In last week’s community Q&A, Daniel explained how they plan to roll out the airdrop of Safex Cash.
Instead of a blockchain snapshot, which is how many airdrops are performed, they are instead crediting Safex Token holders their allocation of Safex Cash when they convert their Bitcoin Blockchain based Safex Tokens over to the new blockchain.
Exact dates and how to do this exactly will no doubt be released in the coming weeks and months.
Daniel has decided to use this process of airdropping, over the snapshot process, to make it fair for everyone to participate – especially those who may have their tokens stuck on an exchange.
I’ve written a brief article on the subject with a few extra details.
Please clarify the clarification!
"How much Safex Cash will I get?
We’re not 100% sure yet, but early speculation suggests we’ll get 0.0023 Safex Cash for ever 1 Safex Token we convert to the Safex Blockchain. That is based on the 5,000,000 portion of the airdrop being allocated to token holders divided by the total amount of Safex Tokens in circulation 2,147,483,647."
0.0023 to 1 doesn’t sound like a good deal to me…
I had a few million tokens but had to sell them back to a few hundred thousand and have been hodling ever since. I was hoping for way more of a return after almost three years than just 0.0023 to 1. More like 1 to 1,
I mean ‘really’! Why would anything else make sense?
After re-reviewing the blue paper I can see why only a small percentage will be allocated because i presume the air drop will involve premined coins. So what will the estimated worth of these coins likely be?
Just for clarification - when you move to the new blockchain you’ll be receiving two coins.
Safex Tokens at a ratio of 1:1 (these are what we currently hold)
Safex Cash at a ratio of 0.0023:1 (not sure if I got that the right way round, but you’ll get 0.0023 Safex Cash for every Safex Token you hold at the point of conversion).
So it’s both a token swap (Safex Coin to Safex Token on new blockchain) and an Airdrop (but not a wallet snapshot, the coins are dropped when you convert over to the new blockchain).
Then going forward, 1bn tokens will be mined (minus the 10m pre-mined at airdrop) over a period of 20 years.
It’s hard to estimate the value of the coin - that ultimately is based on what the market values it at, and the volume of trade being made on the marketplace.
I have my SAFEX in my safex wallet now. Where will I have to move them to?
We will probably have to send them to a burn address they give us.
But its too early to care about that now, I’m sure we will receive detailed instructions when the time comes.
Any idea when this air drop will happpen been going on for quiet some time now, I got stuck with safex q4 2017 cause it got delisted and everyone was saying first quarter 2018 will be huge for safex hold hold hold still no real set time frame for air drop and when it will be available easier to buy sell trade, I’ll hand on another month see want happen end Q1 2018 if no improvement I’ll try and sell
The current situation seems to be as follows:
- Alpha development phase is complete. This means that the Safex blockchain is ready, and that SafexCash is being test-mined; Dan stated that the Safex blockchain could be released even now, but that he doesn’t want people mining SafexCash before being closer to marketplace release;
- Beta development phase is in progress, which includes design of the marketplace and its implementation “on top” of the blockchain.
- A new company called “Balkaneum” has been established (privately funded), to develop Safex - www.balkaneum.com, with Dan as its CEO;
- The company is currently recruiting management staff and developers (you can see the vacancies on the website);
- A new advisor/developer has also joined the team - Medhi Bechina, who is working for Lazada, one of AliBaba companies. Medhi has a lot of experience with e-commerce platforms and will be working on the wallet and marketplace development;
- A new office for Balkaneum has been rented, and is being renovated.
New Blockchain - coin swap and airdrop:
- Once the new blockchain is to be released, two things will happen. Existing Safex tokens (on BTC blockchain) will be swapped to a “new” Safex token on Safex blockchain, using 1:1 ratio. The new Safex token will continue to serve as “shares” of the marketplace;
- A new cryptocurrency called SafexCash will be airdropped to Safex token holders during the coin swap (around 0.0023 SCash per 1 Safex token). SafexCash is to serve as the currency of the marketplace. The coin itself will be PoW, so minable.
- According to Dan, he paid for one new higher-volume exchange, and Safex is being integrated. This should solve the current trade volume issues;
- Safex should also launch on the Next Exchange. Some technical issues with the wallet are being resolved, so we don’t have a specific date. But it should be soon.
- Dan stated he would like to see marketplace operational by April/May, although he added during the recent Q&A this would probably only include basic (buy/sell) functions;
- My personal opinion, having in mind the ongoing recruitment and other factors, is that we can expect coinswap/airdrop and marketplace (beta testing?) by June. As I said - just my personal opinion;
- In any case, Dan said in the Q&A that a new roadmap will be put on the website once the recruitment of developers is complete.
