What Is Safex Cash?

Learn about Safex Cash, the cryptocurrency that serves as a medium of exchange on the Safex Marketplace.

What Is Safex Cash?

Safex Cash is one of the two cryptocurrencies on Safex Marketplace, backed by Safex Blockchain. Safex Cash was born in September 2018, along with the birth of Safex Blockchain. Since then, Safex Cash is actively being mined, traded on cryptocurrency exchanges, used for product purchases on the marketplace, and earned as revenue share from the 5% commission of all sales.

Here are the top characteristics of Safex Cash:

  • Safex Cash is a medium of exchange
  • Safex Cash is a proof-of-work mineable cryptocurrency
  • Safex Cash emission is defined by an S-curve
  • Safex Cash transactions are private

Safex Cash is a medium of exchange

As you already know, Safex Marketplace is a platform where you can buy and sell high-quality goods and services. The official and only currency that is a payment method there is Safex Cash. That means that all the available products have to be paid for with Safex Cash and that each product listed on the market has a price displayed in Safex Cash. Price pegs can be created and linked to offers so that the offer price represents a stable fiat currency value despite of the cryptocurrency's price volatility. Safex Cash is fast transferable, highly divisible, and can be used any time, anywhere on the globe. As with Bitcoin and any other desirable kind of liquid asset or currency, Safex Cash is portable, fungible, and has a uniform digital appearance. Safex Cash has an unlimited supply and its emission follows an S-curve.

Safex Cash is mineable

Mining is a process where computers are solving complicated algorithmic tasks. You can imagine it as solving a sudoku. The first PC that offers the correct answer is the winner and can ‘’open the block’’, allow transactions to happen, and collect the reward. This is how mining works, both for Bitcoin and Safex Cash. This is so-called Proof-of-Work mining. Nowadays, you can hardly mine any Bitcoin with a regular CPU or GPU, but you can mine Safex Cash. Mining Safex Cash is accessible and profitable, even when using a regular home PC - in fact, it’s designed exactly for such.

More details about Safex Cash mining

Safex Cash mining is a Proof-of-Work, the algorithm used is RandomSFX, and mining is favorably done with CPUs. The current Safex Cash (SFX) block reward is 200 Safex Cash per block. Currently, the reward is increasing at regular intervals, and soon it will be 270 Safex Cash per block. The total supply of Safex Cash will be 1 billion coins after 20 years of mining. Subsequently, a tail emission similar to Monero will follow.

If you want to participate in mining, we encourage you to do so:

  • If you are a tech person and want to build your miner, follow this guide.
  • If you are tech-intermediate, we recommend you mining Safex Cash on your computer using XMRig (tutorial coming soon).
  • If you are a novice PC user, the 1-click SFX miner will be your entry point (coming soon).

S-curve distribution model

E.M. Roger developed the theory called the Diffusion of Innovation (DOI) theory in 1962. It proposes the concept of natural adoption of a new technology within time by five types of adopters. The adoption of the technology looks like bell-shaped (blue). The sum of all adopters within time results in an S-shaped curve of market share. Using this theory, Safex Developers come up with the Safex distribution curve of Safex Cash for the mining rewards. That means the Safex Cash distribution curve was calculated based on an estimation of the different stages of adoption to bring the best for the users. In other words, also miners joining the network after early adopters get the chance to earn a fair share of Safex Cash, which is not the case with Bitcoin, Monero, Litecoin, and most other mineable cryptocurrencies.

Based on this, it’s expected that half of the final total market share of this innovation is reached somewhere in 2025, and 80% somewhere in 2029. It’s anticipated that mining with emissions from the S-curve schedule will last 20 years from the genesis block. Therefore, this stage will end somewhere in 2038.  At the end of the S-shaped emission curve, there will be a tail emission of 3 Safex Cash per block into the future.

In case you want to find out more about the S-curve distribution and its comparison to Monero’s and Bitcoin’s distribution curve - click here.

Safex Cash transactions are private

All the transactions on Safex Blockchain are private because the Safex Blockchain is a privacy blockchain. It uses the CryptoNote protocol technology that guarantees the privacy of the users. It works thanks to specially designed ring signatures and stealth addresses that make transactions untraceable and address balances hidden, contrary to transparent Bitcoin transactions. This model of work is favoured and adopted by privacy-oriented users. Monero is using a similar model for assuring privacy.

The development team recognized the necessity for making transactions private because privacy should be one of the principal rights of people in our modern society, especially ones included in online interaction. This stands for online shopping more than anywhere else.

How to earn Safex Cash?

Safex Cash can be earned in several ways. You can sell your products on Safex Marketplace, you can allow payments in Safex Cash in your shop or another business you have, you can trade Safex Cash on the exchanges or mine Safex Cash on your PCs. You can also stake Safex Tokens to earn a share of the 5% commission on all sales, which is also paid in Safex Cash.

This was a short explanation about Safex Cash, learn more about Safex Token.