Published on Feb 21, 2020
MaidSafeCoinMaidSafeCoin is also known as MAID. It has a good development team, with some interesting ideas behind it, such as farming to share your computer as a distributed Dropbox or Google Drive. The coin also has a large market cap, in the top 5. MaidSafe aims to create a decentralized Internet, to be called the SAFE (Secure Access For Everyone) Network, by tapping unused computing resources to perform many of the tasks common to servers currently running the Internet (ie. httpd, ssh, scp, ftp, smtp, pop3, imap, etc.). Safecoin is to be the credit system used by the SAFE Network. It will be issued to what they have named Farmers and Builders.
Farmers are users of the MaidSafe client that will receive safecoin in exchange for running a node, committing their unused computer resources to the SAFE Network, such as storage space, CPU, and bandwidth. Builders are Open Source developers who will receive safecoin for building popular applications that utilize the SAFE Network.
Safecoin has a cap of 4.3 billion coins, of which only 10% have been released via this intermediary MaidSafeCoin. Despite only having 10% of the possible coins in circulation at this point, MaidSafeCoin hit the top 5 market cap in the cryptocurrency world! Once the SAFE Network goes into beta, MaidSafeCoins will be traded on a 1:1 basis for safecoins. Once the SAFE Network goes live, only the network will able to generate new coins, so get in on the ground floor with this new technology!
Once the SAFE Network goes live, the system will utilise a Proof of Resource (P.O.R) model to determine that it is able to use the resource that has been committed to it by Farmers. This is analogous to Bitcoin miners providing hashing power in a Proof of Work (P.O.W) model in exchange for bitcoin. Applications built by Builders will have their information built into them so the Builders will receive safecoin based on how often their applications are used.
MaidSafeCoin is also known as MAID. It has a good development team, with some interesting ideas behind it, such as farming to share your computer as a distributed Dropbox or Google Drive. The coin also has a large market cap, in the top 5. MaidSafe aims to create a decentralized Internet, to be called the SAFE (Secure Access For Everyone) Network, by tapping unused computing resources to perform many of the tasks common to servers currently running the Internet (ie. httpd, ssh, scp, ftp, smtp, pop3, imap, etc.). Safecoin is to be the credit system used by the SAFE Network. It will be issued to what they have named Farmers and Builders. Farmers are users of the MaidSafe client that will receive safecoin in exchange for running a node, committing their unused computer resources to the SAFE Network, such as storage space, CPU, and bandwidth. Builders are Open Source developers who will receive safecoin for building popular applications that utilize the SAFE Network.
Safecoin has a cap of 4.3 billion coins, of which only 10% have been released via this intermediary MaidSafeCoin. Despite only having 10% of the possible coins in circulation at this point, MaidSafeCoin hit the top 5 market cap in the cryptocurrency world! Once the SAFE Network goes into beta, MaidSafeCoins will be traded on a 1:1 basis for safecoins. Once the SAFE Network goes live, only the network will able to generate new coins, so get in on the ground floor with this new technology!
MaidSafeCoin is a proxy token that was released during MaidSafe's crowd sale and will be swapped for Safecoin on a 1:1 basis when Safecoin is released. MaidSafeCoin is a token that is listed on the bitcoin blockchain and can be purchased on a number of exchanges.
The requirement of users to contribute is an unmistakable part of any P2P network and the implementation of incentives is essential to ensure its health. The introduction of safecoin, the cryptographic token of the SAFE Network, is an approach designed to encourage a number of different users and contributors to the network.
Safecoin can be obtained through; farming, assisting with the maintenance of the underlying code, creating applications or by purchasing them
The generation of safecoin is entirely network led and they are only created as the network is used and data retrieved from network nodes. This activity is in contrast to currencies like bitcoin, whose coin distribution is arbitrarily set to 10 minute blocks. This means that if the SAFE Network is in great demand a large volume of safecoins will be created, while low demand will lead to minimal coins being generated.
