What is Safecoin?
Safecoins are the gateway into the Maidsafe network, essentially granting the user a “one currency to rule them all” within the network:
Safecoin is a fair and transparent way of giving end users, developers and backers the opportunity to get involved with SAFE network. Safecoins may be earned, traded or purchased and a total cap of 4.3 billion will be generated.</p>
SafeCoin offers a brand new algorithm known as, Proof of Resource. Essentially, proof of resource takes the Bitcoin proof of work (mining) algorithm to the next level. While there are a few adjustments on how miners mine, proof of resource essentially uses miners CPU’s and regulates the Maidsafe network. The computing power is essentially being used for a higher purpose.
What is Maidsafe?
SafeCoin is a 2nd generation e-currency that offers a brand new technical concept through the MaidSafe network. The currency (Safecoin) serves as a gateway into Maidsafe is peer-to-peer decentralized platform for the internet. Data on this platform becomes heavily encrypted or ‘shredded’, then distributed through vast computer servers around the world. All data is ultimately secure, private, decentralized and protected from deletion or removal:
The SAFE network takes all the Internet services currently available today and decentralizes them, removing servers and other central points of weakness enabling privacy, security and anonymity to all Internet users for the first time.</blockquote>
The MaidSafe network is 100% open sourced. It incorperates and builds upon Bitcoin’s accomplishments, to create a system which will prevent: prying eyes, identity theft and fraudulent activities.
Since MaidSafe is a platform, the protocols are based on a voluntary ‘contract’ between self-authenticating users and the network itself. Essentially, this eliminates the need for third party involvement, password transmission or interaction from other humans.
To get a basic idea on how the MaidSafe network operates, take a look at existing cryptography-based cloud storage such as MEGA which have incorporated a crypto-based encryption process that secures data and keeps it totally anonymous.
Safecoin’s distribution model is not new. Other digital currencies such as Counterparty, Mastercoin and Nxt were all 100% distributed from the developers. However, these other alt-coins function as their own entity, seeking to decentralize the current fiat monetary systems.
Concerns and skepticism have arisen due to the public funding and their acceptance of Mastercoins for Safecoins. In anticipation for MaidSafe’s funding offering, the market reaction and trend of Mastercoin increased. Very shortly after the Maidsafe sale began, their team stopped offering the rate of 0.2 BTC without giving any prior announcement, notice or explanation. This abrupt change caused some concern and negative opinions towards the MaidSafe team.
Ultimately, the introduction of Safecoin takes us a step further towards the decentralization of the monetary system and also creates a framework that is decentralized. By combining the MaidSafe decentralized framework with Bitcoin’s decentralization monetary processes, the system is destined to rattle the very foundation of the crypto-currency world.
- Maximum Supply: - 4,300,000,000
- Algorithm: - Proof of Resource
- Mining: - CPU | IPO Funded
- Pre-Mine: - 15%
Community Support - Rushing in like a violent storm, MaidSafe had its initial public offering (IPO) which took most of the e-currency communities by suprise. Raising over $7 million dollars for their MaidSafe network technology and Safecoin, the IPO propelled the entire company into stardom. From Forbes, to the WallStreet Journal, Maidsafe was the hottest topic in e-currency (for the week of April 21st). The initial hype eventually calmed and SafeCoin still retains a large support following. Developers behind the project interact with the communities and they ensure to their investors that they are working in developing the MaidSafe network.
MaidSafe is heavily supported by investors and back-door investors (unknown people) which gives them the upper hand when, marketing and promoting their technology. Safecoin has appeal which may have dwindled, but the Maidsafe network remains as popular as ever.
Exchange Presence - SafeCoin can not be exchanged on a typical exchange site and can only be traded or purchased through the MasterXexchange site. The MasterXexchange site is essentially a decentralized platform, which means no third parties are involved in the process. The market volume and services behind Safecoin remains very poor. Only a handful of merchants accept the coin for goods and services. Safecoin will never be widely adopted, due it being the only gateway into the Maidsafe network and not to mention the complexity for the masses.
Technical Advancements - Perhaps the strongest aspect of Safecoin remains the technology that supports the coin and ultimately what the coin is used for. With a brand new Proof of Resource algorithm, Safecoin has miners which secure the decentralized MaidSafe network. The Maidsafe network is a highly sophisticated decentralized internet platform and the purpose is to anonymize the transfer of data: Data on this platform becomes heavily encrypted or ‘shredded’, then distributed through vast computer servers around the world. All data is ultimately secure, private, decentralized and protected from deletion or removal:
Outlook - The aspect that Safecoin thrives on is being the gateway into the MaidSafe network. While the popularity of Safecoin is dwindling, it will never completely die; or become unknown to the e-currency world, and that is solely due to the massive support for the MaidSafe technology. Safecoin essentially is a next step in Satoshi Nakamoto’s decentralized Bitcoin. The coin offers everything that Bitcoin does, plus a decentralized platform exclusive to the coin. Ultimately, Safecoin may never be more popular then Bitcoin or valued at a higher price, but what it does show us is that Nakamoto Blockchain technology behind Bitcoin has virtually no limits.