General Idea
Saifu wants to make cryptocurrencies much easier to use for people who are used to regular banking-like finances. For many of them, decentralization, cryptography, blockchain technology and idea of owning your own wallet, while being able to send instant payments to anyone in the world, may be too overwhelming. Saifu will let them use cryptocurrencies in a familiar way similar to traditional online banking.
Current Problem
As blockchain technology and cryptocurrencies are becoming more and more popular, many people come across very basic problems, which come with any new technology. New users don’t know how to use these digital currencies, where to get them and how to store them, so that they are safe. They often become victims of scams, while their wallets get broken into, as they aren’t familiar with security measures and handling your own private keys to the wallets.
Easy to use cryptocurrencies
At Saifu, they started with a couple of questions like: “Why should cryptocurrencies be the exclusive domain of the technically skilled?” and “Why cant we make cryptocurrencies easier to access, safer to use and available to a much, much wider community?”
That’s why Saifu wants to let them benefit from these new technologies in a familiar for most of the users way. They will offer a traditional online banking experience with the addition of all of the cryptocurrency related services and benefits. Saifu could offer them IBAN accounts for fiat and cryptocurrencies, regular wire transfers and payments, as well as exchanges and bank-grade security. Everything will run in a regulated and audited way, as they want the platform to become an official and licensed financial institution.
Intuitive platform
The main goal of Saifu is to provide their services in an easy and intuitive way. The functions and the whole platform have been designed to be easy to use even for people without any technical or computer skills. Also, the platform resembles the ones provided by banks, so users who are used to regular banking apps, should easily switch to making their payments in cryptocurrencies.
Security
Saifu believes that their users and customers don’t necessarily need to be security experts. Cryptography and the idea of private keys and in fact being your own bank, may be confusing for some people. That’s why instead of only protecting the cold storages and platform funds, they want also to provide the highest security for the users. They will use a combination of hardware and software technologies to deliver multi-layered security that does more to protect each customer‘s Saifu account, so that the customers can enjoy the freedom and flexibility offered by cryptocurrencies, while the platform takes care of day to day security issues.
The Token
Saifu Tokens (SFU) is a regular ERC-20 Ethereum-based token, which will be used as the main currency within the platforms. Their primary usage is to pay all the transaction fees within the Saifu network. Fees are determined in fiat currency and paid in SFU. Because all fees are paid in SFU, as demand for services increases, demand for the token should grow. Moreover, in order to encourage more users to acquire and hold the tokens, there will be a loyalty scheme for regular users, as well as token holders. They will be able to get discounts on various services or even get part of the tokens back as a bonus for payments and purchases. To incentivize customers to hold SFU tokens and get involved in the loyalty program, Saifu strictly limits the number of tokens in circulation. It will also burn 70% of tokens used in transactions, excluding tokens returned to customers as tokens back.
ICO Phase
The token sale runs from 19th of February to the end of April, 2018. The hardcap is set at 49 million dollars. Initial price for 1 SFU token is 0.0001 BTC.
In the project’s whitepaper, they explain in details a planned usage of funds raised during the ICO phase. Based on different possible outcomes and sum of money raised, they will devote it to acquiring needed licences, as well as the technical developments of the platform. There are significant costs associated with a high level of compliance, including liquidity requirements for licenses. Compliance requires paying auditors and improving systems, and is key for our business development capabilities.
Final Thoughts
The whole project seems to be prepared very well. The team has put a lot of effort to provide detailed descriptions and plan the whole development strategy, while every information is available in a transparent and easy to understand way. The sole idea of making it easier for people outside the cryptocurrency world to benefit from this new technology has also a great chance of succeeding and leading to the wider adaptability and usage of cryptocurrencies, especially in the mainstream.
