Originally published on: December 04, 2024
In an exciting update, Safe’s Safenet is set to shake up the world of cryptocurrencies with its innovative blockchain transaction processor network. The network, scheduled to launch next year, will enable instant crosschain payments without the need for funds to leave a user’s account.
Inspired by VisaNet, the renowned payment network supporting Visa, Safe co-founder Lukas Schor shared with Cointelegraph the vision behind Safenet during its announcement at Devcon.
The primary goal of Safenet is to replicate Visa’s seamless payment experience in the crypto space, offering lightning-fast transactions and payment guarantees for merchants. Instead of waiting for transactions to be mined, Safenet aims to scale crosschain transactions efficiently.
Unlike traditional blockchains, Safenet acts as a connecting layer for existing networks, allowing users to interact with any blockchain through a single account. This innovative approach sets Safenet apart as a game-changer in the crypto industry.
Safenet’s decentralized transaction processor network will feature processors to facilitate transactions and security checks. Slated for launch in the first quarter of 2025, Safenet will offer crosschain accounts and liquidity functions, providing users with enhanced security and compliance processes.
One exciting use case of Safenet is under-collateralized loans, where trusted processors can front money without the need for excessive collateral. This revolutionary approach opens up new possibilities for users looking to leverage their assets effectively.
Looking ahead, Safenet plans to go live in 2025, with an alpha version scheduled for Q1, a validator network launch in Q2, and the official protocol version 1 release in either Q3 or Q4 2025. With its innovative features and user-friendly interface, Safenet is poised to revolutionize crosschain payments in the crypto world.
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