The concept of digital identities has gained popularity following the debut of modern-day technologies such as blockchain. Safle, a next-generation non-custodial wallet, is one of the projects currently leveraging blockchain to bring identities back to the hands of users. Unlike the centralized and federated identity models, the Safle ecosystem introduces decentralized identities, giving crypto users control over their identities and data.
While the crypto market has grown exponentially, users have limited options of non-custodial wallets. Meanwhile, the ones that exist have proven to fall short in some areas. For starters, most of the current non-custodial wallets are limited to specific blockchain networks, making it hard to transfer assets across multiple chains. They also face major security issues that have exposed DApps and crypto users to malicious attacks in the past.
Safle is designed as a decentralized blockchain identity wallet consisting of other Web3 infrastructures that support DApp development and integration with multiple blockchain networks. The Safle ecosystem seeks to solve the existing pains in the digital identity niche, creating a frictionless experience for cryptocurrency users and developers to build on decentralized infrastructures.
Dating back to 2019, the primary goal of Safle is to give users back what is rightfully theirs: security and privacy. At the helm is Abhimanyu Kashyap, an MSC Communications graduate from the University of Nottingham, whose interest in recent years has been in the development of infra tools for the decentralized modern web. Kashyap was also involved in the building and marketing of India’s fastest loan engine, Moneyloji.
That said, let’s delve deeper into the Safle ecosystem features to understand better the value proposition in creating a decentralized digital wallet identity.
The Safle Ecosystem
Safle leverages its native features, including SafleID, SafleVault, Saflekeyless, SafleNode, SafleDAO and the platform’s token $SAFLE to introduce an ecosystem where users can create digital identities and access the crypto market seamlessly. Ideally, the Safle digital wallet enables users to manage their crypto assets, access DApps, store NFTs and make smart payments.
The SafleID feature is a core part of Safle’s ecosystem; it facilitates user onboarding and lifecycle management of the platform’s software plugins. This decentralized ID wallet is designed using EVM-compatible smart contracts. As such, it supports several chains, including Ethereum, Polygon and Binance Smart Chain (BSC). Users who opt for this digital wallet can transfer their digital assets across the networks mentioned above without leaving the SafleID wallet. In addition, SafleID features advanced wallet management tools such as time-locks, multi-sig, daily limits, seedless recovery and trusted contacts.
The SafleVault is a secure vault built with six layers of encryption, allowing users to manage their private keys securely and flexibly. This vault is designed to store users’ private keys and can be deployed through multiple avenues, including a user’s device (desktop or mobile) or the cloud. Users can retrieve the information stored in the vault using a password or biometric identification. Notably, the SafleVault supports the management of all BIP44 compatible digital assets while maintaining the same level of encryption.
As mentioned earlier, crypto users often find it hard to navigate between various ecosystems without moving funds to different wallets. The SafleKeyless feature eliminates this barrier by allowing users to sign transactions on any DeFi application as long as it is integrated with the Selfkeyless SDK. With this feature, Safle wallet users can carry out transactions across multiple DeFi platforms and assert their identity without installing extra software or hopping screens.
Besides decentralized wallets, Safle’s ecosystem features a dynamic tech stack, providing building tools for DApp developers. The SafleNode comprises several SDKs and infrastructure APIs, including the previously highlighted Saflekeyless feature that DApp developers can integrate to enable a seamless user experience. Additionally, the platform has made open APIs available, allowing access to real-time blockchain and crypto data for price predictions and on-chain analysis.
5. SafleDAO & the Native Governance Token
Like most decentralized ecosystems, Safle is governed through a Decentralized Autonomous Organization (DAO). The DAO makes decisions on Safle’s ecosystem development by creating proposals and voting through the platform’s native token, $SAFLE. This token also powers other operations, including fee payments on the network and community rewards for early adopters and supporters. Per the project’s whitepaper, the initial supply of $SAFLE at the token’s generation event (TGE) will be distributed to seed investors, public token sales and strategic allocation.
6. Staking Rewards
The Safle ecosystem also features staking rewards through its native token, $SAFLE. Even better, users who leverage SafleID to stake on platforms like Ethereum can do so from their non-custodial wallets. While staking rewards are yet to launch, Safle intends to enable users to access the high APY offered by various DeFi protocols to maximize their returns. The rewards programs will also be used to balance the $SAFLE token demand and supply – at any point, the number of distributed rewards will be proportional to the number of tokens in supply and those in staking pools.
7. Safle SmartPay and Swaps
The Safle SmartPay feature is designed for merchants looking to use the Safle ecosystem as a primary business tool. Merchants who integrate the Safle infrastructure will be able to accept crypto payments, swap crypto for fiat and create master-child wallets managing several child wallets.
On the other hand, SafleSwaps will facilitate single transactions without leaving the SafleID wallet. This feature is powered by smart contracts, introducing an aggregator model that provides a high-liquidity and low-cost environment for swapping digital assets.
The Future is Decentralized Identities
Though relatively new, the concept of decentralized identities is spreading like wildfire. More people are gradually realizing that centralized organizations are taking advantage of personal data and information. Well, thanks to blockchain-built innovations, the future of the ownership economy is looking brighter.
Safle, which has already taken up the mantle of building self-governed digital identities, is not only making progress in its technical features but strategic partnerships and capital raising. The project raised $900k in its seed funding round, attracting notable investors such as Draper Dragon Fund, Woodstock fund, Sandeep Nailwal and JD Kanani (Matic/Polygon founders).
JD Kanani, who commented on Safle’s recently concluded seed funding round, was keen to emphasize the value proposition of decentralized identities in fostering blockchain adoption,
“Safle is building vital next-generation wallet infrastructure that will eliminate existing points of friction to drive wider adoption of all blockchain applications. Matic is excited to be among the first chains supported by SafleID, and we look forward to supporting Safle on their mission to drive greater adoption of blockchain technology.”
With blockchain ecosystems becoming mainstream, decentralized identities will play a significant role in shaping the future of the digital world. This extends to upcoming niches such as NFTs that have popularized the idea of the metaverse. Looking into the future, thriving within digital ecosystems will require one to have a digital identity that is verifiable and unique.
Image Source: Safle