Safeth Ministries will be officially launching their mainnet token set this month on the Hedera Network. This token set will consist of Safeth Cash & Safeth Token (formally, Safeth Platinum) both of which are fully stakable otherwise known as “Super Staking”. This fresh and extremely innovative platform was built by Safeth Ministries Reverends Joseph Lathus and Cynthia Pustelak and is geared towards the philanthropic mission of helping to end poverty. This new Defi will allow users to borrow up to 10x times the value of their current Safeth Cash balance (in what the team has dubbed as a non collateralized “Payback Free Loan”.)
Specifically, it works as follows; users obtain Safeth Tokens (formally, Safeth Platinum) and lock them in to receive their Safeth Cash staking reward. When users lock their Safeth Cash wallet leaving them unable to use the rewards being collected, a smart contract becomes accessible, this contract allows the user(s) to borrow and obtain up to 10x times their current balance of Safeth Cash. Typically, with Defi crypto lending, users must provide over Collateralized assets to obtain a loan and often this is over collateralized to protect the lender from market drops. Thus why so many Defi lenders have filed for bankruptcy recently.
Safeth Cash will be usable on any of the Safeth Ministries websites which include but are not limited to, Sacrament Tobacco (Cannabis/tabacco Sacraments for spiritual use and development), Safethmarket.com (online e-commerce marketplace where users can buy and sell items, earn rewards and list their own items for FREE), My Daily YardSale (Brick & Mortar grocery store & Fast Food Restaurant that is fully solar powered, all of which producing daily proceeds/sales that contribute towards staked Safeth holders. As well very soon in development, the Concho Lakeland RV Campground, which will feature RV, tent camping in addition to on-site property rentals with a substantial amount of these proceeds (daily & monthly) contributing also to Safeth’s Non-Collateralized DeFi Crypto Credit system and ultimately towards staked token holders.
To explain it succinctly, “All of these endeavors will contribute actively towards network activity and paying down these loans, which means users won’t have to” states Reverend Pustelak. Furthermore, explains Reverend Lathus, “users can also obtain Bitcoin in exchange for either tokens (Safeth Cash & Safeth Token) on Safethmarket.com or they can sell directly for USD via paypal”. These tokens are in fact some of the first crypto products tied to “real world” functionality. “People invest in crypto but what does it do besides sit in a wallet? Here, we are combining blockchain with “Real World needs, services and goods”, “instead of borrowing from the future of the citizens like governments do, we borrow from the users future staking rewards” Cynthia mentioned. All tokens staked will be both ineluctable and immutable until the loan amount is repaid with interest through staking rewards , network activity, and the latter eleemosynary business enterprises. This means that if users want to take out another non-collateralized loan, they must wait until the initial loan is “paid off” or alternatively users can purchase more Safeth tokens in order to lock them in and repeat the process.
The Safeth Wallet with PayBack Free Lending is set for immediate release and will be obtainable at Mysafethwallet.com.