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Since the advent of what many have called ‘Web 2.0’, internet integrated services have undoubtedly seen exponential growth in financial value and user adoption.
Although ‘Web 2.0’ is effectively a media buzzword, it’s one that, in retrospect, has come to symbolize the era of 2002-2006. It was a time in which many of today’s market leaders, including Google, Amazon, and Facebook (now corporate monopolies), first began to achieve significant traction.
This period of history was filled with innovation across the world wide web. However, the level of domination which these startups-globalists have achieved since has ironically resulted in a stifling of innovation within their respective industries. This phenomenon is no-doubt further enforced by these companies’ ever-growing positions amongst the elite classes of the centralized world influencers.
E-commerce within centralisation
E-commerce is one such industry stifled by monopoly, and one which has been predicted by many studies to continue its growth into the future  . If the first company to come to mind when you think of this sector is ‘Paypal’, then we wouldn’t be surprised. Founded in 1998, Paypal saw its first and still most memorable real-life use with digital auction house eBay, which cemented it as an example of user-friendly online payment solutions.
Since then, the company has continued to push the envelope by on-boarding a significant number of well and lesser known online merchants by acting as an intermediary tool. It’s an interface in which customers can store their payment details such as bank accounts and credit / debit cards and use them in third party stores without having to directly confide their data repeatedly. It can also save users time through avoiding re-entry of information.
The problems of a monopolized economy
Paypal, like the other companies discussed, has become something of a monopoly. To put it into perspective, they currently hold a user base of over 227 million . It could be argued that, much like Mastercard and Visa, the company wouldn’t have enjoyed the level of merchant participation that they have as an intermediary if it were not for the ubiquity of the services which they provide.
Whilst the company’s fees are said by many to still be competitive, because of their market dominance, their partnered stores are effectively held ransom to the standard fees and large percentages against every transaction. This is, of course, even before international and local taxes are applied on each end.
From the user perspective, entering data onto every site you want to purchase an item from is both laborious and risky. Any site is susceptible to attacks, meaning merchants need to do all they can to to safeguard data, a process which is decidedly cost prohibitive.
Additionally, as proven by successful attacks on prominent companies like Sony and Apple, larger institutions with huge banks of user data are prime targets for dedicated hackers and targeted attacks.
Safein is a provider of a decentralized blockchain based solution for all-in-one, one-click payments and identity verification. While early innovators such as Revolut and Wirex have helped instigate a disruption, Safein is aiming to deliver the final nail in the coffin of the monopolisation of the e-commerce sector.
First and foremost, their platform will be the first ever to support both fiat and crypto payments.
Customers will be able to pay merchants using whichever funds they have, which will then be automatically converted into the merchant’s chosen method of payment. They claim that, “Bitcoin, Ethereum ERC20 tokens, and other popular cryptocurrencies will be supported”
This will be supported through the proprietary Safein ecosystem, which uses an Ethereum based ERC20 token called ‘SFN’. The team hopes to on-board a significant number of merchants in the coming year, which will be helped by the fact that token-owning business participants will enjoy free transfers (100% less than any competitor, such as Paypal).
Safein; who, what, where, and when?
The three Lithuanian co-founders, Vladas Jurkevičius (business), Audrius Slažinskas (legal), and Lukas Deksnys (operations), have had a long past of working together. This includes a concurrent project in gaming / esports which will subsequently enjoy a symbiotic development relationship with the SafeIn platform.
Safein’s ICO is penned in for an April 25th release date. Their softcap is 4,000 ETH and the hardcap is 37,500 ETH. Pre-ICO starts on 1 April 2018. Pre-ICO amount: 2,000 ETH. Furthermore, you can test out their functioning MVP (Minimum Viable Product) right now. It includes a demo of the customer benefits provided in terms of privacy and ease-of-use. You can also find out more at their website, or on their social media platforms (Facebook / Twitter / Medium / Telegram).