Safein SFN ICO: Safein is a single sign-on digital identity and payment wallet (ICO REVIeW)

Safein is a single sign-on digital identity and payment wallet. Find out how it works today in our review.

The rapid growth of e-commerce remains unstoppable. However, the industry itself is still ripe for improvement as concerns over data protection, cybersecurity, money laundering and the monopoly of various sectors are mounting. Moreover, online shopping is not only troublesome, but also complicated. Think, for example, that all password re-enrollment, verification and recovery follow a daily online customer experience.

We believe that outdated technology must be blamed for almost all of these problems. Therefore, we think it's time to improve this by embracing the modern way of managing your online identity and your shopping experience.

What is Safein SFN?

Safein lets you sign up, sign in, and pay with a single click while staying in control of your personal data. It’s a single sign-on digital identity and payment wallet. You can use Safein to hold, spend, and transfer cryptocurrencies or fiat currencies.

You can try Safein for yourself today by visiting Safein.com. It’s also available to download from the Google Play Store today as an Android app.

Overall, Safein describes itself as “a revolutionary way to pay online.” However, it’s more than just a wallet: websites can use Safein to authorize the identity of users, for example. You can get access to websites with a single click without messing with registrations or lost passwords. Safein will deliver your data to new websites for you, which means you can sign up for a brand new website or online service with a single click.

How Does Safein Work?

Some of the core features of Safein include all of the following:

Pay with Fiat or Crypto:
Once you’re logged in with Safein, you can make payments without providing any extra information. You can store your money in traditional currencies – fiat currencies – or any cryptocurrency. Safein will automatically convert and deliver funds in the merchant’s preferred way. Every payment is processed within the boundaries of Safein, making them instant, secure, and cheap.

Control your Data:
Safein lets you control your data, which means you always know what websites know about you. You can login online anonymously or only share data that the website really needs. You don’t have to go through a complex login process and enter the same data every time you sign up for a new online service. Plus, you can revoke data access permanently with a single click.

Easy Dashboard:
Safein has a web panel where users can control their access privileges. You access the panel through a mobile app or web browser. Through this panel, you can view your entire activity history, including registrations, logins, and payments.

Get Access to Websites with a Single Click:
Safein allows users to sign up and login to new websites with one click. You can avoid tedious registrations and passwords. After you approve (with a single click), Safein will deliver your data to new websites on your behalf.

What Problems Does Safein Seek to Solve?

Safein seeks to solve a number of major problems with today’s online services – including particularly e-commerce platforms. Some of the identified problems include:

Separate accounts are needed for each website
You need to repeatedly verify your account
You pay high processing fees and transaction fees
There’s the risk of fraud and chargebacks
Excessive personal data mining is an issue, and you don’t always know what a company does with your data after signing up for an account online

Solution

The Safein platform uniquely benefits both users and merchants. First, users will undoubtedly appreciate the end of re-enrollment, KYC recovery and passwords, replaced by the instant access provided by our multi factor authentication solution. In addition, it does not have an excessive account providing better security and data protection, both of which are highly valuable to any consumer. Finally, the ability to make easy payments in selected media has long been wanted by the market - Safein will also meet this need to enable a completely seamless payment experience for all users and its merchants.

Merchants also benefit from our platform because Safein significantly reduces merchant fees for installing and verifying users. Furthermore, Safein reduces transaction costs and can remove problems because it has to manage lost keywords to get customer support.

1.Combining The Best of Two Worlds

Data shows that modern internet users have a strong preference for single sign-on solutions like Facebook identity or Google accounts. In fact, some 88% of all online customers use these gateways from time to time to sign into websites they visit. On the other hand, neither Facebook nor Google can grant an account that’s verified or capable of payments, which significantly limits user convenience and growth. Accordingly, there’s a huge market that’s ripe for the taking.

In view of all this, as well as the cyber world problems mentioned in previous sections, the Safein team has set out to create a single sign-on and payment solution that can be used universally on all websites. By doing so we will eradicate the traditional way of creating accounts on numerous websites we shop on, and we will enable the world to adopt Identity 2.0. This profound leap in technology can easily eliminate the inefficiencies of never-ending KYC procedures and finally grant the community a default customer gateway for all e-commerce activities.

Equally important is our ambition to finally enable our customers to properly secure the personal data used for e commerce, and shop anonymously wherever possible. We strongly believe that instant access to payment for services, with no delays for KYCs or deposit transfers, will undoubtedly lead to greater competition, increased conversion rates and booming e-commerce. In tandem, merchants will benefit from a significant cut in their cost of regulatory compliance, data protection, KYC and user onboarding, cyber security, as well as reduction in need for significant portion of customer support handling trivial matters like password recovery.

