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 users' accounts.
Safe co-founder Lukas Schor noted that its decentralized transaction processor network Safenet (announced on December 3) is inspired by Visa's payment network VisaNet.
VisaNet provides global payment processing, allowing for instant transactions and offering payment guarantees to merchants until funds are processed through a series of checks and sent days later.
Schor said, "We also want to have 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 connecting layer of existing networks that allows users to interact with any blockchain through a single account.
Schor indicated that the network will be supported by processors, and it is expected to launch in Q1 2025 with a processor supporting cross-chain accounts 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 lock assets on users' accounts through smart account resources and allow processors to execute transactions, charging 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 required liquidity for service users.
With the support of SAFE tokens, there will also be incentives within 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 might 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 do not need any excessive collateral," he explained.
Schor stated that users can also enter into agreements similar to mortgages with banks in the traditional financial system.
Users obtain the funds they need for purchases, using assets as collateral to ensure they can repay.
"Assuming I want to benefit from the advantages of CryptoPunks. I do not 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 set to launch in 2025, with an alpha version expected in Q1, a validator network planned for Q2, and the first version of the protocol anticipated to be online in Q3 or Q4 2025, featuring coprocessors to open liquidity networks.
