Safle, a decentralized blockchain identity wallet built by Safle Network and Mainchain Research & Consulting, has announced its upcoming IDO for the $SAFLE token on December 16th, on the Polkastarter platform.
What Safle Does?
Safle describe itself as a “Next-Gen identity wallet and composite blockchain infra provider for the decentralized cryptoverse, governed by the community.”
Safle has built a set of tools for developers and retail end users that provide private, non custodial open governance protocols to manage their self sovereign identity based wallets, and a complete suite for running and managing web services needed to connect to fully synced blockchain nodes.
Safle technology stack was built envisioning the challenges in current mainstream mass adoption of cryptocurrencies and of applications built on top of blockchain. The Stack empowers the community to make independent decisions and have power over their digital assets. The current Safle technology stack as well as the envisioned solution offerings for future use cases are built on two main pillars:
- Access to Identity in a Decentralised Environment
- Access to Finance in a Decentralised Environment
Read Also: Why DeFi Is The Future Of Bankless World?
$SAFLE: The Protocol’s Native Governance Token
$SAFLE is the native token of SAFLE protocol. In order to maintain a balance between developers and retail users, Safle intends to develop wallet infrastructure in a completely non-custodial fashion using open governance mechanisms via the SafleDAO, coordinated and maintained by the Safle token economy.
The native $SAFLE token will not only enable token holders to propose and vote on changes (governance privileges) to functionalities and feature sets of the wallet and node services, but will also create a self-sustaining token economic model, where value will be generated by providing access to finance and identity in the decentralised digital world.
$SAFLE is a governance and a multi-utility token. Users can earn yield by staking it via the staking pool. The $SAFLE token will have two main utilities:
Asset Value: $SAFLE can either be used as a method of payment or as a staking token that enables users to use various subscription services as long as tokens are staked.
Governance: $SAFLE holders can participate in the future of the project by participating in the Governance mechanism through SafleDAO. Holders of the $SAFLE token will have a 1–1 ratio for voting on the proposals. Holders also get the right to propose for carrying the ecosystem forward.
Polkastarter is the fully decentralised platform for launching new tokens and projects. With Polkastarter, decentralised projects can raise awareness, build a loyal community, and receive long-term support. The platform allows investors to participate in a secure and compliant environment and use assets both in and beyond the current ERC20 standard.
To understand how to participate in Safle IDO, Investors can check out Polkastarter’s related blog post here.