Developed by Daniel Dabek, Safe Exchange is a fully decentralized marketplace that allows the users to arrange and settle private or public Safe Contr
Developed by Daniel Dabek, Safe Exchange is a fully decentralized marketplace that allows the users to arrange and settle private or public Safe Contracts. The participants can choose to keep the contracts identified or anonymous while selling or buying on this platform. While the system does not have a specific currency, it provides cryptographic tokens called Safe Exchange Coins (SEC) and which allows the holder to perform a number of things on the system.
With the SEC, the users can purchase or sell standardized agreements on the marketplace and settle exchanges such as commodities, bonds and stocks. The holders of the tokens can also perform real estate transactions and settle other complex contract deals. The clearing of the transactions happens automatically through the platform. In addition, the SECs allow the user to discuss the validity of contracts, participate in altering exchange policy and receive dividends.
Safe Exchange is based on the Financial Information Exchange (FIE) protocol which is concerned with settling of finances of various exchanges globally. Using this protocol and utilizing the SAFE Network‘s privacy and security features, the platform allows exchange of value just like the New York Stock Exchange, Amazon, Craigslist, eBay and Chicago Board of Trade.
The marketplace is governed by the Decentralized Board of Trade (DBOT) which is an open-source system that monitors the anonymous exchange. For cryptocurrency enthusiasts to be a member of this system, they should be using the SEC. The membership gives the user some power to have input into the governance and functioning of the Exchange.
Concerning the development of the platform, the company created 2.12 billion SEC and distributed them in a crowd-sale to raise enough funds to develop the platform. The company plans to distribute the tokens worldwide so that they can start conducting the crowd-sale in an auction style and establish broad community participation for their system. Anyone with access to the web and using the platform can participate in SEC mining. The SEC can be purchased and managed on the company website (safex.io). When trading on the website, the users are charged a small fee which goes to developing the platform’s infrastructure.
When it comes to the markets, the SEC fluctuates in price like other cryptocurrencies. The fluctuations can be extreme and happen over long periods of time, so the holders of the currency should be able to cope with market drawbacks. The tokens can be exchanged with Dollars, Bitcoin and other currencies that posses value in public markets.