Originally published on: December 04, 2024
In a recent interview at Devcon, Safe’s co-founder Lukas Schor unveiled the company’s ambitious plan to launch Safenet, a decentralized transaction processor network that aims to revolutionize crosschain payments in the crypto space. Taking inspiration from VisaNet, the renowned payment network behind Visa, Safenet promises to offer instant transactions with a payment guarantee for merchants, all without the need to wait for transactions to be mined.
Unlike traditional blockchains, Safenet acts as a connecting layer for existing networks, allowing users to interact seamlessly with any blockchain through a single account. Powered by processors, Safenet is set to launch in the first quarter of 2025, with a focus on supporting crosschain accounts and liquidity functions.
Schor emphasized the importance of security processes similar to those used by Visa, such as fraud and compliance checks, which will be integrated into Safenet. Through smart account resource locks and cryptographic execution proofs, Safenet enables processors to execute transactions swiftly while ensuring user assets remain secure.
Moreover, Safenet will incentivize validators with rewards for validating transactions and staking, creating a vibrant ecosystem around the network. This opens up possibilities for innovative use cases like under-collateralized loans, where users can access funds without the need for over-collateralization.
With a planned launch in 2025, Safenet is poised to reshape the crypto landscape, offering a seamless and secure platform for crosschain payments and transactions. Stay tuned for more updates on this groundbreaking project and the future of decentralized finance.
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