Since the launch of Safcoin, at the time South Africa’s first digital currency, its latest claim is that it is an exclusively African focused cryptocurrency which aims to tap into the ways that cryptocurrency can positively impact Africa
SAFCOIN’s Founder Ferreira Said:
“We are not here to overthrow the existing financial system, but rather to tap into the numerous benefits of crypto for Africa by developing use case technology for every individual to benefit from the positives of crypto-currency, while maintaining the highest levels of business ethics and standards”
Who is Ferreira?
Ferreira is the founder of Safcoin. Nothing else can really be said. There is no mention of any qualifications on his Linkedin Profile either.
During the ICO (Initial Coin Offering) period, many individuals doubted whether or not SAFCOIN would even launch, due to the wave of ICO scams in the crypto space.
They allegedly pre-sold 500,000 SAFCOIN at During an ICO (Initial Coin Offering) for R70. After the ICO another 5.5 million tokens are to flood the market.
On their company page on the official Safcoin website, they have an image which they claim to be the team behind Safcoin. There are no names or links to social media accounts to verify the actual existence of these individuals. The team behind a cryptocurrency should have names of founders, and main team members, such as the CEO (Chief Executive Officer) and the CTO (Chief Technical Officer).
These are best practices in the blockchain and cryptocurrency community.
The extent of their team description is as follows:
“SAFCOIN was created by a group of South African crypto enthusiasts and entrepreneurs with incredible market knowledge of the technical world in programming, networking, online trading and exchange”
According to Safcoin’s official release report on 13 December 2018, Mining has been launched among other platforms. There is no other detail or mention of how mining Safcoin works, or how one can participate. So we can expect 5.5 million pre-mined Safcoins. Effectively, the market will be flooded with these tokens.
Their is also no real use or reason why someone would want to use Safcoin over already existing cryptocurrencies, many of which are far more capable, and have a strong team behind it. Safcoin is an ERC-20 Token (ERC–20 is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens.)
Platforms that are launched on Safcoin:
- SAFCOIN Crypto
- SAFCOIN Exchange
- SAFCOIN Desktop Wallet
- SAFCOIN Mobile Wallet App
SAFCOIN has decided to self-regulate their exchange by adopting KYC (Know Your Customer) protocol and FICA (Financial Intelligence Centre) compliance to ensure friendly use.
SAFCOIN has opened its first South African call centre on the Garden Route in the Western Cape recently, offering assistance and support to customers on using the various SAFCOIN platforms in English, isiZulu, isiXhosa and Afrikaans. They have plans to add more official languages and centres in the future.
Safcoin as a project is presented as an unknown team with many red flags. The potential to have an exclusive African cryptocurrency is nothing more than bold statement. Any individual with a computer and access to the internet can create and launch their own digital asset. Safcoin lacks good copy-writing and transparency. Safcoin needs to have better industry standards, until then things will not end well for Safcoin.
Safcoin is certainly not a revolution with the potential to continue to change the cryptosphere in South Africa, or Africa as a whole.