E-commerce has made our lives a lot easier. The tech bubble of the 90s pushed businesses into an area that was once considered a fantasy – now, online retail and trade business is only possible with transactions being completed in real-time. Payment services like Visa and Mastercard were quick to adopt and now account for most of online retail transactions.
However, with the ease of online monetary transactions, dubious activities like using stolen credentials to purchase items arose. To counter this, online firms implemented heavy background checks and are pushed to do more by authorities under AML (Anti Money Laundering) and KYC (Know Your Customer) regulations. This has led the e-commerce ecosystem to slow down considerably across the board.
SafeIn: The One Stop Solution
Anyone, who has done online shopping or trading on reputed e-commerce websites, is well aware of the tedious registration process they have to go through. Employers ask for less information during hiring compared to what some of these websites ask users to tell them. The nightmare often repeats when signing up for another service.
SafeIn is a decentralized app that provides a single identity verification point for multiple services. With SafeIn, users will only need to enter data once – a user of SafeIn will be pre-verified. All they will have to do is to log in to the intended platform through SafeIn and transact.
ID In Your Wallet
As in the physical world, one always carries ID in his/her wallet. SafeIn app not only creates your online ID, but also serves as a wallet. In addition, applying for an EMI License (Electronic Money Institute) from the Financial Conduct Authority in the EU will enable SafeIn to comply with regulations that cover crypto and fiat payments.
In such a way, logging in through SafeIn will give users the option to pay for services directly through the app, either in fiat or their choice of cryptocurrency.
Market Viable Product
SafeIn has announced the launch of its first MVP. Users can test out the application here. One can register, verify and connect the account to one’s mobile. SafeIn is one of not so many service providers in the market that already has product out there before raising money through an event.
SafeIn Token Sale Event
SFN is a native SafeIn’s token, which allows users to pay for services with no transactional costs. Service providers will also be incentivised by receiving a set number of transactions through SFN without commission charges.
The Token Generation Event (TGE) of SFN will start on 25th of April. The rate of SFN tokens will change as more and more tokens are bought. Early birds will get 9000 SFN for every 1 ETH and the rate will eventually go down to 1 ETH = 7000 SFN.