Safenet Beta Goes Live Giving SAFE Token New Function
Safenet Beta Goes Live Giving SAFE Token New Function
Safenet Beta has launched, introducing a decentralized network that verifies transactions with cryptographic attestations before execution, and giving the SAFE token its first active economic function. Safenet Beta goes live, allowing holders to delegate to genesis validators and earn staking rewards.
How Safenet Beta Works
The protocol intercepts every proposed transaction before execution, with independent validators evaluating it against a set of defined security rules. If the transaction meets them, the validators produce a cryptographic attestation, verified onchain by a \"Guard\" installed in the user\'s account.
Key Components
- Byzantine fault tolerance, allowing the network to function correctly even if up to one third of validators act dishonestly
- Publicly auditable attestations through Safenet\'s transaction explorer
- Static checks that block the most common attack vectors
Safenet Beta Launch Details
The beta version launches with six genesis validators: Greenfield, Gnosis, Safe Labs, Rockaway, Blockchain Capital, and Core Contributors GmbH, each with a minimum of 3.5 million tokens staked. Staking rewards are pending approval by the protocol\'s DAO under proposal SEP-55.
Benefits of Safenet Beta
The launch of Safenet Beta represents the first structural change in the function of the SAFE token since its creation. Holders can now delegate to genesis validators and receive staking rewards, granting the token its first active economic function within the ecosystem. This development is expected to increase the token\'s utility and value, making it more attractive to investors.
Key Takeaways
- Safenet Beta has launched, introducing a decentralized network that verifies transactions with cryptographic attestations
- The SAFE token now has its first active economic function, allowing holders to delegate to genesis validators and earn staking rewards
- The network is Byzantine fault tolerant, ensuring it can function correctly even if up to one third of validators act dishonestly
- Safenet Beta launches with six genesis validators, each with a minimum of 3.5 million tokens staked
Frequently Asked Questions
What is Safenet Beta?
Safenet Beta is a decentralized network that verifies transactions with cryptographic attestations before execution, giving the SAFE token its first active economic function.
How do I participate in Safenet Beta?
To participate in Safenet Beta, you can delegate to genesis validators and earn staking rewards, with a minimum of 3.5 million tokens required for each validator.
