Originally published on: December 04, 2024
Safe, the cutting-edge multisignature wallet and digital assets platform, is on the brink of introducing a groundbreaking blockchain transaction processor network in the upcoming year. This network, known as Safenet, is set to enable instant crosschain payments without the delay of funds leaving a user’s account.
During an interview at Devcon, Safe co-founder Lukas Schor shared with Cointelegraph that the inspiration behind Safenet, announced on Dec. 3, stems from VisaNet, the powerful payment network behind Visa. VisaNet’s worldwide payment processing capabilities allow for instantaneous transactions with a merchant payment guarantee until the funds complete a series of checks and are dispersed days later.
Schor envisions replicating this same seamless experience within the realm of crypto, eliminating the need to wait for transactions to be mined. By facilitating quick crosschain transactions, Safenet aims to revolutionize the speed and efficiency of crypto payments.
Operating as a connecting layer rather than a blockchain itself, Safenet allows users to seamlessly interact with any blockchain through a single account. Powered by processors, Safenet is slated to launch in the first quarter of 2025, initially featuring one processor supporting crosschain accounts and liquidity functions.
In addition to mirroring Visa’s robust security processes, Safenet boasts features like fraud checks and compliance mechanisms. Through smart account resource locks, Safenet can temporarily reserve assets on a user account and enable processors to conduct transactions, providing users with cryptographic execution proofs.
With an open ecosystem, Safenet encourages more processors to participate in the transaction lifecycle, offering services such as security, compliance, automation, and subscriptions. Supported by the SAFE Token, validators stand to receive rewards for validating transactions and staking, incentivizing network participation.
Schor envisions a wide array of use cases for Safenet, including under-collateralized loans, which could be facilitated by trusted processors providing users with upfront funds without requiring excessive collateral. These innovative financial arrangements have the potential to reshape traditional banking practices within the crypto space.
As Safenet prepares for its 2025 launch, with an alpha version expected in Q1, the crypto community eagerly awaits the arrival of this cutting-edge platform that promises to revolutionize the landscape of crypto payments and transactions.