentralized collective that manages and stewards the ecosystem. The SafeDAO has the goal of empowering users with flexibility and control with regards to their digital assets.

The platform also offers holders the chance to engage in its Safe{Pass} Program, wherein users may interact with the platform and reap rewards in return.

The token is also intricately intertwined with a dynamic ecosystem, supporting more than 200 projects in over 15 networks. The platform generally covers various applications that range from DAOs to payment systems. 

Token supply is capped at 1 billion. Collectively, community treasuries account for the token's largest distribution.

Should You Invest in SAFE Token? 

Frequently Asked Questions 

What Are DAOs? 

A decentralized autonomous organization (DAO) is an innovative method for managing and structuring groups without conventional leadership and centralized management. These DAOs have evolved with blockchain technology and offer ways for communities to operate transparently and independently. This governance model allows members to collectively make decisions. 

Unlike traditional leadership models, DAOs do not have a single entity or individual to oversee operations. Rather, community members get to decide with one another through computer code that everybody within the DAO agrees on. 

DAOs primarily operate on smart contracts, which are contracts that execute themselves thanks to directly coded terms in them.

Is Safe Decentralized? 

SafeDAO, which comprises contributors, backers, and users, is behind the management of the platform. The governance structure ensures that the underlying infrastructure of the Smart Account stays neutral. One of the DAO's goals is to ensure resilience through decentralization, making sure that the ecosystem should be independent from just one entity. Its governance is permissionless and decentralized. 

Which Tokens Does Safe{Wallet} Support? 

Generally, Safe{Wallet} is capable of managing assets that could also be kept and managed on Ledger or Metamask. However, there are certain restrictions that may apply for specific asset types. 

Overall, Safe{Wallet} supports Ether and other ERC20 tokens. These include DAI, USDC, UNI, and other cryptos. The wallet also accommodates ERC721 tokens, or Collectibles and NFTs that adhere to the ERC721 standards.

Where Can You Buy SAFE Token? 

SAFE is available on KuCoin and Coinbase, which are both centralized exchanges. Unlike decentralized exchanges, centralized exchanges are managed by a main entity that serves as an intermediary between buyers and sellers within the crypto space.