The Internet Coin (MaidSafecoin, MAID) uses the original Maid core algorithm, with advanced concepts and significant practical value upon completion. It was released on April 22, 2014.
MaidSafecoin is a medium marker written on the Bitcoin blockchain that will be exchangeable at a 1:1 ratio with the native currency Safecoin on a P2P network platform within the SAFE network. According to the Maidsafe.net website, it is described as: “A platform where application developers can create decentralized applications, based entirely on a decentralized system. This network is constructed by individual users who provide storage, computing power, and bandwidth, forming a global autonomous system.” Safecoins are used to pay for services on the SAFE decentralized internet, which provides secure data storage and processing through virtualized hardware for running a decentralized internet system.
Acquisition of the Project
Safecoins can be acquired through trading or by users sharing their machine resources. Developers earn Safecoins as revenue from their applications, while project backers can acquire Safecoins in advance of the network’s launch by purchasing them using MaidSafecoin as an intermediary. This ensures the network has sufficient resources to start, allowing application developers to release free applications for everyone to use. It will be a new internet, owned by all and controlled by none – the internet without borders.
In short, Safecoins incentivize developers, supporters, and end-users in a fair and transparent manner. Users obtain Safecoins through Proof of Resource by sharing network resources; developers earn Safecoins through application services; and supporters focus on providing public goods to support the network and are willing to take financial risks for investment returns.
Project History
The Scottish company MaidSafe began developing the SAFE network in 2006. The pre-sale on April 22, 2014, sold 10% of all MaidSafeCoins. At the time, one BTC could buy 17,000 MaidSafeCoins. The company allowed 30 days to reach its $8 million fundraising goal but achieved it in just five hours. When the SAFE network is fully operational, you will be able to exchange MaidSafeCoins for Safecoins.
Project Competition
There are other blockchain-based data storage companies, but none like MaidSafeCoin. Filecoin gained notoriety after raising $257 million in its ICO. SiaCoin is currently the leader in market capitalization. What sets MaidSafeCoin apart is that the SAFE network does not actually use a blockchain. Therefore, once the product launches, the network’s currency, Safecoins, will not exist on the Bitcoin blockchain.
Project Supply and Sustainability
The size of a Safecoin file is 32 bits, so there are 232 possible coins, approximately 4.3 billion. If you own MaidSafeCoins, eventually you will be able to send them to an unspendable address and receive Safecoins in return.
The rate at which Safecoins are rewarded to farmers depends on the networks supply and demand. If there are many farmers and too much available storage, the network will reward coins at a lower rate. If storage is scarce, more coins will be awarded to encourage farming activity. This design aims to prevent large centralized farms from opening and controlling the network. With Bitcoin, spending money on ASICs increases your hash power and block rewards. With the SAFE network, adding more storage to the network leads to diminishing returns.
When people upload data using Safecoins, these Safecoins are recycled through Proof of Resource rewards to farmers. In terms of sustainability, due to decreasing costs of CPU, bandwidth, and storage, Maidsafe plans to indefinitely retain all data.
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