Trade Reports

Safle: A Self Sovereign Digital Identity Protocol

Safle is a decentralized blockchain identity wallet that provides secure private key management as well as a unified experience for dApps, DeFi, and NFTs.

The initiative aims to make purchasing, selling, transferring and storing crypto assets as simple as using a social media platform. Their goal is to make accessing and building on decentralized infrastructures as easy as possible for users and developers. Retail users can utilize their SafleID account, which comes with a fully functional name-enabled vault, to access a variety of functions via their Web App, Browser Extension, and Phone Application. This makes it easier for Safle users to HODL.

Why Safle?

The Problem

Given the limited expertise in programming languages and frameworks like truffle and ganache, creating blockchain apps is a bit of a challenge. As a result, it can be difficult for regular web developers to develop blockchain-compatible applications.

The Solution

Developers can simply onboard users into their decentralized applications using SafleNode Web3 Infrastructure and SafleKeyless. The SafleNode stack provides auto-deploy node services for seeking connections to the blockchain using RPC (Remote Procedure Call). SafleNode provides EVM-compatible blockchain services (Polygon, Binance Smart Chain, Optimism) and wants to expand support for Tezos, Polkadot, and other widely used blockchains in response to community demand. This enables the developers’ ecosystem BUIDL with Safle.

To maintain a balance between developers and retail customers, the Safle Team plans to construct wallet infrastructure in an entirely non-custodial manner via the SafleDao, which will be controlled and maintained by the Safle token economy. The native $SAFLE token not only allows token holders to propose and vote on changes to the wallet and node services’ functionalities and feature sets, but it will also create a self-sustaining token economic model in which value is generated by providing decentralized digital world access to finance and identity.

Safle Key Features

Safle has developed a collection of tools for developers and retail end users that include private, non-custodial open governance protocols for managing self-sovereign identity-based wallets, as well as a full suite of tools for hosting and administering web services. The present Safle technology stack, as well as future solution offerings for specific use cases, is based on #4 fundamental pillars:

1. SafleID

SafleID facilitates wallet/SafleID resolution through user onboarding and Lifecycle Management software plugins. The SafleID wallet is made up of EVM-compatible smart contracts that run on Ethereum, Polygon, Binance Smart Chain, and other blockchains. Multisig, time-locks, daily limits, trusted contacts, and seedless recovery are all aspects of SafleID as a smart contract wallet.

2. SafleVault

SafleVault is a private key management architecture built on the foundations of availability, flexibility, and security. The vault is protected by six layers of encryption in SafleVault. The vault contains the private keys to the user’s wallets. A single seed phrase encrypts the vault and is used to produce each private key. The vault can be set up in the cloud or on the user’s device (desktop or mobile), and it can be accessed with a password or biometrics. With the same level of encryption, SafleVault can manage private keys for all digital assets that are compatible with BIP44.

3. SafleKeyless

SafleKeyless is a tool that allows users to sign transactions within any decentralized application that is SafleKeyless-integrated. It is provided to dApps via an easy-to-integrate SDK that allows Safle users to connect their Safle wallet with the dApp, allowing them to sign transactions and establish identity without jumping through web pages or installing any additional software.

4. SafleSwaps

Users may choose swap pairs and simply exchange between tokens with SafleSwaps. Safle uses a smart contract-based aggregator architecture to deliver high liquidity and low fees on swaps using AMM pools like Uniswap, SushiSwap, and Kyber Network. The swap is initialized, and the assets are received in the SafleID wallet itself, so users are always in control of their own assets.

The Creative Team of Safle

Safle was founded by a group of highly qualified experts, entrepreneurs, blockchain developers, game designers, and crypto enthusiasts who believe in the overall community growth and betterment.

Abhimanyu Kashyap: Founder at Safle

Safle Team is led by Abhimanyu Kashyap, who is known as the first-gen entrepreneur building for the decentralized world.

Project Roadmap

Safle has devised a roadmap to help the SafleNauts better prepare for the challenges ahead. The key sequence is shared without dates to maintain flexibility and accommodate plasma turbulence. Here are some significant ideas and activities that are yet to take place.

$SAFLE Token Utility

$SAFLE is essentially a governance token used as a 1-1 voting stake in the Safle ecosystem’s governing, regulating, and advancing Decentralised Autonomous Organization (DAO). Users may access blockchain and crypto applications with the Safle ecosystem’s power tools. Users will always have access to all of the fundamental tools for free. Still, some features will cost money because they are more advanced in nature and are integrated with other ecosystems for which the Safle ecosystem must pay. The following are some of the characteristics:

  • Onchain transactions can be paid for using $SAFLE tokens.
  • Infrastructure and services are both important.
  • Developers will be charged $SAFLE depending on how they use the platform.
  • To employ advanced plans, developers will need to stake $SAFLE.
  • Guardian will require $SAFLE staking.
  • Smart wallets, private transactions, and multi-sig wallets are all going to come at a cost.
  • Mapping to other domain services, such as ENS.
  • An auctioning fee will be charged when SafleIDs are auctioned.
  • When transferring to another blockchain, such as Ethereum, bsc will charge a one-time fee in Safle.

Token Distribution and Vesting

The total supply of the $SAFLE token is 1,000,000,000.

This initial supply $SAFLE token will consist of:

Fund Raise

  • Partial withdrawal of the total allocation of seed and private investors.
  • Partial withdrawal of strategic allocation
  • Public sale tokens

Towards Community & Adoption

  • Community rewards for early supporters and adopters.
  • Staking Rewards.

Towards Ecosystem Growth & Technology Development

  • Research and development grants.

Earn Other Tokens by Staking $SAFLE

For those who wish to earn high yields on their investments and diversify their portfolio at the same time, UniFarm is the best bet in all forms.

There are several examples of users who’ve earned staggering returns by investing small in UniFarm.

What you need to do?

For the tokens you’ve purchased using a decentralized exchange, you need to transfer those tokens to your MetaMask wallet and stake those tokens in UniFarm.

You will earn a minimum of 36% APY which can go up to 250% APY maximum, which is a win-win for investors.

You can follow this How to Stake guide to learn the staking process.

UniFarm is a one-of-a-kind staking solution where the best projects in DeFi space come together to provide value to investors. UniFarm allows you to stake one token but earn multiple high-value tokens, so in addition to a great APY, your returns are automatically diversified as well.

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