Originally published on: December 04, 2024
In a recent update, it was revealed that the interview with Safe’s co-founder, Lukas Schor, took place at Devcon, not Token2049. Safe, a multisignature wallet and digital assets platform, is on the brink of introducing Safenet, a revolutionary blockchain transaction processor network set to launch next year. This network will enable instant crosschain payments, ensuring funds remain in the user’s account until the transfer is completed.
Inspired by VisaNet, the renowned payment network behind Visa, Safenet aims to provide a seamless and rapid payment experience within the crypto space. Schor emphasized the importance of eliminating transaction delays and long processing times associated with crosschain transactions. The goal is to replicate Visa’s efficient payment processing model in the world of cryptocurrencies.
Unlike traditional blockchains, Safenet is not a blockchain itself but serves as a connecting layer for existing networks. It allows users to interact with various blockchains using a single account. This network, powered by processors, will support crosschain accounts and liquidity functions upon its launch in the first quarter of 2025.
Safenet incorporates security features inspired by Visa, such as fraud checks and compliance checks, ensuring a secure and reliable payment environment. Through smart account resource locks, users can reserve assets temporarily and enable processors to execute transactions seamlessly.
Moreover, Safenet offers incentives through the SAFE Token, allowing validators to earn rewards for validating transactions and staking. This ecosystem encourages more processors to join, offering a wide range of services including security, compliance, automation, and subscriptions.
Schor envisions various use cases for Safenet, such as under-collateralized loans, where users can access funds without needing excessive collateral. This innovative approach could revolutionize traditional financial arrangements, providing users with new opportunities to benefit from digital assets.
Scheduled to go live in 2025, Safenet will undergo several phases, including an alpha version in Q1, a validator network launch in Q2, and the final protocol version in either Q3 or Q4. With its co-processor’s open liquidity network, Safenet is poised to transform the way crosschain payments are conducted in the crypto industry.
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