This short article will give an overview about the progress of TWM on the CLI level (testnet version 6.7). The following transaction types will be covered: create account, edit account, stake tokens, create offer, edit offer, purchase offer, create feedback, unstake tokens.
Create Safex Account off-chain and Send it to the Safex Blockchain
In order to list offers of goods and services in the Safex ecosystem, a Safex Account has to be created. Safex Account names are unique. Once an account with a specific name is created off-chain and sent to the Safex Blockchain, it cannot be created again by another user. A limited amount of account info as well as a link to a hosted picture can be included into the account description. The hosted picture and account info will then be visible in the GUI wallet application.
A new account with a specific name (cryptooli) and specific description (certified alpaca seller) is first created off-chain (only possible if account name does not exist on-chain yet) and then sent to the Safex Blockchain.
Look up Safex Account Creation Tx in the Block Explorer
Attempt to Create New Account with Name already existing on-chain
Edit Safex Account Description
The Safex Account Description can be edited after a maturing time of 10 blocks. Also, a specific number of Safex Tokens are temporarily locked within this time interval to limit spam transactions of account creations. Therefore, the creation of a Safex Account of TWM is absolutely free beside the regular transaction fee on the network.
Look up Safex Account Edit Tx in the Block Explorer
Stake Safex Tokens to Participate in Revenue Share
Beside the use (mandatory temporarily locking) of Safex Tokens for account creations the Safex Tokens can also be used to participate in the revenue share of the Safex ecosystem. For every purchase transaction taking place on the blockchain 5% of the transaction volume goes into a fee pool. This fee gets distributed to Safex Token holders according to their staking SFT outputs (example: 1% of staked SFT receive 1% of the total fee pool).
Although being called staking, this functionality is fundamentally different to the staking mechanism of regular PoS coins. The supply of SFT does not inflate due to staking and staked coins are not contributing to transaction validating on the blockchain. The Safex Blockchain is a pure PoW blockchain based on the CPU favorable mining of Safex Cash (SFX) with it’s specific coin emission schedule (SFX has a RandomX (RandomSFX) algorithm and can be mined via XMRig or SFXOS). 500,000 SFT are being staked followed by another 1,000,000 SFT.
Look up Stake Token Tx in the Block Explorer
Creation and Look up of Second Staking Output
Create Safex Offer and Send it to the Safex Blockchain
An offer can be created and sent to the Safex Blockchain. The Safex Account (cryptooli) is linked to the offer since multiple accounts can be handled by the same key. The offer price (1000) and offer amount (10), as well as a description (best alpaca) are included in the transaction. A price peg can also be added to have the SFX price dynamically adjust in order to represent a constant fiat price.
Look up Create Safex Offer Tx in the Block Explorer
Edit Safex Offer and Send it to the Safex Blockchain
A Safex Offer that has been sent to the Blockchain can be fully edited in case of a desired change of name, price, quantity, price peg or description. The account name (cryptooli) and offer ID is specified first. Then, the new data for name (Alpaca), price (900), quantity (20), activity status (1=active) and description (good alpaca) is included. No price peg is attached.
Look up Edit Safex Offer Tx in the Block Explorer
Purchase an Offer on the Safex Blockchain
For a simple offer purchase no account has to be created. In this example, three alpacas of the offer created before will be bought. In the purchase transaction the offer ID is defined and the amount (3) selected.
Look up of Safex Purchase Tx in the Block Explorer
It can be seen that three things happened within this successful purchase transaction.
- A feedback token was created. This specific token can only be used by the buyer to submit a single feedback for the purchased offer.
- A network fee was collected. Three alpacas for 900 SFX each were purchased, which results in a total volume of 2700 SFX. The 135 SFX that went to the fee pool represent the 5% fee of total volume.
- A create purchase transaction was successful. The 95% of transaction volume for this purchase (2565 SFX) go directly to the seller.
Safex Offer before and after the Purchase
When looking at the offer information before and after the purchase, it can be seen that the offer amount auto-updates within the block. Purchase transactions are rejected if:
- the initial purchase amount in one purchase tx exceeds the available amount (1 tx is rejected)
- the sum of purchase amounts of different purchase txs within one block exceeds the available amount (all exceeding purchase txs are rejected, the prior non exceeding purchase txs go through)
- the offer quantity is edited within the same block as a purchase tx is submitted and the new quantity is below the purchased amount
Create Feedback and send it to the Safex Blockchain
Due to the required feedback token each successful purchase can only be rated once and only by the respective buyer. In the Safex Feedback transaction the offer ID is defined and a star rating (3 from 0–3) as well as a description (perfect alpacas) is included. Once a feedback transaction is submitted by the buyer subsequent feedback transactions for the same purchase will be rejected.
The combination of a 5% pool fee and the required feedback token prevents sellers from generating fake transaction volumes and fake feedbacks for their own offers at zero cost (each fake purchase and fake feedback costs the seller 5% of the product listing price).
Look up Create Feedback Tx in the Block Explorer
Trial of Creating another Feedback Tx of the same Purchase
Any invalid feedback transaction (second feedback by same buyer, first feedback by non-byuer) will be rejected. Therefore, every visible offer feedback on TWM has a guaranteed purchase behind it.
Look up the Total Amount of Staked Safex Tokens in the Network
The total amount of staked SFT can be live-monitored in the Safex Daemon. This way, each Safex Token staker has always the information about how much percent his staked holdings represent of the total staked amount.
Look up of the Collected Interest by Different Staking Outputs
Two different outputs (amounts of SFT) were staked before. At any time, the amount of collected interest so far can be live-monitored for each SFT output.
During the alpaca purchase 135 SFX went to the pool.
- The first output’s collected interest (19.3 out of 135) represents 14.3% of the total pool fee.
- The first output’s amount of staked SFT (500,000 out of 3,500,000) represents 14.3% of the total amount of staked SFT.
- The seconds output’s collected interest (38.6 out of 135) represents 28.6% of the total pool fee.
- The second output’s amount of staked SFT (1,000,000 out of 3,500,000) represents 28.6% of the total amount of staked SFT.
It can be seen that each SFT output has collected the correct ratio of the total fee pool according to it’s ratio of total staked SFT.
Send Unstake Token Transaction to the Safex Blockchain
In case a Safex Token staker wants to receive his collected SFX revenue share an Unstake Token transaction has to be submitted. A specific staking SFT output can be unstaked and the respective fee collected while other staking SFT outputs will remain untouched. In this example, only the 500,000 SFT output is unstaked.
Look up of the Unstake Token Tx in the Block Explorer
The transaction shows two key characteristics:
- 500,000 SFT were unstaked and can be staked again later.
- 19.2857 SFX were collected from the fee pool.
Summarized Key Characteristics of upcoming TWM v1
Unique Safex Accounts
Censorship Resistant Offers and Purchases
Unforgeable (costly) Offer and Purchase Feedbacks
Participation in Revenue Sharing (“staking” without inflation of principal)
Fair Distribution of SFX (S-shaped emission curve, CPU favorable algorithm)
Learn more about SAFEX
How to plug-and-play CPU mine Safex Cash via SFXOS:
Official Safex Website:
Weekly Safex Development Updates in the Safex Forum:
Safex Github:
Trade SFT and SFX at xcalibra:
