Last Updated on July 24, 2020 by CryptoCreed
The E-commerce industry is growing day by day. But the safety of users’ data is may get compromised. Companies are offering the safety of products and other identities but they not able to offer or fulfill the safety of users’ data. Nowadays users not like to register on any platform they want to access the site quickly. There are some other unrealistic problems that need to get solve quickly like verification process, late payment, refund option, and registrations.
Here safein offers a single sign-on digital wallet enabling for quickly, safely, and conveniently access of platforms. We may say users can use safein as payment for One-stop-shop for all online authentications and payments without passing through a long registration process. Also without showing or sharing your true identity.
Problems in the E-commerce industry
There are five problems in the E-commerce industry as mentioned in safeins whitepaper.
- Bad experience
- Mismanage of users data
- Threats to online security
- Barriers for regulated business
- Universal compatible e-wallet
1. Bad User Experience: The first thing as users we need to sign up which is really taking a long time and sometimes it takes more time than we think. Filling the form with our name, mail id, address, shipping address, purposes, mode of payments, and other option it’s irritating for users. Also sometimes sites ask to verify mobile at the time of registration and mail id too which need at least five minutes to arrive and verify. It is more irritating when we have to provide the same data on more than one site, the number of times.
The second thing is in sign up process is KYC and AML process, some time this is very difficult. You have to share your personal data with sites and they took more than five days to complete verification. In one research it was founded that KYC verification costs up to 20$ per customer. That is why companies require to keep one team of KYC specialists.
2. Lack of transparency in data management
Data of users are more valuable than they think. Users data like mail id, age, locations, a mobile number can be easily used to sell to the higher bidders, which they use to advertising. As per one report, 76% of users think the data which are asked them to submit at the time of the registration are intrusive and unnecessary.
Recently lots of airdrop campaigns are started. Most of them are asking users to submit their mail id which is used to scam people by sharing their mail ids with their partner.
There is no need of providing your mail id, name, age, gender, or locations to merchants, they just want to know that you qualify for the product which you are going to buy or not.
3. Threats to online security
Threats to cybercrime is not a new thing. But cybercriminals was increased in the last few years. That is the reason why people are not preferring online shopping. Most e-commerce sites are not able to protect their user’s data.
Recently in 2016 more than 1.1 billion identities are exposed in data breaches. And same happens with the 2017 company name Equifax alone exposed 143 million accounts in the first half of the year.
So believing in e-commerce sites is tough but with the time way of work of e-commerce sites is also changing. E-commerce companies are trying to protect users’ data but they are not always able to keep data safe.
4. Barriers for regulated businesses:
You can’t just come and launch a project and wait to see on the moon. Every country has its own rules and regulations. In some countries, you have to take permission from govt to start any project either online or offline. Most online businesses are not regulated with govt laws until they get more fans. You can’t access adult sites if you are under 18 hence it’s impossible to stop users to access, that’s why site owners are asking for KYC which is really irritating for users submitting the same thing again and again who likes?
Restrictions vary from country to country. Someplace you can’t do something at the age of 18 but same thing you can do till the age of 25. It’s suitable if your business is in a particular country but not if you have worldwide.
5. Universal compatible e-wallet: Blockchain is the new and safest technology ever with the cryptocurrency system. Most of the e-wallets are not offering universal wallets. Here safe in is offering compatible universal e-wallet. This wallet will be a one-stop payment solution for traditional and cryptocurrency payment methods. Also, it deducts payment fees in the currency which the merchant wants.
Solutions for the E-commerce industry
- Digital wallet and Payment: Safein may launch a fully licensed EU electronic money institution that works according to laws. As well as user can convert their one currency to another for e.g. Bitcoin, Ethereum tokens, and other known cryptocurrencies. As the EU Electronic Money Institution license will safein have which helps safein to connect with SEPA network and allow users to deposit and withdraw in EU banks will make it easy. Safein may launch plastic cards.
- Single Sign-On: Safein is very easy to use as his first step, sign up process, is so easy. There is no need to register to log in to the website.
- Data protection: Safein aiming to not to ask personal details of the customer. But safein will educate merchants and guide them either they have to ask for KYC or not. This will work like ” need to know” to merchants and users’ privacy will be safe.
- Multi-factor and digital identity authentication: The security of users is the first priority of safein. Users can set up fingerprint login on their mobile devices. Users can set up and can remove fingerprints set in their mobile devices, wallets. Users can also set pin codes in their mobile app, can track their activity history which includes logins and payments and last used devices, and can cancel their used devices.
- KYC procedure and MVP: Safein is currently in talk with automated ID verification service providers to provide better results and satisfaction to users. Where users only need to scan their ID and upload on site. Safein MVP is now live you can check that here on curonian.com.
The token distribution and ICO
Total Token Supply 1,000,000,000 SFN tokens
Reserve for 3 years: 60%
Reserve for Team and Advisor: 10%
Safein Registration Pool: 10%
Safein Login Pool: 05%
Safein referral pool: 05%
ICO start date: 25 April 2018
Soft Cap: 4K ETH
Hard Cap: 12500 ETH
SFN Token Rate: 1 ETH = 9000 SFN tokens