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.

Source: https://github.com/maidsafe/Whitepapers/blob/master/Project-Safe.md

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.