KeySea, part of the SocialFi Network on Linea, Is Now SAFU.
SAFU, initially conceived as a financial safeguard by the Binance exchange, earmarks 10 percent of trading fees to serve as a buffer for users in case of a security breach. It has now morphed into a colloquial term synonymous with “safe.”
For a platform to earn the SAFU badge, it necessitates having a contingency fund to shield user assets. Recently, KeySea has ascended to the SAFU echelon, thanks to its proactive steps.
Besides establishing a protective reserve, KeySea underwent a meticulous audit and conducted KYC (Know Your Customer) verifications through a dedicated team, ensuring an enhanced level of security and trust.
What Is KYC Verification?
With KYC verification, both public and anonymous project teams can privately verify their own identities. This enhances the credibility and trust of the project. Did you know that roughly 88 percent of all investors prefer verified projects over non-verified ones? Assure DeFi is one of the top providers.
Though the verification process isn’t strenuous, it still takes time, and project teams must have what it takes to complete everything. Once that’s finished, KYC mints the verification, allowing people to celebrate their achievements. KeySea has done its part and is now verified!
What Is a TechRate Audit?
TechRate is a well-known company that audits blockchains and new verified contracts. KeySea received a score of 88 in the SocialFi category on its smart contracts. The audit’s goal was to ensure that the smart contracts functioned as intended and to determine potential security problems.
It features a 21-point inspection or audit, and KeySea passed in all categories. Likewise, TechRate found no high-, medium-, or low-security problems with the site. You can check out the TechRate audit details here!
What Do KYC Verification and TechRate Audits Indicate?
Social Finance (SocialFi) changes the traditional networking model and introduces a decentralized technology through tokenization. Overall, SocialFi leverages blockchain technology to empower social media users by giving them more control over their interactions and data. Traditional platforms allow one person to own all data. However, SocialFi uses smart contracts and a decentralized identity system to give the user full ownership of all their information.
Since both KYC verification and TechRate audits focus on smart contracts, users can feel confident that they are safe to use, unlikely to get hacked, and fair for everyone involved.
More About KeySea
KeySea offers a SocialFi experience and uses the Linea platform. This unique online platform connects users based on keys and their shared interests. In fact, its goal is to facilitate engagement in various chat rooms.
It uses both certified and fan keys to start things off. Certified keys will grant access to chat rooms on the platform, whereas fan keys are specialty keys designed for groups who share like-minded passions.
Are you ready to sign up and start using KeySea? Join today for an excellent experience!
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No The Finboard journalist was involved in the writing and production of this article.