2. Safein Architecture

3. Digital Wallet and Payment

a. Get access to websites with a single click

Safein allows users to sign up and log in to new websites with one click. Forget tedious registrations and lost passwords. With your approval, we’ll deliver your data to new websites for you.

b.Control your data

With Safein, you’re always in control of what websites know about you. You can login online anonymously, or only share data the website really needs. A single click will revoke their access permanently. On our web panel and mobile app, you’ll see your entire activity history, including registrations, logins and payments.

c. Pay with fiat or crypto with zero efforts

Once logged in with Safein, you’re also able to make payments without providing any extra information. Store your money in traditional currency or any crypto, and Safein will automatically convert and deliver funds in the merchant’s preferred way. Since every payment processed is within the boundaries of Safein, they’re instantaneous, secure and cheap.

4. Single Sign On

Before integrating Safein, a merchant will have to choose what user data is essential and must be acquired, and what data is optional and could be omitted. Our team will monitor this process and advise merchants on whether their choices on data to be collected complies with applicable data protection regimes. Moreover, the user will be able to choose whether to pass or decline passing optional data to the merchant. Safein will try to grow a generation of users who value their personal data and do not share it with everybody by default. The same applies to merchants, as we will try to do what we can, without losing our competitive advantages, to limit merchant requests for data and convince them to accept anonymous users where possible.

5. User Data Protection

Safein’s architecture is built in a way that solves most of these problems automatically. First, as required by recent developments in the EU, our users will always be presented with a full and clear information on what personal data is being passed on to relevant websites. No such transfer shall take place without clear consent of the user. Moreover, once the user agrees to give her specific data to a merchant on the first login, the merchant will be able to access this data on our platform anytime before this relationship is terminated by the user. Accordingly, such merchant will have little reasons to store this information on his own server and thus be able to significantly decrease his and his user’s exposure to hacking operations and data theft (as well as save some expenditure related to counter measures to such threats).

7. KYC Procedure Engine

Safein team is currently in talks with the world’s leading automated ID verification service provider to provide exceptionally accurate results using its AI powered document checking algorithm. Such checks, where users will only need to scan their IDs with their cameras and take selfies, will be sufficient for most uses. Some advanced verifications, where users need to comply with very specific regulations (for example, some cryptocurrency exchanges), will be done manually by the Safein team. It could take up to few minutes, but compared to current waiting periods of weeks for some exchanges, it is still a radical improvement, especially keeping in mind that users will only need to do it once.

8. Buyer protection mechanism

Crypto payments without buyer protection mechanisms rob customers of a money back guarantee in case of failure to deliver. Hence, Safein will provide a buyer protection mechanism for crypto payments in its platform. The mechanism shall only be initiated if the goods are not duly received by the buyer or if they are not as described. Safein will provide all the tools to the buyers to protect their accounts, hence, merchants will be able to feel safe as there will be no chargebacks or fraud cases. If buyers and sellers are not able to resolve disputes themselves, a well-trained Safein support team will intervene and resolve the outcome of these disputes.

9. MVP

The Safein MVP now allows users to create an account on the Safein platform and connect it to a mobile device. Safein is currently integrated in a demo website where users can login with Safein without registering, adjust their security levels for different websites, track their login activity from their mobile devices and close active login sessions at any time. This website can be found at: https://curonian.com/ Additional features are coming soon.

Multi Factor Authentication Mechanism and Digital Identify Management
Security should be the main focus when managing your identity and wallet online. Safein will have a multi-factor authentication mechanism implemented from the start. While integrating Safein, every trader will be able to choose the minimum level of security he needs from its users. For example, a merchant may request all login to the merchant's site and all payments must be confirmed by the user on the mobile device - ie (i) push notifications appear, (ii) the user must identify himself through the pin code or fingerprint on the mobile Safein application and (iii) approve login or purchase. Users (on their panel) can also increase the general security level for each website individually. For example, although certain websites do not require mobile device confirmation for website logins, users can always increase their security level by enabling the terms themselves.

With Safein, users can not only completely control their logins and actions, but also track and manage them. Users will be able to view their full activity history, including login and payment, track the devices they use, manage current active login sessions and cancel at any time. Users can also easily check which sites have access to certain data. Most of the functions associated with identity management are already available in MVP.

