MaidSafeCoin (MAID) – The ‘SAFE’ Network

What is MaidSafeCoin?

MaidSafeCoin is the ERC20 placeholder for Safecoin which is the native currency of the SAFE-Net, a decentralized version of the Internet where Sites are hosted on the hard disk space of users.

MaidSafe is the company behind this network; the name stands for Massive Array of Internet Disks, Secure Access for Everyone. In this network, everyone who wishes to host something has to pay the network in Safecoins for “renting” their hard disc space, and every user that grants the network access to his storage space is rewarded in Safecoins.

Every file that is uploaded into the SAFE-Net is broken into several pieces, hashed and encrypted and then stored on random hard disks.

The goals of the SAFE-Net are:

  • Fully encrypted data storage and file sharing
  • anonymous Access to the network
  • Censorship resistant communication

Safecoins are actually files that are stored on the network which contain information of its current owner. Everyone who grants access to his storage space in exchange for Safecoins is called a “farmer” and the computer on which data is stored called a “Vault.”

If a farmer has proven that he is trustworthy, then he can move up in the rank and become a so-called “Elder Vault.” These types of accounts handling transactions, have voting rights on what happens with the data on the network and are responsible for group disposition.

This specific consensus mechanism is called Proof-of-Resource, it an attacker tries to attack the network he first has to open a Vault and then wait and provide resources until he becomes an Elder Vault with more influence.

Then he has to team up with other malicious nodes to gain a majority. This is very difficult because Vaults are assigned to random groups of data, which makes it difficult to coordinate an attack on the Safe-Net.


History

The MaidSafe company began working on the project in 2006 and the company raised 8 million USD in exchange for 10% of the total MAID supply in a token sale on 22. April 2014.

The company is based in Scotland and led by David Irvine.

To find out insider news, before-the-public, I advise you to bookmark www.blockchainwhispers.com

Can MaidSafeCoin be mined?

No, it can only be obtained by providing storage resources to the network or by buying it.


What differs MaidSafeCoin from other Cryptocurrencies?

MaidSafe is not just a currency or a Utility token. They try to create a new type of Internet which is free from censorship and data abuse. Safecoin is the fuel for this huge network; it is needed to buy storage space and computing power and earned by providing these resources.


How much is MaidSafeCoin worth today?


What is the total and the circulating supply?

The maximum supply of MAID is 4,300,000,000 and the circulating supply at the time of writing is 452,552,412 MAID.


Where can you buy MAID
You can buy MAID on several cryptocurrency exchanges, most notably Poloniex and HitBTC.


Can MAID be sold for cash?

At the moment you cannot sell MAID for cash directly. You have to exchange MAID to BTC or ETH and sell that for cash.


Future Development

The SAFE-Net is still in development and once the mainnet is launched every holder of MaidSafeCoin can swap their tokens for native Safecoins. Development is active, and with the massive scope of this project, it could be a while till we see a fully functional SAFE-Net.


Verdict and Rating

4/10 This is the most ambitious project I have ever seen. And as much as I wish to see it succeed as much, I am concerned about this vision running out of resources, or it proves to difficult to be achieved. The project is in development for 12 years and still no mainnet in sight. Fascinating vision and will truly be a gamechanger when and if it can be finished.

Blockchain Whispers, a well-respected crypto website, often talks about decentralized systems and how Cryptocurrency could revolutionize the Internet. This is one of my highest recommended secret resources for crypto investors, so make sure you follow their updates if you aren’t already. It’s free, and the link is: https://blockchainwhispers.com/about-2/
4 / 10.0
Page Score:

Disclaimer

The writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
Author

Contributor : Adolph Obasogie

Gb Adolph Obasogie is a Chartered Accountant, and he worked for several years as an Independent Consultant for World Bank projects in emerging markets. As an Emerging Markets Analyst, he has analyzed several portfolios for clients in the Middle East, North America, Europe, and Africa. He has a deep understanding and insight on the workings of Cryptocurrencies and their real-world applications. You can connect with him on Linkedin.

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