Now, after the long post, let me conclude: Safex at this moment is not a coin for quick profit making. Its a coin (IMO) with a lot of perspective - it has a solid theoretical foundation (practical use case), low market cap, very dedicated main developer, and a “full” company being established to carry the development to completion. Also, the Discord community is awesome.
But, the fact remains that probably several months will be needed to see the release of the marketplace. Plus, we have to see how the new exchanges will work out, volume-wise. Now, whether you want to hold and wait it out, or you want to sell/trade (and maybe even buy back later) is ofc up to you, no one can make that decision for you.
In any case - good luck whatever you decide and let us know if you have any questions.
Gooooo Boris! Isnt there some way to pin this post so everyone sees it in every channel (discord, twitter etc.) before they go any further? tbh this is something Dan could easily have written but I understand he chooses to concentrate on other things. I any case its a nice, concise, picture of how things stand.
I just hope I got everything right!
Thanks for the summary Boris. You just saved me a lot of time having to go through all the posts that I missed. All the best to us here in the Safex community.
So no more safex?! All must transfer to safex cash?
No, there is to be 2 coins
Your safex transfers to safex on the new blockchain. Then you get about 0.0023 safex cash for every safex you have
So if you have 10000 safex now you will get
10000 safex on new blockchain
23 safex cash (approximate figure)
Sorry, not looking to cause waves but this “free” drop is not what people expected, not what it has been sold as being. In essence we already have 2.1 billion tokens and a further 1 billion will be added over x amount of decades. It will take a long time for this platform when up and running even to find any kind of platform and realistically we are going into a protracted bear market across the board.
Another 60 plus percent correction across the market is entirely possible. Fingers crossed for this project of course as I have a fair amount of tokens myself
Everybody expect free drop. 2.1bil coins will stay 2.1 coins, free drop is different coin called SAFEX CASH that will be good for spending on SAFEX marketplace. I think you got wrong info
Daveboy, what are you talking about exactly? As S4FEX explained, the airdrop refers to a completely different coin (SafexCash) that is to be used as a currency on the marketplace.
Safex token will remain to be Safex token, we will just transfer to our own blockchain by a coin swap.
And what does the bear market has to do with this?
What I mean is that there are over 2 billion tokens in circulation. Safexcash will add an additional 1 billion of tokens over 20 years, correct? One of the reasons people held for years was the expectation that they would receive essentially 5 percent of the currently circulated amount as a bonus.
If at any point here I am wrong, then please correct me. What I am saying is that the value proposition was much higher because of this expectation
As for the evident bear market, merely I am saying that safex is entirely unproven will take years to establish itself if it ever does and so the timing of it’s introduction, plus the as the aforementioned…it all adds up to great disappointment and I can only hope now that the project is a success.
This has now become incredibly speculative but of course you invest your money, you take the risk
Let me try and clarify things.
SAFEX TOKEN AND DIVIDENDS
Main Safex value proposition is (and always was) tied to the marketplace, through dividends. The marketplace will have an average fee of 5%. These 5% will be distributed to Safex token holders (using SafexCash, see below). This has not changed. Safex supply is 2.18B, and there are no plans to increase this. Once the new blockchain is ready, Safex token will be coin swapped to a new Safex token (on the new blockchain) using 1:1 ratio. So, Safex token remains to be Safex token of 2.18B.
SafexCash is a completely new coin. It does NOT add to the supply of the Safex token. SafexCash is meant to be used as a currency on the marketplace. So all transactions on the marketplace, and the above dividents paid to Safex token holders are to be done in SafexCash. SafexCash will be PoW, so it will be mined. SafexCash holders are not entitled to dividends, these are only meant for Safex token holders.
ONE TIME AIRDROP
The one-time SafexCash airdrop (this is not dividents payment!) is meant to distribute some initial SafexCash to Safex token holders, to kickstart the marketplace. Its not meant to be some main financial return to Safex token holders. The main return for Safex token holders should be the dividends.
I have no idea where you got this impression: “One of the reasons people held for years was the expectation that they would receive essentially 5 percent of the currently circulated amount as a bonus”? This would require Safex token to have inflation (+essentially be like a PoS coin), so that this “extra” 5% could be created and distributed. I am not aware this was ever the intention. It was always 5% of the marketplace trade volume, paid periodically to Safex token holders.
VALUATION OF SAFEX TOKEN
The only thing that Safex token value is really tied to is the trade volume of the (future) marketplace. This is what will decide the faith of this token, and SafexCash supply has nothing to do with this. So once the marketplace is released, its actual and expected trade volume will determine the price of the Safex token.
You will valuate Safex token by asking yourself: at what price should I sell one Safex token, so it is equal or better in financial terms than holding it for X years and receiving dividends?
I’m here if you have more questions.