KYC Engine Procedures
The Safein team is currently in talks with the world's leading automated ID verification service provider to deliver highly accurate results using its AI-powered document checking algorithm. Such an examination, where users only need to scan their identity with their cameras and retrieve selfies, will suffice for most uses. Some advanced verification, where users must adhere to very specific rules (for example, multiple cryptocurrency exchanges), will be done manually by the Safein team. This can take up to several minutes, but compared to the recent waiting periods for several exchanges, this remains a radical improvement, especially given that users only need to do it once.

Wallets and Digital Payments
Safein plans to become a fully licensed EU electronic money agency with the ability to receive and process payments in accordance with the law. Users will be able to save their crypto and fiat currencies in one wallet while converting them from one to another. The main crypto currency, including Bitcoin, the popular Ethereum ERC20 token, and other popular cryptoes will be supported. The currency exchange function, for crypto and fiat, will become the standard for all currencies with 0.5% markup of the best available interest rates on the market. Owning an EU electronic money license (EMI) will allow Safein to connect to the SEPA network and provide IBAN codes to all of our users. Once it's available, Safein will be one step closer to becoming a standard instrument for everyday use. In addition, Safein plans to have a payment card connected to a user account, so that users can use their Safein account every day both online and offline.

Safein e-commerce commission standards for merchants will be 1%. Merchants who have a Safein token will be able to receive a portion of their payments for free from any commissions, and users who pay with a Safein token will receive 0.25% cash for each purchase. More about the benefits of this Safein token can be found in the "Model Token" section.

Model Token

Free payment process for SFN holders
Each Safein user activity is rewarded with SFN
The growth of the user base is rewarded with cheap referrals in SFN

Safein Token Feature

100% free payment for merchants who have a Safein token
Monthly cashback for users who pay with Safein token
Login Pool to provide Safein usage incentives among users and websites
Pool Registration to reward new users
Pond referrals to grow user base quickly

Features and Benefits

Safein aims to solve all of the problems listed above with the following features and benefits:

Single account for any website
One-time ID verification for all websites
Low cost or free service for token holders
Risk-free payments
Full control of your personal data

How Do Safein Tokens Work?

Each activity of Safein users is rewarded with Safein tokens, or SFN. Safein will also grow its userbase with SFN tokens, providing generous referral rewards in SFN. You get paid SFN tokens when referring new users to the platform.

Plus, merchants that hold SFN will enjoy free payment processing.

Users who pay with Safein tokens will receive monthly cashback rewards. Plus, certain tokens will be allocated to a login pool, and that login pool will incentivize Safein use among users and websites.

The Safein SFN ICO

The Safein ICO is scheduled to begin on March 20, 2018. The ICO will have a soft cap of 4000 ETH and a hard cap of 12,500 ETH.

The exchange rate will be set at 1 ETH = 9000 SFN. SFN tokens are ERC20 tokens on the Ethereum blockchain. There’s a total supply of 1 billion SFN tokens, with 100 million tokens available during the token sale (10% of the total supply).

Of the remaining supply of tokens, 60% is set for a company reserve fund, 10% for the Safein registration pool, 10% for the Safein team and advisors (with a 6 to 24 month lockup period), 5% for the Safein login pool, and 5% for the Safein referral program.

Who’s Behind Safein?

Safein was created by co-founders Vladas Jurkevičius (Business), Audrius Slažinskas (Legal), and Lukas Deksyns (Operations).

Prior to launching the company, the Lithuania-based team co-founded Atlantis Games, a Lithuania-based eSports platform focused on authorization and payment-related projects. That company is still active, and the team continues to hold their executive level positions with the company. Both Atlantis Games and Safein were founded in 2017.

Vladas also previously founded HELIS, which grew to a team of 80 people in less than a year after being founded in January 2016. HELIS specialized in high growth large-scale e-commerce projects in eSports and virtual in-game economies.

Safein SFN ICO Conclusion

You can download the Safein app today from the Google Play Store here. That app lets you sign up for a website with a single click, authorize a payment with a single click, and authorize a login with a single click. You can avoid tedious passwords and member registration processes: e-commerce services that use Safein allow users to sign up for a brand new website with just a click. You can use the Safein app to selectively share data with various online services, then revoke access at any time.

ICO

If any part of the token is allocated to ICO that is not distributed during ICO, the token will be returned to the company and added to its backup for further development. If it does not reach the soft cap, all contributions will be returned to the original owner.

N.B.: All values shown in the ETH in this chapter may change prior to the commencement of ICO in case of major fluctuations in ET market prices.

ICO Safein will distribute 10% of total token inventory to cover the costs below: