TL;DR:
- Safenet, a decentralized network that verifies transactions with cryptographic attestations before executing them, has officially launched.
- The network’s native token gained its first active economic function: holders can delegate to genesis validators and earn staking rewards.
- The network operates with six genesis validators, each with a minimum of 3.5 million tokens, and is Byzantine fault tolerant.
Safe introduced Safenet Beta at the EthCC conference in Cannes, launching a decentralized transaction security network that replaces centralized warning systems with cryptographic attestations verified onchain. It represents the first structural change in the function of its native token since its creation.
Until now, SAFE operated exclusively as a governance token. Holders can now delegate to genesis validators and receive staking rewards, granting the token its first active economic function within the ecosystem.
How Does the Network Work?
The protocol’s core mechanism intercepts every proposed transaction before execution. Independent validators evaluate it against a set of defined security rules. If the transaction meets them, the validators produce a cryptographic attestation. A “Guard” installed in the user’s account verifies that attestation onchain before allowing execution. Without a valid attestation, the transaction does not proceed.
Users retain full self-custody of their assets at all times. If a transaction does not meet the requirements but the user decides to proceed anyway, they can do so with additional explicit approval from another owner after a waiting period. The network is Byzantine fault tolerant, allowing it to function correctly even if up to one third of validators act dishonestly. All attestations are publicly auditable through Safenet’s transaction explorer.
The Safe DAO Debates Staking Rewards
Safenet Beta 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. The beta version also includes static checks that block the most common attack vectors, a staking interface for delegators, and a real-time attestation explorer.
Staking rewards are pending approval by the protocol’s DAO under proposal SEP-55. Advanced checks, slashing, and fee-based rewards will arrive in later phases.
