Safein

Safein is a decentralized blockchain-based identity management platform. It provides a complete KYC solution for businesses and a universal verified account for users.

About Safein

Safein aims to develop a platform where users can store their digital identity as well as funds (both crypto and fiat) inside a wallet. The platform aims to simplify online registration, verification, and sign-in, as well as payment functionality. Safein accounts will enable users to “login into websites directly with no registrations”, and “provide merchants with the information necessary for client acceptance and service provision”. Safein plans to be a “fully licenced EU electronic money institution”, so as to enable users to “hold their crypto and fiat currency in a single wallet as well as convert them from one to another”, with IBAN codes and payment cards for general online and offline usage. SFN tokens will be used to reduce commission fees for merchants and for a cash-back system for payments in SFN.

Token Sale Use of Blockchain

Product

2.8
Product
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

3.0
N/A
3 - Prototype / MVP / alpha.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

3.0
N/A
3 - Has growth potential.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

2.0
N/A
2 - Some, but nothing outstanding.

Product

Safein aims to reduce redundant verification procedures such as KYC. The level of competition that Safein faces as a payment solution and digital identity manager is quite considerable. Once a Safein profile has been created, users will be able to checkout with Safein and approve the payment with their mobile device. There is a functional mobile application and web interface for the product. It is stated that major cryptocurrencies (BTC, ERC20 tokens) will be supported in the wallet. The Safein team is “currently in talks with the world’s leading automated ID verification service provider to provide exceptionally accurate results using its AI powered document checking algorithm”. However, further details are not included. The GitHub page is also not provided.

Product Whitepaper

Use of Blockchain

2.4
Use of Blockchain
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

3.0
N/A
3 - Automation; making something easier to do.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

4.0
N/A
4 - Generally disruptive.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

1.0
N/A
1 - None really, just fundraising.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

2.0
N/A
2 - Centralized with some plans to decentralize.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

2.0
N/A
2 - Meh, okay.

Use of Blockchain

SFN is an ERC20 compliant token held by merchants in order to process a specified number of transactions per month without commission fees. Individuals that use SFN tokens for transactions will receive 0.25% cashback. According to the website roadmap, the storage solution will be decentralized by Q4 2018. The creation of unique tokens is primarily for funding and platform support.

Use of Blockchain Roadmap

Whitepaper

3.2
Whitepaper
Comprehensiveness

Does it cover the full scope of the problem and solution?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

4.0
N/A
4 - Easy to read and understand.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

4.0
N/A
4 - Clear, well thought out, realistic.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

2.0
N/A
2 - Missing critical information.

Whitepaper

The whitepaper is 46 pages in length. Technical aspects of the platform are not discussed with specific detail. For example, the roadmap presented on the Safein website shows that storage will be fully decentralized by Q4 2018, but details of the storage solution are not thoroughly discussed in the whitepaper. The business plan is presented with moderate levels of detail. Growth strategy is discussed briefly. The target audience is specified (crypto enthusiasts and online gamers). Financial projections are also detailed. Details of the referral program are discussed. There is a lack of discussion regarding the platform’s competitors. Overall, the whitepaper lacks technical detail.

Whitepaper Compliance

Roadmap

2.8
Roadmap
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3.0
N/A
3 - An overall plan, major milestones stated.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

3.0
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

3.0
N/A
3 - A trend with potential.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

2.0
N/A
2 - Not fully available or trustworthy.
Current Position

Where is the project now, relative to its vision and plans?

3.0
N/A
3 - Getting there.

Roadmap

The roadmap in the Safein whitepaper spans from Q2 2017 to Q2 2019. 10 milestones are presented. Milestones that have already been achieved include the MVP with login functionality in Q4 2017 and the whitepaper and ICO campaign launch in Q1 2018. In Q3 2018, payments will be enabled and the wallet will be launched. Safein plans to acquire the EMI license in Q1 2019.

Roadmap Company and Team

Compliance

2.4
Compliance
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

2.0
N/A
2 - Minimal or contrived.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

2.0
N/A
2 - Primarily, with few additional rights.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

3.0
N/A
3 - Limited to blanket standard.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

3.0
N/A
3 - Semi-professional (e.g. Howey Test)

Compliance

There is a section in the document that specifically outlines the legal considerations of the organization. Additionally, there is legal content that can be found on the Safein website that outlines the legal considerations with respect to the ICO and the beta release of the product. Standard documentation regarding the terms of services and the privacy policy of the website are also included. Safein plans to be a “fully licensed EU electronic money institution with the ability to receive and process payments in full compliance with the law”. Further details are absent, however. Overall the content that Safein provides is fairly comprehensive and professionally executed. The whitepaper begins with a disclaimer that spans approximately two pages.

Compliance Token Sale

Company and Team

3.0
Company and Team
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

2.0
N/A
2 - Initial stages of formation.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

2.0
N/A
2 - Lacking in key areas.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

4.0
N/A
4 - Well suited to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

4.0
N/A
4 - Good, sufficient for each aspect.

Company and Team

The core team of 9 individuals are listed on the Safein website, along with their profile pictures, short descriptions and links to LinkedIn profiles. All three co-founders are concurrently lead team members of a different organization (Atlantis Games). The background of the co-founders is fairly diverse: e-commerce, law, and finance.The senior blockchain developer has extensive smart contract development experience. The individual in charge of marketing and growth has been involved a different crypto-related project (UTRUST).

