Selfient embarked on a mission in early 2021 to develop a product tailored to increase the adoption of Web3. We recognized the infinite potential of a democratized ecosystem. — This realm encompasses anonymity, security, immutability, decentralization, data ownership, and swift payments, thereby mitigating reliance on an outmoded, centralized payment model.
The profound global interconnectivity of Web3 stems from its accessibility to anyone, enabling the use of common currencies like Bitcoin, Ethereum, and stable coins for all transactions everywhere.
Our seasoned management team, with an entrepreneurial background in HR technology and large-scale financial technology systems, is leveraging this expertise to productize the innovative DeFi solution, Selfient.
Selfient will be launched to facilitate seamless transactions across all sectors, whether it’s hiring for a job, engaging freelancers, or making secure purchases, we are equipping individuals with the facile tools to facilitate these transactions.
Innovating in a Changing Landscape:
A significant transformation has unfolded in the Web3 space since we embarked on our journey in 2021. Let’s delve into the changes:
- Numerous promising projects and protocols that held potential have unfortunately disbanded.
- NFTs, once the focal point of discussions, are now grappling with challenges and have been metaphorically placed on life support.
- FTX, once positioned as the third-largest Centralized Exchange worldwide, has undergone a significant decline. Allegations point to potential fraud committed by Sam Bankman-Fried and associates against users, leading to the abrupt collapse of FTX and an estimated misappropriation of $1 billion US. Subsequently, SBF has been convicted of fraud in relation to these events.
Comparing 2021 to 2023:
For perspective, here’s what has changed in the world since 2021
Average Gas Price in the United States:
- 2021: $3.01 per gallon (source: eia.com)
- 2023: $3.48 per gallon (source: Nerdwallet)
Total OpenSea NFT Marketplace Volume:
- 2021: About $14 billion (source: Cryptobriefing.com)
- 2023 (Year to Date): Approximately $2.56 billion (source: Dune.com)
Twitter/X:
- 2021: The company was still known as Twitter
- 2023: Elon Musk has rebranded Twitter to “X”
Failed Companies:
- 2021: SVB, Terra Luna, and FTX were still alive and thriving
- 2023: All these companies have since suspended operations or declared bankruptcy
Superbowl:
- 2021: Coinbase was in the process of creating their infamous QR Code Super Bowl Ad, which eventually aired in February 2022.
- 2023: Crypto Ads were notably absent.
What’s a Rug?
- 2021: A piece of thick, warm material used for covering or decorating part of a floor.
- 2023: A founder appropriating with all your hard-earned money, leaving you holding a bag of worthless tokens.
The landscape has indeed undergone a significant transformation. On Twitter (now X), during the initial stages of the Web3 boom, there was a prevalent discourse about positively impacting the world and educating individuals on navigating and utilizing new products.
However, a noticeable shift has occurred, with greed taking center stage. Many “influencers” have shifted their focus to endorsing rug pull projects, financially benefiting from these promotions on their pages. One of the main turning points can be traced back to the Super Bowl ads of 2022. In the first half of 2022, scammers and rug pull founders thrived, capitalizing on the surge of new users entering the community with hopes of “getting rich quick.” Since then, the space has lost its former character.
As we approach 2024, we are confident that Selfient and the broader Web3 space have gleaned valuable insights over the past few years. Our commitment is to reconnect with the fundamental principles that rendered this space extraordinary, emphasizing the delivery of value and utility to the Web3 community.
We are a team committed to integrity and transparency, focused on creating a payment protocol that empowers freelancers, hirers, and businesses to transact securely in a decentralized environment. Our mission is to revolutionize the way transactions occur in the emerging decentralized and anonymous world.
Current Web3 Payment Issues:
In the current Web3 landscape, conducting business transactions often requires a significant degree of trust. For example, when taking on tasks such as developing a smart contract for a project or company, substantial effort and all necessary work may be invested.
However, a challenge arises during the payment phase when the other party may choose not to fulfill their commitment. In such cases, the dedicated time and energy invested in the project may go unrewarded, creating uncertainty in compensation or an extended delay in receiving payment.
Selfient is here to address this issue and eliminate uncertainty from the payment exchange process.
What We Do:
We make complex things simple. With Selfient, you can effortlessly craft smart contracts for all your business needs — whether it’s for personal arrangements, employment agreements, or those crucial business deals. No coding skills required — — that’s a game changer.
How do we do it?
No-Code Smart Contracts: One doesn’t need coding skills to create smart contracts on Selfient.
Decentralized Escrow: We ensure trust with decentralized escrow services, holding funds securely until the conditions of the deal are met.
Real-Time Payments: Immediate payments upon meeting contract milestones, or through our linear agreements, which allow project funds to be claimed as soon as the contract initiates and as frequently as every 12 seconds if desired.
Contract Management Dashboard: Keep track of all contracts and pending actions in one place.
Transparency and Efficiency: Blockchain technology ensures transparent and tamper-proof records, reducing disputes and saving costs.
Elimination of Intermediaries: Say goodbye to middlemen, streamlining transactions and making them more secure.
Selfient’s Contract Agreement Types
Selfient utilizes 3 different agreement types to make your business transactions as seamless as possible:
How do we compare?
Back to the Basics
As we prepare to unveil our protocol in a few short weeks, let’s revisit what truly distinguishes this space. It’s not about NFTs or miscellaneous tokens lacking tangible value; rather, it’s grounded in simplicity and utility.
While many were chasing quick riches, we made a deliberate shift away from being the next flashy tool or platform in the space. Our focus is on longevity and delivering substantial value to the community.
We recognize that flashy endeavors might yield initial success, but they often lack sustainability. Numerous projects, launching tokens alongside their initiatives, fade once individuals can “cash out.” Currently, we have no plans to introduce a token in the short to midterm. Instead, we aim to demonstrate our value by crafting the best possible product, one that enhances your life and ensures safer transactions.
Our short-term mission is to fulfill this commitment and, upon proving our value, expand our vision to serve you even better.
Next Steps
As mentioned earlier, we are on the verge of our launch. Our website is currently undergoing updates in preparation, and we’re conducting a final audit of our code before the Mainnet launch.
Ensuring the safety and security of our users remains our top priority, and it’s a commitment we are unwilling to compromise. Additionally, we have plans for one more Quest Series before the Mainnet launch. As we approach the quest launch, stay tuned for announcements on our Discord and Twitter (x) page.
If you would like to learn more about Selfient please visit our website, join our Discord Server, or follow us on Twitter.