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Wrapped Safex Cash (WSFX) is launched!

Wrapped Safex Cash (WSFX)

All you need to know about Wrapped Safex Cash (WSFX).

Wrapped Safex Cash (WSFX)

Wrapped Safex Cash (WSFX) was officially launched on 21 September 2021, and it is already listed with a SFX pairing on Xcalibra exchange, for swapping between the two coins. It can also be found on PancakeSwap, and with the liquidity pool now live and active, you can purchase WSFX on that platform as well.

WSFX is a BEP20 token on the Binance blockchain (BSC). The Contract Address for WSFX is: 0x41344d20f7ee36f23356ef7ef4a1ab635936ffe8 and it can be explored here.

Note: Please ensure you are using the correct contract address for any WSFX activity.

Wrapped Safex Cash Background

Wrapped Safex Cash (WSFX) is a BEP20 token on the Binance blockchain (BSC), while Safex Cash exists on the Safex Blockchain. As we mentioned in our previous text about wrapped coins, Wrapped Safex Cash is pegged to Safex Cash coin.

How does this all work for WSFX?

If you are a user, you have two places where to get wrapped Safex Cash. You can exchange Safex Cash for WSFX on Xcalibra exchange, and you can swap BNB for WSFX on Pancake Swap. (The following article will contain an explanation of how to do so.)

If you are a user and go on the Pancake Swap, and swap BNB for WSFX - wrapped coins will be immediately yours. Behind that simple swap, the process looks like this:

The Safex Foundation is the custodian of Safex Cash in the wrapping process - it keeps Safex Cash in treasury and has an active role in wrapping. Foundation made its own smart contract to share information that can be publicly audited.

The Safex Foundation sends the Safex Cash (SFX) to the smart contract's safex address (Address on the Safex Blockchain), where anyone can see incoming coins. It uses the mint function to create an equal amount of WSFX as the amount of deposited SFX. This WSFX, as we mentioned, are issued and can then be used on the Binance chain.

These are some basic information that one wrapping will contain. Here we can see the name, symbol, and contract address. As decimals are 18, when the total supply number is divided, we will get the exact number of WSFX, which is 10 000 wrapped coins.

The advantages of WSFX

The advantage of introducing the WSFX is that it can bring accessibility to the Safex Blockchain. It is easier to integrate a BEP20 into new exchanges than incorporate a whole new blockchain. This way, more people will be able to exchange their tokens to WSFX, and later on, WSFX to SFX. When someone receives the WSFX, they can send it to Xcalibra.com and convert it to the original SFX for listing products, buying products, or making transactions on the Safex Blockchain.

In the future, additional services to support converting between the SFX and WSFX will emerge. Right now, WSFX is accessible via Metamask wallet and BNB swap on the Pancake Swap. Whoever is familiar with the basic swapping process on Pancake should buy WSFX. This is an excellent way to enable people to use decentralized exchanges to acquire and get closer to the Safex Blockchain.

Daniel Dabek stated that ''launching Wrapped Safex Cash is the way for people to get closer to Safex Cash to be used in the process of the eCommerce marketplace... The wrapped version can be instantly injected the same way that all BEP20 and ERC20 coins are being deployed around the world. That puts us right at the front of the line, right next to everybody else.''

WSFX Cold Wallet info

Any time an amount of Wrapped Safex Cash (WSFX) gets minted (BEP20 tokens), the corresponding native Safex Cash amount gets locked into the Cold Wallet held by Safex Foundation. This ensures the correct amount of SFX and WSFX are always in circulation, regardless of which chain they are on.

The Cold Address for bonded SFX:

Safex5zgtdeNoeC7L184CpcPvdgMZSSxBjkdrhgPAQiUMmyvqMNyKMs21MJWFrjstNAt18AhyMs4mb1JQZbMpQ1oiAPBhkKeF254v

Cold Key (Private View Key) for Cold Address:

8e8965f60fa6eb467ec6b4c33088eb803cad4ec602e52715ad24ff7ef79a8802

The WSFX BEP20 Smart Contract:

https://bscscan.com/token/0x41344d20f7ee36f23356ef7ef4a1ab635936ffe8

Wrapped Safex Cash on Binance Chain

For transparent blockchains like BTC or ETH, to check the amount of coins bonded in the Cold Address, one would simply query the address on the relevant block explorer and see that the Total Supply of the wrapped coin matches the total supply bonded in the cold address.

However, the security benefits of a privacy coin such as Safex, which many of us favour, includes protecting our balances from view via block explorer, but this also means it is not a simple process to check on the balance of the SFX cold address to compare it against the minted WSFX.

In order to check the SFX Cold Address balance, one must first create a View Only wallet for the address.

Note: The TWM wallet does NOT have this functionality - only the cli wallet presently allows the creation of View Only wallets.

If your cli wallet software is named safex-wallet-cli, then the cli command for this purpose takes the format:

safex-wallet-cli --generate-from-view-key arg

Where arg is the name of the wallet file you wish to create.

When entered, you will get a cli screen that then appears as follows, asking for the Safex Address, followed by the Private View Key, and the password you wish to use for the wallet being created.  It will then scan the blockchain from your nominated block height, and once synchronised, display the wallet balance:

Wrapped Safex Cash  WSFX Safex Cold Wallet
Cli wallet screenshot

As you can see, the wallet balance in either the TWM wallet screenshot below, or the cli wallet above, contains 260k SFX, which matches the 260k WSFX currently in circulation in the contract address screenshot further above. These numbers will match until such time as a burning of WSFX takes place.

The one limitation of a View Only wallet is that it only shows incoming transactions. Without the Private Spend Key, you are unable to see any outgoing transactions from the wallet. Once a burn of WSFX occurs, the corresponding amount of native SFX will be sent back into circulation from the Cold Address.

At that point, to subsequently get the true balance of the Cold Address, it will be a matter of some simple mathematics:

True Cold Balance = Shown Balance - (The sum of all Burns on the WSFX Smart Contract)

In this way, anyone can easily verify the balance in the SFX Cold Wallet associated with the BEP20 WSFX that have been minted and burned via the Binance chain Smart Contract.

Whilst the TWM Wallet doesn't have the functionality to restore a view-only wallet, it does allow you to open a view-only wallet that was created by the cli wallet.

Wrapped Safex Cash  WSFX Safex TWM Wallet
TWM wallet screenshot

It is common knowledge that many in the crypto community are not comfortable in using a cli wallet. Providing a copy of the view-only wsfx cold wallet keys file will allow anyone to access the wallet by simply downloading it and opening it in their TWM wallet.

Download file

Download the file to your PC. The .keys file can be used in the TWM wallet by simply selecting the Open Existing option and clicking on the .keys file that you downloaded.

When asked for a password, use: Safex

As the wallet has no data or .twm files already available, it will need to create them and then do a full resync. Once the wallet has finished syncing, you will see the balance of the bonded SFX.

Important Notice: It is only safe to share this cold wallet .keys file because it is a view-only wallet file. This means you cannot create transactions and spend the coins in this wallet. DO NOT share your normal .keys file and password - EVER!

A dedicated guide about swapping of WSFX is coming soon.