Other Technologies Used

• Smart Contracts: SafePay utilizes smart contracts to automate processes and transactions, ensuring transparency, immutability, and the elimination of intermediaries.

• DeFi (Decentralized Finance): SafePay can integrate with DeFi applications such as DEX (decentralized exchanges), lending protocols, wallet storage, and more. DeFi technology allows users to engage in financial activities without the need for third-party intervention.

• Token Standards: SafePay can adhere to token standards like BEP-20 (for Binance Smart Chain). These standards define how tokens function on the blockchain, including functions like transfers and storage.

• Encryption: Encryption technology is used in SafePay to ensure the security and authentication of transactions and data. Encryption guarantees that user information and transactions are protected from unauthorized access.

• Multi-layered Security: SafePay implements advanced security technologies such as data encryption, two-factor authentication, and cold wallets to protect users' assets.

• Proof of Stake (PoS) Consensus Mechanism: SafePay utilizes the PoS consensus mechanism, reducing energy consumption and increasing the system's sustainability. PoS also encourages users to participate in the transaction validation and network security process through staking.

• Sharding: SafePay plans to implement sharding technology in the future to increase the scalability and transaction processing speed of the network.

• Layer 2 Scaling Solutions: SafePay is also researching and developing Layer 2 scaling solutions to address congestion and high transaction fee issues on the blockchain network.