What is the MaidSafeCoin?
MaidSafeCoin is a young, growing company based in the United Kingdom and made up of philosophers, inventors, engineers and designers. So far, MaidSafe has become known through the development and implementation of the SAFE Network – a secure, distributed next-generation network.
The SAFE network is the world’s first and only independent data network. It uses the proof-of-resource (PoR) technology. The MaidSafeCoin is the digital currency of the MaidSafe platform. The currency is first and foremost a tool to keep the network moving.
The Vision of MaidSafe and the SAFE Network
David Irvine, founder and CEO of MaidSafe, developed the concept for the platform as early as 2002. In an interview with TechCrunch, he explained that the main reason for launching the project was the desire for a server-based internet that would give the user the maximum possible security and freedom available.
Irvine felt that the internet has just as much potential for success as it does for disaster. Against this background, he decided to avert possible catastrophe by creating an autonomous internet.
Since its inception, the MaidSafe team has been able to develop a set of algorithms and register about 20 patents, some of which are pending. In addition, MaidSafe already has several successful test networks. The long-term goal of the company is the implementation of the SAFE network. SAFE is the abbreviation for Safe Access for Everyone.
The SAFE network, according to Irvine, refers to a new data and communication network designed to provide the infrastructure for all types of web services that exist today on the centralized internet. The internet, in its present form, thrives on a centralized concentration of power in the hands of a small group of technology companies.
These can determine the distribution of resources and gain access to the data of the internet users. This condition is normal for internet users and they have had to accept it. However, the SAFE network should change this state and give end-users the ability to control the network themselves.
When the SAFE network is completely expanded, it should be a self-correcting and self-managing network in a self-contained system.
The SAFE Network – How it Works
The SAFE network is a secure data management service that attempts to better allocate unused resources. Each participant contributes their computer-related resources to the SAFE network. It can be storage space, data, connectivity, or even computing power.
This results in a decentralized platform on which each participant receives partial control. There is no higher unit in the SAFE network that has any kind of control over the entire network. This results in a higher level of security and data protection, which is missing in the current internet model.
The SAFE network transmits and stores information about its users without neglecting its two main features: security and autonomy. With the stored resources of network users, the platform creates a global autonomous system.
With the increase in network volume, the design will continue to evolve independently to meet the growing responsibilities of the platform. The key technical features of the SAFE network include:
Self-encryption: This refers to data that encrypts itself. For example, when the user uploads a file to the network, it is broken down into pieces, encrypted and distributed across the network. In this form, the information becomes unreadable and inaccessible to others.
Decentralized data caching system: The files in the SAFE network are located on devices all over the world. This system makes it much harder to compromise a single file. This feature increases the security of the network.
Data availability: This feature is associated with built-in redundancy. This means that the network retains copies of all stored data at all times. When a user is permanently offline with one device, the network transfers the data to another device as needed. This ensures that data can never be lost.
The MaidSafeCoin and its Role on the Platform
The MaidSafeCoin is the token used on the MaidSafe platform. Currently, users can conduct business on the internet with the MaidSafeCoin. However, the MaidSafeCoin is not only interesting for the platform users; the tokens act as fuel for the network itself and ensure that every user benefits from the value he or she adds to the network. MaidSafe calls this added value “farming”.
Each user has an area on their own computer for data storage, especially for the data that the user cannot access directly. If a piece of this memory is removed from a computer or occupied, the user receives compensation in the form of MaidSafeCoin.
The pay rate depends on the size of the network’s added value and the availability of the computer. To determine this value, the network accesses the PoR technology.
The whole process is implemented through the use of algorithms within the SAFE network. A similar process also applies to other digital currencies, such as Mastercoin, NXT and Counterparty. Other ways to get MaidSafeCoin are to buy from other token owners, to trade on exchanges or to make another contribution to the network.
This contribution could be, for example, the creation of an app or help with bug fixes. Currently, MaidSafeCoin’s market capitalization is $197,842,791 with a daily trading volume of $2,494,510 US. There are currently 452,552,412 MaidSafeCoins in circulation.
Ultimately, MaidSafe must face the challenge of persuading people to accept the fundamental implications of their reorganized network design. It also has to get users to adopt the app while the team is still grappling with the difficulty of scaling. All of these are big challenges. Irvine and his team have shown, however, that they are able to handle both short- and long-term problems.
In terms of MaidSafeCoin, it is another step in the process of decentralizing currencies using blockchain technology. By combining the distributed structure of the network with the decentralization of the currency, MaidSafe creates a system that can change the basis of cryptocurrency.