Author: Stephen Katte, CoinTelegraph; Translated by: Deng Tong, Jinse Finance
The multi-signature wallet and digital asset platform regulator is preparing to launch a blockchain transaction processor network next year, allowing for instant cross-chain payments before funds leave the user’s account.
Lukas Schor, co-founder of Safe, pointed out that its decentralized transaction processor network Safenet (announced on December 3) was inspired by Visa's payment network VisaNet.
VisaNet provides global payment processing, allowing instant transactions and giving merchants payment guarantees until funds are processed through a series of checks and sent days later.
Schor said, "We also want the same experience in the crypto space at the same speed, so we don’t want to wait for transactions to be mined. When you do cross-chain, it takes a long time. We want to scale. "
According to Schor, Safenet is not a blockchain but a connection layer for existing networks, allowing users to interact with any blockchain through a single account.
Schor stated that the network is supported by processors, and it is expected that when it launches in the first quarter of 2025, there will be a processor supporting cross-chain account and liquidity features.
"We want to replicate many of the security processes within Visa, such as fraud checks or compliance checks," Schor said.
Safenet can temporarily hold assets on user accounts through smart account resource locks and allow processors to execute transactions, deducting amounts from users through cryptographic proofs.
Schor stated that the open system allows more processors to join and provide services as part of the transaction lifecycle, such as security, compliance, automation, subscriptions, connecting on-chain balances to off-chain services, and providing the necessary liquidity for service users.
With the support of SAFE tokens, there will also be incentives in the ecosystem. Validators can earn a portion of the fees as rewards for validating transactions and staking.
Source: Lukas Schor
Schor said a use case could be mortgages.
"If your processor is more like a trusted processor and has some direct user relationship with that processor, then they can actually provide you with funding, and they can — they don’t need any over-collateralization," he explained.
Schor indicated that users could also enter into mortgage-like agreements with banks in the traditional financial system.
Users obtain the funds needed for purchases and use assets as collateral to ensure they can repay.
"Assuming I want to benefit from the advantages of CryptoPunks. I don’t have enough money to buy a CryptoPunk. I have a 20% down payment, and the processor can give me that money," Schor said.
Safenet is planned to launch in 2025, with an alpha version set to be released in the first quarter, and the validator network scheduled for the second quarter. The first version of the protocol is expected to go live in the third or fourth quarter of 2025, adopting a co-processor open liquidity network.