Everything you need to know about the SafeMoon Wallet!
The SafeMoon Wallet is the first product release by the SafeMoon Team, who are delivering on their promise to create the foundations for the SafeMoon Eco System. The Wallet Launches on 28th August 2021 via the Google Play Store and Apple App Store, Set to go live at 4PM BST. For those that are familiar with Trust Wallet, they are look to launch with a lot of the features that already existing feature. However this is what the team are calling MVP (minimal viable product) and have a lot of additional features coming to the SafeMoon Wallet in future updates. I will break down all the features that the Wallet is Launching with further in this article.
What Features are coming to the SafeMoon Wallet?
Swap by SafeMoon
Increased encryption (powered by Anonymous Key Technology)
Biometrics
Two-factor authentication
Token charts
Calculator
Quick Price button (in calculator)
SWAP by SafeMoon
What is S W A P? SWAP stands for Send Withdraw And Purchase. This is the first and most important feature coming to the SafeMoon Wallet, as for every Swap Transaction there is a 0.25% fee that will contribute the the SafeMoon Token/Eco System. That fee is then split up:
0.17% going into the LP
0.05% SafeMoon Ecosystem
0.03% Buy and Burn Automatically
Lets break down these fees. 0.17% going into the LP is just adding to the value of your SafeMoon Token, because its not a purchase directly into SafeMoon. This essentially means that free money is increasing the price of the token.
0.05% going to the SafeMoon Eco System would be considered a business profit maker. This is a fee that will create a pot of funds to pay the likes of future dev salaries and everything relating to pushing SafeMoon development forward.
0.03% being used as a Buy Back and Burn is where the system will take that percentage of each transaction and BUY SafeMoon and the send that SafeMoon into the Burn wallet all in one transaction. Example: $100 Swap = 0.03% is $0.03 | $0.03 = 10000 (Rounded) SafeMoon being sent straight to the burn wallet.
The SWAP built in directly to the wallet means you no longer need to worry about trying to connect your wallet to PanCakeSwap or UniSwap you can do it all in house! Overall this helps token holders earn passive income whilst also enhancing the liquidity of the pool, benefiting both individual users and the wider market every time a Swap by SafeMoon takes place.
Increased encryption
SafeMoon Wallet follows the highest industry security standards to ensure it is extra safe to use. A partnership with Anonymous Key Technology enables a system that outperforms traditional encryption by a significant margin, and plans are in place to heavily improve its encryption technology in later iterations that can advance the security of the wallet to decentralized market leader.
And more.....
Safety features such as biometrics, increased encryption, and two-factor authentication are included. Additional features of the SafeMoon Wallet include Token Charts and a Calculator with Quick Price, million, billion, and trillion buttons.
How do I get started?
So you have downloaded the SafeMoon Wallet, Now what? Well, on the release of the Wallet it launches with industry standard Seed Phrase Protection which means you will simple use your own Seed Phrase to gain access to your existing wallet that is on the BSC blockchain.
DO NOT GIVE OUT YOUR SEED PHRASE TO ANYONE!
You will enter your Seed Phrase into the wallet and Boom! You're done, you will see your portfolio live on the app!
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