Safein ICO review | Safein is a blockchain-based single sign-on digital wallet.

MD FARUK ALAM

Published in

Online Income Index

6 min readMay 19, 2018

Decentralized single sign-on blockchain based ecosystem for your identity and payments

Simplifying online commerce for the better, for both customers and merchants.

Website: https://www.safein.com

Apps available on play-store: https://play.google.com

Registered App Users 1K

Official YouTube Presentation

Executive summary about Safein project

Online identity management today bears significant and ever-increasing importance to both individuals and businesses. Consumption of services online, ranging from casual shopping, to content streaming, to digital banking, has become so widespread as to be considered the norm. Fragmentation of the online identity, i.e. lack of a universal user identity layer of the Internet, has created gaps and inefficiencies in the processes of users establishing their true identity and sharing personal data with businesses. Such inefficiencies are vast and span across virtually all industries that are present online.

Signing up for and signing in to most online services are one side of the status quo of the digital identity: mandatory registrations on each and every website visited, excessive mining of personal data, let alone the same slow and redundant identity verification procedures for regulated services. The processes that run in the background are the other, more obscure and worrisome side of the online identity: infringements of data protection legislation, absence of responsible personal data collection and storage practices, and disregard for cybersecurity by service providers in general, all are prevalent today across the web. Ripe for improvement are not only the outdated ways of transferring personal data between users and service providers, but also the concept of online identity itself — a critical component of the modern web that is lagging behind every other part of the online experience. However, to this day online identity management remains an underdeveloped sphere bound to change.

Safein addresses all of the issues above with a decentralized identity management platform that provides a complete KYC solution for businesses and a universal verified account for users. Blockchain technology enables trustless and secure exchange of data, paving the way for a universal identity layer online, and Safein utilizes these benefits to improve efficiency and transparency of data sharing between parties online. As an identity management platform, Safein allows a user to gain access to multiple online service providers without repeating registration and verification procedures. With Safein, users can easily verify their true identities and access any online service provider instantly. The decentralized nature of the platform permits the user to always remain in full control of one’s data, both in terms of its storage and sharing preferences, eliminating the risk of data breaches due to third-party risk. For businesses, reusable user KYC, accompanied with machine learning and AI technologies used for verifying documents, allow dramatic cost-cutting in terms of user onboarding, as well as improved conversions due to reduced friction during signup. 4 Building a universal gateway for online service providers requires scale and wide product adoption. Safein growth strategy is primarily focused on first introducing the platform to the blockchain industry in which initial scaling will be swift because of user familiarity and interest in crypto-based services. In order to capture this market, users and businesses will be provided with highly appealing incentivization schemes to join the Safein ecosystem. Registration and referral programs that have historically proven to be successful will be employed on a large scale and will drive word-of-mouth, enabling further rapid scale of user onboarding. Meanwhile, providing extremely cost-efficient (and possibly free) KYC services to businesses will help us to not only generate revenue within a short time span, but also to build a strong presence among new blockchain projects that currently face disproportionate costs of user verification. Following expansion in the crypto-asset sphere, user and online service provider growth will create synergies with other markets where identity management prevails as an important yet inefficient aspect of conducting business, such as cryptocurrency exchanges, car sharing and rental services, as well as banks and other regulated financial institutions. The demand for business KYC services and instant service accessibility to users will gradually drive demand for Safein to be implemented.

Safein team, advisory board and strategic partners altogether cover a broad range of fields of expertise. The core team has known each other for over 10 years and worked together on multiple projects, successfully exiting fast growing esports and online games companies. Our advisory board, specialized in legal and technology fields, will help us bring a well-rounded product to the market, whereas our partnerships will ensure Safein reaches the right audiences from the start. The vision of Safein has already matured into a working alpha product. Users can use our web dashboard and mobile app, get their ID verified free of charge, and use our SSO service to login into a partner website without creating an additional account. Beyond further development of the platform itself, our team is actively engaged in networking with potential investors and developing partnerships for business and product development.

Safein Solutions (Businesses and Users)

Businesses receive a complete KYC solution

Forget hiring staff, training costs, seeking legal advice, setting up IT infrastructure and dealing with fraudulent users. Safein will provide a quick and simple to integrate solution for all your KYC issues. Onboarding new users has never been cheaper.

Users get access to websites with a single click

Safein allows users to sign up and log in to new websites with one click. Forget tedious registrations and lost passwords. You will get instant access to any services online

Users control their data

With Safein, you’re always in control of what websites know about you. You can login online anonymously, or only share data the website really needs. On our web panel and mobile app, you’ll see your entire activity history, including registrations and logins.