A few weeks ago MaidSafe.net announced that as part of Project SAFE (“Secure Access For Everyone”), please take the time to read their whitepaper as this is a system 8 years in the making, a new coin called safecoin would be created to fund the MaidSafe Foundation. The crowd sale of safecoins is to commence on April 22, 2014 and would continue for a period of 30 days or until the limited number of coins are exhausted, whichever comes first. In the meantime the crypto community accustomed to talking about the latest alternative coin based on Bitcoin source code has been trying to figure out what is safecoin.
What is SAFE Network?
Secure Access For Everyone (SAFE) will ensure the decentralised Internet is a reality, enabling:
- Autonomous handling of structured and unstructured data types
- Private and secure communications
- Data shared at the filesystem level worldwide, no need for http, smtp, ftp etc.
- Highly encrypted and private data at rest and in transit
- The ability for people to self-authenticate onto the network and join anonymously
- A network resistant to man-in-the-middle attacks or IP address identification
- A network that requires no administrators or human intervention of any kind
- No requirement for forward planning using infrastructure that automatically configures around its users in real-time (no data centres)
- A highly usable and free API that enables a plethora of developers to create the next wave of secure applications not currently possible with today’s centralised architecture
- An underlying crypto currency called safecoin that will incentivise all actors in this ecosystem
SAFE is the culmination of 8 years of effort by MaidSafe.net and the continued and growing number of project developers. These developers will include MaidSafe.net and many other decentralised Internet application developers. Please see http://maidsafe.net for an introduction to the technology as well as https://github.com/maidsafe/MaidSafe/wiki for access to project documentation and code.
What is MaidSafecoin and safecoin?
MaidSafecoin is an intermediary token residing on the Bitcoin blockchain that will be exchanged on a 1:1 basis with safecoin the native currency of SAFE Network a P2P Internet platform. According to the Maidsafe.net website it is described best as a:
“…fully decentralized platform on which application developers can build decentralized applications. The network is made up by individual users who contribute storage, computing power and bandwidth to form a world-wide autonomous system.”
What is the purpose of safecoin?
Safecoin is required to pay for services on the SAFE decentralized internet. Services are virtualized hardware that provide secure data storage and processing, for example, and for applications that run on this decentralized Internet system.
How to get safecoin?
After Mastercoin, Safecoin is the very first smart property released using Master Protocol, and will be issued on April 22, 2014. For more information on how to use Bitcoin or Mastercoin to participate in generating safecoins go to buysafecoins.com. And read the safecoin Buyer’s Guide.
7 thoughts on “MaidSafecoin Case Study, Part 1: What Is Safecoin?”
Do I understand correctly that the “crowd sale” will only involve 10% of the total available coins, leaving the founders and/or some other undefined group with the remaining 90%?
If this is indeed the case, could anyone provide more info on how the funds raised will be spent and who will control the other 90% of the coins?
What rules or plans govern the other 90% of coins and how do we know those won’t be “dumped” as soon as the 30 day fund raiser is over and a market value is established for those coins?
Do you have a source for your information? None of the official docs make any such claim.
what claim are you talking about?
Please follow the links in the write up. All the details are in their whitepaper and on their website. The system has been in the works for 8 years and is well thought out.
Their mining strategy is called farming and that is where people providing resources get the new tokens as payment.
This article does not explain the question “Why does it use master protocol”.
Please answer this question or fix the damn title.
thanks, updated. we’re a little short staffed at the moment.
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