Safex Cash (SFX)

What Is Safex Cash (SFX)?

Safex Cash (SFX) is a marketplace and changeable digital cash system protocol. According to the whitepaper, the platform is a peer-to-peer marketplace with an embedded anonymous cryptocurrency with an excretion rate that is based on merit and is easy to obtain. Safex Cash network enables online merchants to get available breaks from being stuck at the understanding of centralized platforms that charge fees to compete against their customers. The platform aims to unite the world through cryptocurrency and blockchain technological creations to enhance communication and improve human quality of life.

Cryptocurrencies are favorably effective for making global payments and purchases. Nevertheless, there are many flaws due to the offsite clearing of the payments. The Safex blockchain addresses those flaws by delivering a fully operational marketplace agent where people can offer their goods or services straight away on the blockchain. Also, all the payment processing takes place atomically through blockchain transactions.

The SFX is a native digital cryptographically connected utility token of the Safex Marketplace. The token is planned to play an essential role in the functioning of the ecosystem on the Safex Marketplace. Safex Cash token is a non-refundable operational utility token used as the mode of exchange between participants on the platform. SFX tokens provide a mechanism for people to license themselves with the blockchain network. The tokens are utilized in two different forms: In the main form, the Safex tokens are employed to make an account on the network. And in the second, someone with Safex tokens holding can lock in their tokens in the blockchain and begin receiving fees from the marketplace. The Safex blockchain settles incentives to the utilities mentioned above. Safex Cash is distributed using a proof of work mining algorithm.

History of Safex Cash (SFX)

Daniel Dabek founded the Safex Cash protocol and serves as executive director of the Safex Foundation. The token's total supply is 1,000,000,000 SFX tokens. The whitepaper of the network was released on January 3, 2018, and revised on November 5, 2020.