Bittime - Data security issues and ease of account access are top priorities in today's digital era. In traditional web3, accounts are controlled by the owner of the private key, often a 24-word seed phrase.
As long as the user has this private key, the user controls the account. However, these private keys are often lost or hacked, resulting in a total loss of the assets associated with the account.
In contrast to that, Safe uses Smart Accounts aka smart accounts that are integrated with smart contracts. So it can be individually configured to meet the safeguarding needs of different user groups
Safe, the latest innovation in the Ethereum ecosystem, offers a solution by adding a new layer of protection to accounts connected to the Ethereum blockchain, including Externally Owned Accounts (EOA). MetaMask crypto wallet is one of EOA's examples.
Safe provides an additional layer of protection and features that make it easier for users to manage their digital assets more efficiently and securely. Then what is Safe? Let's get to know this platform more deeply.
What is Safe (SAFE)?
Safe is a web3 ownership layer that secures a value of more than $100 billion (around Rp1,622.5 trillion). The project includes Safe Core, a complete account abstraction infrastructure, and the industry-standard multi-sig, Safe Wallet.
Safe's main focus is to make every Ethereum account a smart account that can be used with the latest functions such as AI, staking, gaming, SocialFi, DeFi, and gas fee-free transaction payments, easy logins such as face-ID, on ramp, password recovery, and so on.
Check the Crypto Market Today:
What is Smart Account Safe
Smart Account Safe is an account that aims to be the core standard used in all smart contract-based wallets. It is also intended so that users and developers can access user accounts when they cannot access assets stored in wallets.
Difference between Smart Accounts and Externally Owned Accounts (EOA)
Here are the key differences between Safe and Externally Owned Accounts (EOA) Smart Accounts:
- Control: EOA is controlled by private keys, whereas Smart Account Safe is operated by rules embedded in smart contract code on the blockchain.
- Generation: EOA is created when a private key is linked to a seed phrase through the wallet's user interface (software or hardware wallet). Meanwhile, Smart Account Safe is a smart contract (code) permanently linked to the blockchain along with an address key.
- Function: EOA is used for basic transactions and ETH management; Ownership is through a private key, usually a seed phrase, and can be either software or hardware. Smart Account Safe offers more versatile functionality and integration on the Ethereum network, governed by the code they implement on the blockchain; Only software can add any account as a signer key, including hardware wallets.
- Account Abstraction: By leveraging Account Abstraction, Smart Account Safe paves the way for Web3: a user-friendly proprietary solution with complex security and privacy features.
Overall, Smart Account Safe provides greater flexibility and capabilities compared to EOA. Smart Account Safe allows users to take advantage of more advanced security features and facilitates a better user experience in Web3.
What is SAFE Token?
SAFE is an ERC-20 token that functions as a governance token in the Safe ecosystem. SAFE token holders can vote within the scope of SafeDAO governance. The Safe Activity program enables SAFE locking to increase rewards from activities within the Safe ecosystem.
With the SAFE token, users can vote on decisions affecting the SAFE ecosystem, including infrastructure development and future implementation of the token's utility.
The SAFE token also plays an important role in the Safe token economy, where users can lock up their tokens to increase rewards from their activities within the ecosystem. As the SAFE ecosystem evolves, the utility of the SAFE token will continue to grow, providing opportunities for the community to contribute to the exploration and implementation of the token's utility in the future.
Tokenomic SAFE
Ticker: SAFE
Contract Address (CA): 0x5aFE3855358E112B5647B952709E6165e1c1eEEe
Fixed Total Supply: 1,000,000,000 (1 billion)
Initial Circulating Supply: 427,000,000
Token Type: Native ERC20
Sector: Smart Account Infrastructure, Account Abstraction
How to Buy Crypto:
SAFE Token Allocation
Developers allocate SAFE tokens into five categories which include: Core Contributors at 15%, Safe Foundation at 15%, Safe Ecosystem at 5%, Safe Users at 5%, and finally Community Treasury at 60%.
As the ecosystem grows, the utility of the SAFE token will also continue to grow, with SafeDAO allowing the community to be part of the exploration and implementation of the token's utility in the future.
Check Crypto Price Today:
Conclusion
Safe is an attractive option for those who want secure and reliable digital asset management in the ever-evolving web3 era. With advanced features and strong community support, Safe is ready to take web3 account management to the next level. The Safe project is also expected to grow rapidly in the crypto industry environment.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
The Important Role of Ethereum Virtual Machine (EVM) in the Ethereum Ecosystem
What Does Geth Mean on the Ethereum Blockchain?
SafeDAO Enables SAFE Token Transfer, Ready for New Phase
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.