Safe Exchange refers to a marketplace which lets users sell and buy goods using anonymous systems. The Safe Exchange was developed by Daniel Dabek and is a fully-centralized marketplace allowing users to settle public and private safe contracts.
Participants have the freedom to keep their contracts anonymous or identified when they sell or buy services. It does not have any specific currency per se but it offers token which are called the SEC or Safe Exchange Coins. SAFEX was required because the protection which users got from Bitcoin was found to be inadequate. Bitcoin showed the world a system of trustless decentralized public ledgers enforced by cryptography. But use of this in commerce led to user privacy getting limited. So, many projects came about for anonymous transfers of coins. The goal of SAFEX was to offer a platform to people which would safeguard their civil liberties from hackers and criminals.
The holders of the SAFEX coins could earn from transaction fees which take place in this blockchain. The coins are even capable of dealing with voting and this allows people to actively participate in creating and governing the marketplace. When you own Safe Exchange coins, you become part of the decentralized network. This cryptocurrency offers many advantages over others in that they can be conveniently traded or exchanged; they may be used for voting, they allow earning of dividends in real time and they are safe from inflation.
SAFEX is based upon FIE or Financial Information Exchange protocol that deals with finances settlement of different exchanges. Using the SAFE network security and this protocol, this platform lets users exchange values like in the New York Stock Exchange or eBay or Amazon or Craigslist. The marketplace is under the control of the DBOT or Decentralized Board of Trade. This is open-source and monitors anonymous exchanges.
The company had created about 2.12 billion Safe Exchange Coins and distributed these in crowdsale for raising funds. The company also has plans of distributing the tokens to conduct the crowdsale like an auction. So, anyone having an access to Internet and using this platform may take part in mining the SEC. The coins can also be purchased on the website of the company or safex.io. Traders will be charged nominal fees when they trade on the site. Like other cryptocurrencies the SEC will also fluctuate in price in the market. These fluctuations may be extreme and can take place over long spells. This means that the currency holders must be prepared to handle market drawbacks.
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