what is Safemoon ?

 

The Safemoon currency is one of the projects that has attracted a lot of attention in recent months with a very ambitious look at its future. Recently, this project has had a good development process and maybe a good future can be imagined for it. But is that really the case? In this article from Coinmarketsig, we will comprehensively review the information about this cryptocurrency.

What is Safemoon (SFM)?

Before discussing the future of Safemoon, it is best to look at what it is. The name Safemoon is derived from the phrase “Safely to the Moon”, which refers to the astronomical increase in the price of cryptocurrencies, and Safemoon introduces itself as a token in the field of defense. Safemoon has tough competitors like Shiba, Dogecoin and Kisho Ino.

The phrase to the moon was first used by Dogecoin fans and is now imitated by Safemoon. Safemoonis a decentralized currency token like other digital currencies, including Bitcoin, that aims to solve the unpredictability problems found in Fiat currencies.

Safemoon is based on the blockchain network and does not use any financial or trading institutions as intermediaries. According to Safemoon’s White Paper, the cryptocurrency seeks to expand the field of decentralized trading, with a total token quadrillion units.

The launch date of Safemoon was 777 trillion tokens and 223 trillion tokens were burned before Safemoon entered the market. Safemoon CEO John Carroll has been appointed as a full-time analyst at the US Department of Defense.

The project’s chief technology officer is Thomas Smith, who was recently appointed chief information officer of Goldsmith Blockchain Consulting. Jack Haynes Davis is Safemoon’s chief operating officer, who previously worked at Like & Share, and according to Safemoon’s LinkedIn page, Ben Phillips is the project manager.

Safemoon implements a protocol in which it discourages holders from trading their tokens frequently in order to reduce token price fluctuations. The project has announced that it has launched a long-term reward system for Safemoon token holders.

The system works in such a way that those who sell their tokens are fined 10 percent of each transaction, and 5 percent of the fee received from vendors is distributed to current token holders.

The purpose of implementing this protocol is to reduce the sales of tokens and instead encourage their maintenance. With such a system, traders are less likely to think about selling their tokens, and current coin holders can be rewarded.

The ultimate goal of the Safemoon development team in designing such a system is to reduce the sudden drop in token prices due to the high sales of these cryptocurrencies by the owners, which may lead to severe price fluctuations and market collapse.

“Holders receive passive rewards through a static rewards system, and their account balances increase indefinitely,” the official Safemoon website states. These static rewards set Safemoon apart from other cryptocurrencies.

Instead of digital token burning, Safemoon uses a manual strategy to control the supply of tokens and has a useful reward strategy for long-term holders.

Is Safemoon a new Dogecoin?

Given the recent price growth and the very low price of Safemoon, some digital currency market participants compare it to Dogecoin, which, although it entered the market as a joke in 2013, its value has grown astronomically in 2021; Part of this growth has been due to the support of influential people such as Tesla CEO, Elon Musk.

The current market value of the Dogecoin is about $6.25 billion, and the cryptocurrency ranks eighth on the list of the world’s largest digital currencies.

With these interpretations, Safemoon seems to have a brighter future than Dogecoin; In addition, the developer of these cryptocurrencies plans to set up its own exchange by raising $ 1million in capital, which has so far raised more than $770,000.

Although the token is not yet well-known among cryptocurrency investors, Safemoon currency intends to make a name for itself, mainly through several projects, including the addition of NFT capabilities, and by the end of this year, the value of its token to Send the heavens.

Safemoon currency  also plans to become more accessible to investors by being listed in more exchanges such as Coinbase.

However, due to Safemoon’s lack of access to the main market (currently to buy Safemoon you have to do a series of complex transactions between several exchanges and different cryptocurrencies) and the ignorance of many traders in buying and selling Safemoon currency We are cautious.

However, if Safemoon can prove himself and his advertising strategy on social media succeeds, we may see significant growth like Dogecoin.

Founder and development team

Safemoon has introduced a team of six as project managers. At the top of the list is CEO John Caroney, who, according to his LinkedIn page, has previously served as an analyst for the Department of Defense.

He is also working with an independent video game studio called TANO, along with Safemoon currency Chief Technology Officer Thomas Smith and fan director Terror Church.

For the past two years, Smith has worked with various organizations in the field of blockchain and decentralized finance products. UK-based CEO Safemoon currency Chief Operating Officer Jack Heinz Davis has named Like & Share and Ben Phillips Global as his employers on his LinkedIn page. No information is available on the nature of the activities of these two companies.

 

Future plans

Safemoon currency has announced a roadmap for the year. The company announced that it had doubled the number of its team members in the first quarter of the year and launched a marketing campaign. The next goal of the company is to complete an application (its nature is not clear), wallet, and several games related to Safe Moon.

The project’s roadmap states that the next goal is to try to make Safemoon currency transactions possible in exchanges such as Binance, build a Safemoon exchange, expand the development team by 35%, and establish a UK/Ireland office. The company has announced its goal for the end of the year to set up a Safemoon exchange office and to establish a Safemoon office in Africa.

What are the key features of Safemoon?

If we look at the white paper of this project, it becomes clear that the transaction fee (5%) is divided between the owners and the owners of Safemoon coin. Also, 5% of the transaction fee is paid to various liquidity pools in PancakeSwap and other platforms.

According to White Paper, the second major component of the project receives a transaction fee of approximately 5%, which is paid to various liquidity pools on PancakeSwap and other platforms.

In addition, White Paper reports that every transaction made on the main network will be subject to a 10% tax rate, with half of the 5% going to liquidity pools being converted into a BNB to the liquidity of a Binary token and ensure Safemoon.

How Safemoon currency works?

Despite being new, Safemoon has rapidly grown exponentially as the third largest cryptocurrency in the market capitalization. This cryptocurrency has three main functions, according to its creators’ site. The details of its operation are as follows:

The first item in Safemoon’s performance is Reflection, also known as static rewards. This means that in Safemoon transactions, the fee received as a fee is distributed among the token holders.

The second is the cost of transactions to various cash registers in PancakeSwap and other operating systems. This function is also called collecting cash or generating LP tokens. The third component of Safemoon’s function is the token burning that occurs in every transaction.

In conclusion

Safemoon is a cryptocurrency designed to encourage long-term investment and prevent price fluctuations and early sales, but looking at the fluctuating price trend of this new digital device, it can be inferred that investing in Safemoon currency is very volatile. It also has other risks.

But despite this instability and the inherent challenges in most DeFi operating systems that leave room for abuse, Safemoon offers a solution that simplifies the DeFi process and adds an unprecedented level of security to the overall performance and cash flow process.