Company and Team Product

Token Sale

2.0
Token Sale
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2.0
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

2.0
N/A
2 - Only loosely related to plans.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

1.0
N/A
1 - Not clear how funds will be used.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3.0
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

2.0
N/A
2 - Minor exposure and interest, or ambivalent reception.

Token Sale

The total number of SFN tokens is 1 billion (39% is for the company reserve, 30% is for the ICO sale, 10% is for the team and advisors, 10% is for the registration pool, 5% is for the login pool, 5% is for the referral program, and 1% is for the airdrop program). The allocation of funds is not clearly outlined. The soft cap is $3MM USD and the hard cap is $21MM USD. The public token sale begins on April 25, 2018.

Product

Safein aims to reduce redundant verification procedures such as KYC. The level of competition that Safein faces as a payment solution and digital identity manager is quite considerable. Once a Safein profile has been created, users will be able to checkout with Safein and approve the payment with their mobile device. There is a functional mobile application and web interface for the product. It is stated that major cryptocurrencies (BTC, ERC20 tokens) will be supported in the wallet. The Safein team is “currently in talks with the world’s leading automated ID verification service provider to provide exceptionally accurate results using its AI powered document checking algorithm”. However, further details are not included. The GitHub page is also not provided.

Category Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

3.0
N/A
3 - Prototype / MVP / alpha.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

3.0
N/A
3 - Has growth potential.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

2.0
N/A
2 - Some, but nothing outstanding.
Product Score:
2.8

Use of Blockchain

SFN is an ERC20 compliant token held by merchants in order to process a specified number of transactions per month without commission fees. Individuals that use SFN tokens for transactions will receive 0.25% cashback. According to the website roadmap, the storage solution will be decentralized by Q4 2018. The creation of unique tokens is primarily for funding and platform support.

Category Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

3.0
N/A
3 - Automation; making something easier to do.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

4.0
N/A
4 - Generally disruptive.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

1.0
N/A
1 - None really, just fundraising.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

2.0
N/A
2 - Centralized with some plans to decentralize.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

2.0
N/A
2 - Meh, okay.
Use of Blockchain Score:
2.4

Whitepaper

The whitepaper is 46 pages in length. Technical aspects of the platform are not discussed with specific detail. For example, the roadmap presented on the Safein website shows that storage will be fully decentralized by Q4 2018, but details of the storage solution are not thoroughly discussed in the whitepaper. The business plan is presented with moderate levels of detail. Growth strategy is discussed briefly. The target audience is specified (crypto enthusiasts and online gamers). Financial projections are also detailed. Details of the referral program are discussed. There is a lack of discussion regarding the platform’s competitors. Overall, the whitepaper lacks technical detail.

Category Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

4.0
N/A
4 - Easy to read and understand.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

4.0
N/A
4 - Clear, well thought out, realistic.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

2.0
N/A
2 - Missing critical information.
Whitepaper Score:
3.2

Roadmap

The roadmap in the Safein whitepaper spans from Q2 2017 to Q2 2019. 10 milestones are presented. Milestones that have already been achieved include the MVP with login functionality in Q4 2017 and the whitepaper and ICO campaign launch in Q1 2018. In Q3 2018, payments will be enabled and the wallet will be launched. Safein plans to acquire the EMI license in Q1 2019.

Category Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3.0
N/A
3 - An overall plan, major milestones stated.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

3.0
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

3.0
N/A
3 - A trend with potential.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

2.0
N/A
2 - Not fully available or trustworthy.
Current Position

Where is the project now, relative to its vision and plans?

3.0
N/A
3 - Getting there.
Roadmap Score:
2.8

Compliance

There is a section in the document that specifically outlines the legal considerations of the organization. Additionally, there is legal content that can be found on the Safein website that outlines the legal considerations with respect to the ICO and the beta release of the product. Standard documentation regarding the terms of services and the privacy policy of the website are also included. Safein plans to be a “fully licensed EU electronic money institution with the ability to receive and process payments in full compliance with the law”. Further details are absent, however. Overall the content that Safein provides is fairly comprehensive and professionally executed. The whitepaper begins with a disclaimer that spans approximately two pages.

Category Breakdown
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

2.0
N/A
2 - Minimal or contrived.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

2.0
N/A
2 - Primarily, with few additional rights.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

3.0
N/A
3 - Limited to blanket standard.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

3.0
N/A
3 - Semi-professional (e.g. Howey Test)
Compliance Score:
2.4

Company and Team

The core team of 9 individuals are listed on the Safein website, along with their profile pictures, short descriptions and links to LinkedIn profiles. All three co-founders are concurrently lead team members of a different organization (Atlantis Games). The background of the co-founders is fairly diverse: e-commerce, law, and finance.The senior blockchain developer has extensive smart contract development experience. The individual in charge of marketing and growth has been involved a different crypto-related project (UTRUST).

Category Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

2.0
N/A
2 - Initial stages of formation.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

2.0
N/A
2 - Lacking in key areas.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

4.0
N/A
4 - Well suited to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

4.0
N/A
4 - Good, sufficient for each aspect.
Company and Team Score:
3.0

Token Sale

The total number of SFN tokens is 1 billion (39% is for the company reserve, 30% is for the ICO sale, 10% is for the team and advisors, 10% is for the registration pool, 5% is for the login pool, 5% is for the referral program, and 1% is for the airdrop program). The allocation of funds is not clearly outlined. The soft cap is $3MM USD and the hard cap is $21MM USD. The public token sale begins on April 25, 2018.

Category Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2.0
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

2.0
N/A
2 - Only loosely related to plans.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

1.0
N/A
1 - Not clear how funds will be used.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3.0
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

2.0
N/A
2 - Minor exposure and interest, or ambivalent reception.
Token Sale Score:
2.0

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