Safein ICO Review

If you’ve taken part in any ICOs recently, you will probably have encountered requirements to complete KYC (Know Your Customer) verification.

Typically it involves providing identity documents, proof of address, personal information and so on and can be quite time-consuming. Then you have to wait — sometimes for days or even weeks — while the information you have submitted is verified.

It is becoming increasingly common to have to do this not just for ICOs but other platforms such as traditional banking, betting and stock market/forex brokers. And each time you have to submit all the same information, taking up your valuable time and passing off to another organisation a good deal of your personal ID information.

Well there is a new ICO about to launch that is attempting to resolve all the repetition, hassle and security problems with these processes. It is called Safein and it is aiming to provide a universal verified account that people only have to fill in once and can then use for a variety of websites and sign-up processes.

It is a great idea and if it works would save people a huge amount of time and reduce online security risks such as identity theft, whilst at the same time making it much easier and cheaper for businesses to complete their necessary KYC requirements.

Below I will take a look at how it will work, the potential benefits and details of the ICO.

Safein — How It Will Work

These days we seem to spend more and more of our time filling in our details online every time we want to sign up for a new website or service. This can be time-consuming and put people off. Indeed, apparently least 22% of current online shoppers simply choose to abandon their carts if completing the purchase required the creation of a new user account.

On the other hand, it has been estimated that it costs businesses $20 to onboard each new customer, with a total annual bill for identity assurance exceeding €3.5 billion in the UK alone.

And then there is all the time and inconvenience of having to remember and store passwords. Indeed, 30–40% of support centre call volume is related to just password and account recovery.

All of these problems are crying out for a simple solution that saves people time and businesses money and that is exactly what Safein are offering.

Here is the process that users like you and me would follow:-

·         Download the Safein App to access the SafeNetwork.

·         Receive a pair of signing and verification keys

·         Add your personal information and documents as per normal KYC (e.g. passport, national ID card and driving licence)

·         Complete a video task and some other simple checks

·         Once verified, your information is encrypted

·         You can then back up the information (e.g. on USB stick)

·         Each time you are required to submit your identity or KYC information on a new website, you can simply release the relevant portion of your details to the organisation via the Safe Network

Users can also sign up to Safein as they sign up to a new website. So perhaps they have never heard of Safein. When they come to a registration form, there would be a message asking the user “Would you like this to be your
last registration process ever?” and a button “Create Safein account.” The user can then create effectively create both accounts at the same time by scanning a QR code and once their details are verified by Safein, they are signed up and don’t need to keep filling in their details for each new website.

From a business’s point of view, they can simply incorporate Safein’s system into their registration processes and then confirm what level of information they require, together with any specifications such as only over 21s or checks on stolen/lost ID information.

Benefits of Safein

There are considerable benefits of Safein for both users and businesses.

For the user, the benefits include:

·         No need to keep completing registration forms and KYC each time, saving huge amounts of time

·         No need to remember/store endless login details and passwords

·         Full control of which of your data is passed onto websites

·         Having personal data securely stored in an encrypted file

·         Ability to add enhanced security protection such as biometrics for personal protection

For business, the benefits include:-

·         Increased conversion rates as people less likely to abandon purchases due to having to fill in forms or submit ID documents

·         Reduced costs of KYC procedures and account recovery measures

·         Access to growing group of users

·         Easy set up of Safein using API documentation

So it’s really a win-win for everyone involved. Safein could be used for all kinds of different websites and businesses, including for ICOs and cryptocurrency exchanges, e-commerce, financial and online gambling services, trading platforms, social networks and much else besides.

And unlike many ICO projects, Safein already has a working product, in Alpha form which you can test out right now. They also have over 20,000 web users and 1,000 app users.

ICO Details

The token sale is due to commence on 31st May. Here are the main details about the token sale:

· Token: Safein Token (SFN)

· Maximum number of tokens: 1 billion

· Tokens available during ICO (hard cap): 300 million (i.e. 30%)

· Token price: 1 SFN= $0.07

· Soft Cap: $3m

· Hard Cap: $21m

· Sale starts: 31st May

· Sale ends: TBC

The allocation of funds will be as follows:-

· Token sale: 30%

· Founders & Advisors: 10%

· Company reserve: 60%

So those are the main details of the ICO. The SFN token will be required by organisations wishing to use Safein’s KYC services for each customer added.

Team

Safein has quite a strong team behind it. Here are the main players involved:-

·         Vladas Jurkevičius, CEO & Co-Founder: BA and MEng graduate
from University of Cambridge. Over 7 years experience developing and
successfully exiting fast growing e-sports and online games companies.

·         Lukas Deksnys, COO & Co-Founder: Specialist in risk management, finance and statistical modelling. Experience as an actuary for one of the largest UK insurers.

·         Arthur Zubkoff, Marketing & Growth: Fintech and marketing consultant with a background in technology, design, business and banking as well as experience in multiple crypto-related projects such as UTRUST.

·         Vilius Semėnas, Business Development: Chief Commercial Officer at CoinGate, one of the largest payment processors in the area of blockchain and cryptocurrencies with a merchant base of over 1,000 clients.

There are also other team members with expertise in legal services, IT, data and user experience.

Web: https://safein.com/

 Bitcointalk: https://bitcointalk.org/index.php?topic=2903156.0

Group Airdrop & ICO: https://www.facebook.com/groups/174689159952121/