We thought it would be useful to discuss further the recently launched Safex Roadmap; dissecting each segment and expanding on what we think it means, and when we might expect to see it. In this article we’re going to focus on the first phase – Safex Blockchain Launch.
Content focusing on the future phases will be released throughout the next few weeks.
Note – the contents of this article are speculative with information gathered publicly from the official Safex community channels. As always, please do your own research.
Safex Blockchain Launch v0.1 – Estimated between June/July 2018
Safex Token from Bitcoin Blockchain to Safex Blockchain Bridge
Before anything can happen we first need to move our Bitcoin based Safex Coins over to the future Safex Blockchain. This will take place either within a future wallet version, or a dedicated application in which you import your private keys into.
The process will be simple. All Bitcoin based Safex Coins will be sent to a burner address, and the equivalent amount of Safex Tokens will be credited to you on the new blockchain (1:1 ratio). At the same time, we will also receive around 0.0023 Safex Cash for every 1 Safex Token you send over. This is part of the initial 5m Safex Cash airdrop mentioned in the Blue Paper.
Safex Token Transactions + Wallet
The wallet will need to be updated to communicate with the new blockchain. This will be a major overhaul of the wallet system (from the back-end point of view) as it will require a different underlying framework to both read and interact with the new blockchain.
This will most likely arrive around the same time as the bridge application/functionality.
Safex Cash Airdrop
As mentioned above, the last communication about this from Daniel on this subject suggested that the “airdrop” will happen when you move your Safex Coins over to the new blockchain at a ratio of 0.0023 Safex Cash for every 1 Safex Token. Remember, you’ll have both your Safex Tokens AND Safex Cash on the new blockchain.
It’s suggested that the Safex Cash “airdrop” will be at the point of conversion, and not on any specific date. We will get further clarification on this as soon as possible.
Note – There has been some confusion about the Safex Cash airdrop. Some have understood is that your Safex Coins will be converted to Safex Cash. This is not the case. Safex Coins will be converted to Safex Tokens (1 Safex Token for every 1 Safex Coin), and 0.0023 Safex Cash (estimated) for ever 1 Safex Token. For example, if you moved 100,000 Safex Coins over, you will receive 100,000 Safex Tokens and 230 Safex Cash.
Safex Cash Proof of Work Mining Start
Again, it’s expected that this functionality will come out around the same time as the blockchain migration and new wallet. Consider – if you’re moving your Safex Tokens and/or Cash from one wallet to another, it’ll need to be processed on the blockchain via mining.
In the latest video from Daniel explaining the new roadmap, he mentioned that the Blockchain TestNet will be released in June or possibly early July. This will be an excellent opportunity to test your mining hardware in our upcoming Safex Mining Pool, as well as an opportunity for us to ensure we’ve got our pool configured and set up ready for launch day.
A hot topic within the community – Exchange listings. Daniel mentioned in a recent AMA that they are holding off any new exchange listings until the new blockchain has been released. The justification is based on the cost required to get listed on the major exchanges – quoting around $400,000 for a single listing.
Understandably it doesn’t make sense to pay so much to get listed on a major exchange, only to then pay the same again to integrate the new blockchain on the exchange. Granted, some exchanges may offer a discount for this kind of situation, but there are still high costs involved.
Reassuringly, Daniel mentioned in the Roadmap update video that once the blockchain has been launched they will be aggressively pushing additional exchange listings. We expect this stage will start around late July, early August.
Next week we’ll go through what we know so far about phase two – Safex Marketplace Launch.