Post
Topic
Board Announcements (Altcoins)
Re: [ANN] A new EXCHANGE service - COINSAFE™
by
coinsafe
on 17/03/2018, 06:28:32 UTC
the project looks interesting! you can not call the idea completely new and not similar to existing projects, but in this area it is more important to implement than uniqueness) I will follow you, good luck guys!)

Correct, the Coinsafe™ app/service is not unique with regards to technology.  Although Coinsafe™ will likely be the only exchange whose ledger is shared among its users/customers.  Perhaps a few other items of similar uniqueness may also distinguish Coinsafe™ from the others, but generally speaking, what really matters to us -is the movement of fiat money... and making it painless and inexpensive.

When you look at services like Coinbase that charge over $400 USD (fees + inflated exchange rate) against a $7,500 USD purchase of Bitcoin, then this is where people will likely find Coinsafe™ to be unique.  The same applies to bank transfer times (up to 5 days with Coinbase).

Users will interact with Coinsafe™ similarly to how users interact with EXODUS (trade service app -no exchange/fiat capability).  The Coinsafe™ app default settings will use SMS (user's cellular number) and email for sending/receiving coins/assets -instead of addresses, though advanced users will be able to toggle between the them whenever they like.  Users will of course be wallet holders, and though the default behavior of the app utilizes proxy mode, advanced users will be able to -at any time- switch to full node mode, and, do as they like with the ledger (read it, build their own apps against it, etc.), and if they like, cold store their Coinsafe™ assets, convert to paper wallet, etc.

So, unlike the other exchanges, Coinsafe™ user accounts will in fact be blockchain wallets (under their control) -not privately held/singularly controlled ledgers (like Coinbase), but the liquidity that is provided is done so as a service (SaaS) against those wallets, and when any of those wallets use an official and or licensed Coinsafe™ liquidity provider... those digital assets are guaranteed by every -other- official and or licensed Coinsafe™ liquidity provider, and each liquidity provider -as per license/contract- is bonded, so as long as a user transaction originated through either an official or licensed Coinsafe™ liquidity provider... its value will be guaranteed 100%.

Coinsafe™ is NOT one singular large company like Coinbase, Bitfinex, Bittrex, etc., instead, it is comprised of multiple small entities under license and treaty.  An example of why this matters; The IRS -via the state of California, was recently able to gain access to Coinbase's top~13,000 customers (by volume), not just those residing in the state of California... but ALL of Coinbase's customers.  This will not be legally or technically possible as it pertains to Coinsafe™, because liquidity is a SaaS against a blockchain that is not owned by Coinsafe™ -but rather the customers (wallet holders).