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E-Commerce Platform Safex Announces Several Big Updates

Thu, 11/14/2019 - 15:17
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Denis Sinyavskiy
The e-commerce platform has announced several changes, including the possibility of on-chain P2P online trading, mainnet launch, and many more.
E-Commerce Platform Safex Announces Several Big Updates
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E-commerce trading platform Safex has announced several changes to its e-commerce platform. This will soon include on-chain P2P online trading opportunities, as well as purchases and sales through Safex's online marketplace.

Updates for E-commerce Platform

Apart from the aforementioned changes, Safex has announced several key updates, including a decentralized marketplace that will be available to the public in Beta. The community is also actively working on improving the testnet, with the mainnet planning to launch near the end of 2019.

The main objective of Safex is to create a decentralized marketplace, where customers can make purchases and sales without the need of a thirty party entity. The main advantages of a platform built atop a privacy-centric blockchain include security, privacy, and reliability.

An Economic System with 2 Coins

According to an obtained press release, the Safex team was inspired by the ideas of Bitcoin (BTC). In 2015, Safex began developing its own private-oriented blockchain. The developers also designed the Safex 2-coin system, which should appear in the worldwide marketplace. Future plans currently in development include a “native” marketplace application and the introduction of other tools and an application programming interface (API) in the system.

As the company has previously stated, the Safex 2-coin system is an economic system that utilizes two types of coins — Safex Cash (SFX) and Safex Token (SFT). The former is a cryptocurrency that is utilized inside the marketplace that underpins the Safex blockchain. It can be also mined. The latter is a platform utility token that also serves as a store of value. It will be used for basic operations such as creating an account. In addition, the storage of SFT is encouraged by participating in its shared revenue system, which also allows for the charging of listing fees to sellers showcasing their store products.

All these updates sound interesting on paper, but let’s see how it will work in a pragmatic and realistic situation.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future, can be contacted at