SAFE Network Dev Update - January 23, 2020

SAFE token prepaid cards in kiosks

Yes it should enable that use-case.

The pre-paid vendor would issue a new DBC (cert) from their SAFE account balance and print details on pre-paid card (in QR code or whatever). Buyer/recipient can validate card is good at time of receipt, and can then redeem it by depositing in their own Safecoin balance, or re-issue as another DBC or split it into pieces.

However, a malicious pre-paid vendor could keep a copy of the cert at any time and spend it up until moment of deposit/re-issue. But this is not really any different/better today when vendor’s can change balance at any time, but in reality they do not because they would go out of business quickly. Also, if a customer is concerned of this risk, they can/should deposit or re-issue immediately upon receipt, which is not an option with today’s pre-paid cards.

Likewise, a dbc could be sent between parties by email, text, whatever.

In practice, to mitigate against risk of sender defrauding, any online UI built around dbc’s should say something like:

“Bob has just sent you a DBC worth 60 Safecoin, valid as of <now>. Click here to redeem”. And so recipient is then guided through deposit/re-issue.

If used as a payment-mechanism within SAFE Network itself, re-issue would be automatic upon receipt.

30 Likes