What is Safeli
Safeli is a new take on an established payment system.
Holding funds in escrow has long been a method for clients and service providers to organize work and minimise the risk of either the project not being completed, or the payment not being made.
Safeli holds the funds in a secure location and later releases funds once both parties acknowledge completion of work.
What makes Safeli different is that it uses blockchain technology to add extra security and usability to the process.
While it's early days for Safeli, this could be a great use of blockchain technology that could go mainstream and help secure payments and projects for a new generation of entrepreneurs.
How does Safeli work?
Safeli works like most escrow services.
A client finds a service provider and they work out the details of the job to be completed.
Once they have the details, they use Safeli to secure the funds and details of the project. It works like this.
- Set up your wallet
You just need to copy over your wallet address from your primary wallet provider. It's as yet unclear if this needs to be on a specific chain.
- Create a new contracts
Create a contract within Safeli and outline the details of the project including scope, timelines, and fees.
You mjust set the terms of the project here to continue, as without them, the funds cannot later be released.
- Negotitate and accept
The other party will then review the details of the project and either ask for amendments or accept them.
- Activate the contract
Once the contract is accepted and activated, the funds are locked in escrow.
The funds stay here until tjhere is some work to review and approve, making this a safe situation for both parties.
- Review and accept
Once the project is complete, the posted has the opportunity to revciew the work and either accept the work or request amendments to the work.
If the latter, nothing changes until the amendments are made.
if the former, then the funds are released to the service provider.
Who should use Safeli?
There are a lot of escrow services in use today.
Most of those that have some overlap with Safeli (in the way that they're used by clients and service providers). Think UpWork, Fiverr, and any other brand that allows clients to secure funds while working on a project with a service provider.
These are super valuable services and have enabled a lot of service providers to grow their businesses without the risk of the client ghosting when it comes to payment.
Safeli is simply bringing this kind of service into the modern era and securing transactions with blockchain.
If this brand grows, it could become the next big marketplace for blockchain entrepreneurs.