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Reinventing the savings account for the token economy
An Ethereum-based decentralized application that autonomously rewards the holding of cryptoassets while incentivizing healthy market behaviour.
A Trustless, Interest-Bearing Vault for your cryptoassets
Users get rewarded in the denomination of their respectively held token for holding their tokens in a Safecontract.
If you already hold Ether or ERC20 tokens, you can store them in a Safecontract to increase your position size whilst simultaneously positioning yourself to benefit from the appreciation in value.
Safe Token (AO)
Safe Token, abbreviated as AO, is an ERC20 token that stands as the epicenter of the Safecontract ecosystem. It serves as the sole payment method for users looking to withdraw their tokens from a Safecontract. Upon its use for withdrawal, it is distributed amongst all network participants proportional to the percentage of the Total Safecontract Network Value (TNV) they constitute.
Via integration with Bancor, we plan to make AO easily and instantly exchangeable for other Safecontract supported tokens.
In order for Safecontract to achieve self-sustainability, which is the goal, the dApp needs to have inherent financial incentives that encourage users to interact with the dApp as intended.
Predicated on the thesis that there is still immense room for growth in the cryptocurrency asset class, Safecontract inherently incentivizes the “buy and hold” market strategy, as this has historically been the optimal method of capitalizing on exponentially appreciative assets. Still, however, some weak hands will fold, and therefore pay a withdrawal fee, which then, in turn, rewards holders. And so on...
Safecontract relies on no centralized authority in order for it to function properly. It runs itself.
Juxtaposing this with the inherent financial incentives and marketplace-reliant nature of the dApp, one can assert that, if successfully implemented, the Safecontract ecosystem will always present a profitable opportunity to participate in the network.
How it works
User creates a Safecontract and deposits Ether or ERC20 Tokens into it.
Users need to acquire Safe Token (AO), which they send to their Safecontract in order to withdraw their stored cryptoassets.
Once the predetermined amount of tokens are sent, the user will receive their stored cryptoassets.
The Safe Token expended in the withdrawal fee will be sent to the Reward DAO upon payment and then distributed proportionally amongst all Safecontract users.
Safe Tokens will be exchangeable for all the Safecontract-supported cryptoassets via integration with Bancor and Shapeshift.io
The SafeContract Team
The Safecontract team is a group of passionate individuals with 50+ years aggregate experience in the crypto space that have attended academic institutions such as Massachusetts Institute of Technology, Columbia University, Princeton University, and New York University, as well as held previous positions at companies such as Google, Microsoft, Amazon, UBS, R3, and Ernst & Young.
- Shayne CoplanFounder and CEO
- Abhinav NarayananFounder and CTO
- Mark BarrassoSolidity Developer
- Ashley ChanCommunications
- Blake CohenMarketing
- Priyanka DesaiOperations
- Terrence JohnsonSystem Administrator
- David KobroskyCommunity Manager
- Brandon LatteriMarketing
- Sam MlodozoniecFront End Developer
- Yash PatelSolidity Developer
- Max PinnaMarketing
- Zahir RamosDesign
- Alfonso RodriguezCommunity Manager
- Logan SaetherLead Solidity Developer
- Eric TraubFront End Developer
- Michael WilliamsOperations
- Nate ZindaOperations Intern
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