How to store SafeCoin ($SAFE)
The following guide explains how to set up and use the SafeCoin wallet designed specifically for the SafeCoin ecosystem. This wallet lets you send, receive SAFE, and interact with SPL tokens (SAFE-based tokens) on the SafeCoin blockchain.
What is SafeCoin?
SafeCoin is a permissionless, open-source blockchain that is designed to provide DeFi (Decentralized Finance) solutions. This project was originally launched in February 2018 as a fork of Komodo. However, in early 2021, the community decided to switch to a superior Solana-based codebase.
The Solana project mainly focuses on making decentralized finance (DeFi) accessible on a larger scale. Its high-performance, highly functional blockchain allows builders worldwide to create financial crypto apps (DApps) that scale today.
SafeCoin improves scalability compared to Smart contract platforms such as Ethereum by introducing Proof of History (PoH) combined with the Proof of Stake (PoS) consensus mechanism. SafeCoin improved upon Solana’s consensus mechanisms making it more decentralized, require less hardware to run a validator making it thus more energy efficiënt. With this hybrid consensus model, SafeCoin not only operates faster but is more cost-effective than many well-established blockchains. SafeCoin can easily handle more than 65000 transactions per second.
SafeCoin is designed to keep fees low even when billions of users use its applications. Due to low fees and faster transaction times, Safecoin is set up to rival the established smart-contract platforms such as Ethereum, BSC, Cardano, and its parent chain Solana.
What is $SAFE
SAFE is the native coin of the SafeCoin blockchain. SAFE coins are required to use the SafeCoin blockchain. To use DeFi services on SafeCoin and to transaction SPL tokens, you’ll need SAFE. SAFE is used to pay the transaction fees in the SafeCoin ecosystem, similar to Gas being used on Ethereum.
SAFE is also used for staking. Users who stake their SAFE are rewarded SAFE coins for powering and supporting the SafeCoin network. If you are interested in staking your SAFE, you can read my guide, How to stake SafeCoin ($SAFE).
SafeCoin Wallet ($SAFE) — SPL Token wallet
SafeCoin (SAFE) is currently supported by two different types of wallets. In addition, there is an advanced command-line wallet (CLI wallet) and a web browser-based wallet. In the future, SafeCoin will be supported by more wallets. For example, Araviel.io is working on a neatly designed third-party wallet, and support for Ledger hardware wallets is in the works. All of these wallet offerings offer a great blend of security and convenience.
SafeCoin GUI — SPL token wallet
The easiest wallet option for most people is the official SafeCoin web wallet.
The SafeCoin web wallet is a non-custodial GUI wallet giving users full control over their funds without syncing a node of their own to interact with the SafeCoin blockchain.
Creating a wallet
To use the SafeCoin web wallet, go to this page. The wallet should automatically generate a 24-word recovery phrase. Make sure to write these words down and store them in a safe and secure place. Note that your wallet cannot be restored if you lose these words, and your funds will be lost.
Note This wallet is only used for educational purposes; don’t send any funds or import it as anyone can access it.
After you have written down your recovery phrase, hit the checkbox and click on Continue. The application will now prompt you to create a password. I recommend creating a secure password using a password generator. The password is only used when interacting with the wallet and is not needed when restoring the wallet. So in the event that you have forgotten your password, you can always restore your wallet using the 24 recovery words.
After entering a secure password, click the Create Wallet button. You will be directed to the wallet landing page. The wallet landing page should look like this.
Sending and Receiving SafeCoin $SAFE
To get SAFE in your SafeCoin wallet, we need to purchase some on an exchange. Currently, the best place to purchase SAFE is through Safe.Trade. You can find my guide on how to buy SafeCoin here. Once you have purchased some SAFE, go to your wallet tab and click on withdraw. Now get your wallet address from the SafeCoin wallet by clicking on the address, clicking the receive button, and copying the address.
Next, enter your wallet address on Safe.Trade and withdraw your SAFE. The withdrawal should take a couple of minutes to go through.
To send SAFE, open the send dialog by clicking on the Send button. Now, enter the recipient's address, enter the amount you want to send, and make sure the slider on the bottom is enabled. Now to send the coin, click on the Send button on the bottom right.
Importing/Restoring an existing wallet
To import or restore your SafeCoin wallet, click on the Restore existing wallet button on the bottom left of the screen.
Next, enter the 24-word recovery phrase that you saved previously. Additionally, enter a new password to secure your wallet. I recommend creating a secure password using a password generator. Now click on the Next button.
You should now get prompted with a list of addresses, some with a balance and some without. Click on the Restore button to import the addresses into your wallet.
Congratulations, you have now successfully imported/restored your SafeCoin SPL wallet.
Now that you have learned all that there is to storing SafeCoin ($SAFE). Consider reading one of my previous articles about SafeCoin or donating to the address listed below.
- How to buy Safecoin ($SAFE)
- How to Stake Safecoin ($SAFE)
SAFE Donation Address: 3aHEKicGmWiTgcNifFkJjpJ3BCxgf5AqFnJrJfYqJUax