eCommerce cryptocurrency Safex (SFX) has skyrocketed in price in the past month — with its value increasing by 107.8% in the past 30 days.
Currently, the price of the currency stands at $0.019273, according to CoinMarketCap data. The coin, which works as a proof-of-work digital currency, currently has a market cap of nearly $1.3M.
SFX is a privacy coin running on the Safex blockchain. It hopes to provide solutions to eCommerce by revolutionizing how data is collected.
The idea is that when goods are bought, the marketplace utilizing the Safex blockchain does not know who the buyers are. This is different to e Commerce giants such as Amazon or Alibaba, who collect data from their customers.
Like many other cryptocurrencies, there is no "middle-man," so sellers get the money instantly — and no one takes a cut or has access to funds transferred.
The asset uses stealth address and ring signatures, much like the biggest privacy coin by market cap, Monero.
"Safex helps online merchants break free from being stuck at the mercy of centralized platforms that charge large fees and even leverage their data to compete against their customers," the company says. "The network builds on every sale from every webstore."
The coin has attracted attention due to the profitable mining rewards. Right now, mining SFX is 101% profitable, according to Skypool data.
To mine the coin, expensive rigs are not needed and everyday computer hardware can be used.