The idea behind Safein is that of providing a “decentralized blockchain-based identity management platform”. This is aimed at being a full KYC solution for companies, to let them quickly and easily on-board new users.
To help do this, it will give users a universally verified account. Their product is already up and running, with more than 10,000 web users and over 1,000 registered app users too.
The token sale event is planned with a start date of May 31, 2018. Let's take a deeper look now at the Safein website and White Paper to see better details of their upcoming ICO:
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Token: SFN tokens
Hard Cap: $21 million
Payment Methods: ETH
Total Cap Size: 1 billion SFN tokens
Technology: Ethereum Blockchain linked to API
Private Sale - None
Public Sale - Starts May 31, 2018
A smarter and easier way for businesses to verify the identities of the people that they deal with is the key feature of Safein. The flip-side of this is that users can access any site by having a universal account here. They won’t need to register and set up new passwords to enter any new site that they are interested in becoming a member of.
Users are promised that they will always be in control of their data. They can choose to log in anonymously or else only share with the site the basic information they need to be granted access.
Users will also be to see their full activity history, showing their list of registrations and logins.
Project Use Case
By looking at the Safein White Paper we can very quickly understand what benefit this platform is meant to bring to users and businesses. The section titled Safein for Users explains the 4 main benefits that users get.
These are; single, universal account for accessing multiple online services, easy KYC procedure, no delay on KYC, and enhanced privacy / security.
When we move on to look at the section on Safein for Businesses, there are also 4 main benefits mentioned. In this case, advantages are as follows; easy to follow API documentation, low-cost approach to onboarding new users, comprehensive KYC solution for any business, and low customer support costs / fraud.
SAFEIN Team Overview
The Safein team is built around 8 core members and 8 Advisors. The Co-Founders are Vladas Jurkevičius, Audrius Slažinskas, and Lukas Desknys. They take up the roles of CEO, Head of Legal, and COO, respectively.
We can see a good range of experience for subjects such as e-commerce, legal matters, and development.
Other core team members include Arthur Zubkoff (Marketing and Growth), Bogdan Kuštan (Senior Development Team Lead), and Villus Semėnas (Business Development), Justas Brazauskas (UX / UI / Data), and Justas Tirevičius (Senior IT Project Manager). The team is largely based in Lithuania.
The group of Advisors is headed up by Joseph Steinberg, who is highly respected in the area of Cyber Security. Also on this list is Business Development expert Marlo Ovcharov, and Sales and Business Development Advisor Jean-Baptiste Daguené.
How Does The Token Work
There are 3 main uses for the SFN tokens that are referred to in the Safein documents. The first one is for payment of all of their difference services.
They say that it will always be free to users, but that businesses will need to pay each time that they want to verify an identity.
Another use for the token is in the registration program. The first million users who register will be rewarded with tokens.
In a similar vein, their referral program is a key part of their growth plans. Each user can invite up to 20 friends to join and will be rewarded with tokens.
What Do Investors Gain
The availability of SFN tokens at a low price in the ICO offers the chance for investors to get on-board early. The general idea is that this platform can be used by a huge number of businesses and users all over the planet. This should mean that the price of the tokens rise as they become more in demand.
Those who join Safein in the early stages can also look to take advantage of the reward schemes in order to build up their collection of tokens with no further investment needed.
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Opportunities & Risks
There is a huge amount of interest currently in the idea of using Blockchain technology as the basis of an identity verification platform. What this means is that there are a number of different ICOs around that are looking at this subject.
Naturally, they all take a slightly different approach to it. In the case of Safein, the team appear to be focusing largely e-commerce and on internet banking sites.
It would have been good to see them include a comparison of the different rivals around, as a way of seeing how they have mitigated the risk of losing out to another solution.
ICO SIGNALS :
A Blockchain solution like Safein is sure to make life a lot easier for many people. By being able to confirm our identity to any site in this way there will no messy filling in of forms and providing personal documentation in order to meet KYC controls.
The question is whether it will be Safein or one of their rivals that provides the successful platform.
There are some good signs here. The fact that they already have users is encouraging, although the number is still too small to really guarantee success. Their team appears to have a good mixture of attributes, although there is a feeling that they could improve with a more global team, rather than being so local in nature.
All in all, this could be a long-term winner but it is clear that there are still some stiff challenges ahead.