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Safein – ICO Review

Online services are a part of billions of people’s daily lives and each of us has the experience of having dozens or hundreds of different accounts and passwords. Safein has a vision for a blockchain-based identity management system. In addition to simplifying the registration and identification process, Safein would also drastically increase data security as the decentralized nature of the system would keep consumers in control of the data as opposed to the sites and corporations.

In short, a user would become verified through Safein and then be able to gain access to all participating online providers. Safein recognizes that the success of the platform will require wide adoption within the target market and is intending to start within the gaming and crypto communities. They are intending to use registration and referral programs to drive user acquisition while providing a very cheap service cost, which will allow for more providers to join the program. The growth of the ecosystem is expected to cause interest from businesses in other industries, spurring further growth.

Safein Market

Safein has determined that a vast majority of users prefer single sign-on services, with Facebook and Google currently leading the pack. Safein intends to extend upon the concepts provided by these and other identity providers and incorporate verified identity, address and other personal information. The estimated potential market available for Safein is quite large, as it encompasses nearly 90% of all internet users.

The two primary features of Safein from the users’ perspective are convenience and security. With a single identify used on many online providers, users will save time and frustration by reducing the friction currently experienced in engaging with new sites and providers. The other feature, security, may not drive user acquisition quite as heavily as convenience, but it will be a huge benefit to the online providers, as they can have access to just as much information as necessary while significantly reducing costs associated with compliance, data protection, and security. That security, also, will eventually keep user engagement high, as data breaches will be reduced and users will be able to control their identity information in a way that simply isn’t possible under current systems.

Safein has determined their market growth plans to be broken down into the following phases:

  1. SFN token sale participants will have the opportunity to sign up, providing an initial user base.
  2. Safein will partner with ICO/ITOs in order to provide identity verification systems, gathering more users from these sales.
  3. Approach various cryptocurrency exchanges, gathering new users in a relatively small market that is highly receptive to new technologies.
  4. Move towards the banking market. This sector is one of the most regulation and paperwork-bound currently experienced by the average user. Reducing that barrier to switching banks will allow institutions to expand their userbases.

Safein Tokens

These tokens (SFN tokens) will be a unit of account within the ecosystem, being used for payments for Safein services, the registration program and the referral program. The online service providers will be purchasing services with these tokens, with a easy-to-use conversion system to allow the providers to move fiat to SFN.

Safein ITO Details

Safein’s total 1,000,000,000 (1 billion) token supply will be distributed as follows:

  • 30% – Safein’s ITO
  • 10% Distributed to the team and advisors, albeit with a lock period.
  • 60% will be held as a Company Reserve with the following purposes
    • Registration Program – Tokens will be provided to the first million users who complete the entire account verification process after Registration has started.
    • Referral Program – Users who invite friends and family to completely register will also be provided SFN tokens.
    • Token Sale Bonuses –
    • Awareness “Bounty Campaign”
    • Other growth activities

Safein has indicated a $3 million soft cap and $21 million hard cap. Any tokens not sold after reaching soft cap revert back to the Company Reserve. If the soft cap isn’t reached, all funds will be returned to investors.

Conclusion

Safein has an extremely ambitious goal, but their plan appears to take the appropriate steps to get from point A to point B, which is reassuring. Their background and research leads to a reasonably strong level of confidence in their phased plan and target markets. Identify management is both quite difficult and quite expensive for organizations, so the prospect of a blockchain based identity management system that isn’t beholden to direct competitors like Facebook or Google is going to be extremely enticing. These organizations will be able to see substantial savings and be able to be independent of companies that already have large footprints across many markets.

From the user perspective, Safein may initially be a harder sell, but seems to have a good possibility of succeeding. Users are already inundated with various login methods and systems, so marketing and messaging will be very important to Safein’s success. If they can convince enough users to join, the ecosystem should start to grow exponentially. The plan to start in the crypto market itself appears to be quite clever, due to that market’s extreme openness to new technologies and methods. Growth should proceed organically as those early adopters join and begin to act as advocates for the system, bringing in those who are less cutting-edge adopters.

Additionally, Safein has a prototype in Alpha state at their site. This allows users to create an account, connect it to a mobile, and verify phone number and identity. A demonstration management website is also available at www.curonian.com, to give users an idea of how the account activities and features will be implemented. The existence of a functional MVP is heartening, as it shows that Safein has a solid understanding of the importance of customer experience and usability to a system that is intended for average users to employ.

Links

ITO
Whitepaper

Summary
Considering the prospective market and the published business plan, Safein looks to be an interesting opportunity to join an ecosystem with some very intriguing possibilities for both growth and improvement to the entire internet.
Good
  • Potential game-changing project if successfully implemented
  • Unique solution to account management
  • Eager team
Bad
  • Ambitious goal
8
Great
Potential Impact - 8
Team Experience - 7
Legitimacy - 9
Written by
George is an avid market analyst, reviewer, veteran ICO investor and Hearthstone player. BitCoinTalk profile: JainaVsUther

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