What is Safe (SAFE)? Digital Safe for Your Crypto Assets

Bittime - What is Safe (SAFE)? This article will discuss Safe wallets and SAFE tokens. Curious? Read this article until the end, okay?

KMost people involved in the crypto world will be familiar with digital wallets that use one key, often referred to as an Externally Owned Account (EOA). Examples are MetaMask, Trust Wallet, or Exodus. 

These wallets are closely guarded by a 12-word secret phrase that can be turned into a private key. So, if this private key falls into the wrong hands, your crypto assets could be lost!

It is these problems that make Safe (SAFE) a differentiator. The following is a detailed explanation of what Safe (SAFE) is.

Check Today's Crypto Market:

What is Safe (SAFE)?

Safe (SAFE) is a multisig wallet application that allows users to store digital assets on Ethereum and other EVM networks. Created for enterprises, investors, developers, funds, DAOs, and ordinary users, Safe provides the foundation for other DeFi protocols and the Ethereum ecosystem.

This wallet is compatible with various EVM-based networks such as Ethereum, Gnosis Chain, Polygon, Binance Smart Chain, Arbitrum, Optimism, Aurora, Avalanche, Energy Web Chain, and Rinkeby.

Safe is a reliable solution for creating and managing secure and smart multi-signature crypto accounts. With a user-friendly interface and hundreds of decentralized application (dApp) integrations, Safe is an ideal choice for collaborative use.

So, you could say Safe is a smart safe specifically designed for collaboration. Not only safe, but also smart and easy to use.

The Function of Safe (SAFE)

Imagine you have a crypto business involving several people. Using EOA to manage company funds is definitely not a smart choice. 

Just imagine if one of the employees was playing around or was careless with his private key? The company's money could be gone in an instant! Even if it's just your business, EOA is still not a safe storage method.

So, what's the solution? The answer is Multisig. Safe is a kind of smart vault that operates on multiple blockchain networks and requires approval from multiple people before transactions can be carried out (M-of-N). 

For example, if your business has three bosses, you can set this safe to require the approval of two of the three people to send funds. This way, no one can drain the contents of the safe alone.

Also Read How To Buy Crypto:

What's cool is that Safe gives you full control over your crypto assets. No need to worry about banks bothering you for running a crypto business, because this smart safe operates without third party interference and is completely under your control.

For clarity, let's compare Safe with other crypto asset storage methods.

What's that Token SAFE?

Apart from the smart wallet, the Safe ecosystem is also supported by a digital token called SAFE. This token serves as a governance tool for the SafeDAO community. 

Introduced in 2022, the SAFE token gives its owner the right to take part in the transition to smart accounts on web3 and determine the direction of Safe's future development.

SAFE token holders can use their voting rights to determine decisions regarding Safe development. This ensures that community and stakeholder interests are aligned to create a thriving Safe ecosystem.

The Safe Wallet platform is equipped with a complete account abstraction infrastructure and industry-standard multi-signature wallets. Users can create new signer accounts, track asset and transaction movements, receive notifications, and sign multi-signature transactions on the go.

With the SAFE token and Safe (Wallet) platform, the Safe ecosystem is more complete and ready to become the backbone of the crypto world that continues to grow.

Conclusion

That is the discussion regarding what Safe (SAFE) is from Bittime. Apart from that, you can also find out the latest news in the crypto world here, you know. So, don't miss the latest articles on Bittime, OK!

How To Buy Crypto With Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor 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.