MaidSafeCoin: Introducing The New Decentralized Internet

On September 19th, 2017, MaidSafeCoin had a market cap at USD $260,622,219 for the equivalent of 64,718 BTC or 894,417 ETH, with a circulating supply of 452,552,412 MAID at a price of $0.575894 per coin.

With the recent “crash” of cryptocurrencies, and subsequent recovery, the bottom half of the top 50 cryptocurrencies (by market cap) has seen a LOT of volatility. For example, MaidSafeCoin, at number 28 a week ago, comes in at number 22 today. With MAID on the rise I’m wondering what makes it special. Only those digital currencies with a unique value proposition will survive the next era of Fintech investment; will MAID be on the list?

Read on for aggregated data compiling the MaidSafeCoin website, whitepaper, forum, blog, and other resources!

MaidSafeCoin: Get Involved In The SAFE Network

  • MaidSafeCoin is a solution to problems with existing Internet infrastructure.
  • MaidSafeCoin removes expensive central points of failure, data leakage and bottlenecks.
  • The SAFE (Secure Access For Everyone) Network is made up of the unused hard drive space, processing power and data connection of its users. It offers a level of security and privacy not currently available on the existing Internet and turns the tables on companies, putting users in control of their data, rather than trusting it to organisations.
  • Secure Access For Everyone (SAFE) will ensure the decentralized Internet is a reality, enabling:
    • Autonomous handling of structured and unstructured data types.
    • Private and secure communications.
    • Data shared at the file system level worldwide, no need for http, smtp, ftp.
    • 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 has chosen an unlinked approach to the blockchain. Each user’s account information is held by the group of nodes closest to it (according to the XOR address distance). In addition to allowing instant transfers of coins, this mechanism also allows an escrow model (a third party acts as moderator to resolve the payment dispute).
  • The escrow mechanism is a core component of the safecoin currency.
  • “This project is simply the beginning of a new Internet, one that we all own and nobody controls, this is the ‘Internet sans frontieres!'”
  • “MaidSafe proposed the SAFE network, an economic system that contains two types of token and relies on a trusted group.”
    • Proof of Resource (P.O.R) is introduced to smooth the exchange of storage space, while safecoin is introduced to incentivise stakeholders throughout the network.
    • Safecoin is a fair and transparent way of incentivising developers, backers and end users to use SAFE.
    • A bridge (converting rate) between P.O.R and safecoin can be established by the market solely.
    • Safecoins are distributed entirely by the algorithms within the SAFE Network. Human beings are not involved in the process. Only 4.3 billion coins will ever be in circulation at one time and each will have its own unique identity.
    • Safecoins are recycled when users exchange them for network services, ensuring there is always a supply for users to earn.
  • “MaidSafe proposes an approach that should not only make resources cheaper, but should also provide a crypto currency (safecoin) that will increase in value, facilitating exchange both on and off the SAFE network.”
  • As end users join the SAFE network anonymously, they will start a vault (a data storage and management location). This vault will add itself automatically to the network and start providing resources. These vaults require no setup and administration, they are a simple download and install. The network is designed to self-manage these resources and reward these ‘farmers'(vault owners) accordingly in a random fashion, uniformly distributed across the network, thereby securing the network’s data.
  • “Competing in today’s market using the SAFE proposition is an enormous advantage to developers, and to do so in an open network which is owned by no one is very compelling.”
  • Safecoin can be earned by contributing bug fixes and code that are accepted into the master branch of the SAFE codebase.
  • Developers that create apps that do not charge end users and are of benefit to the community will also be rewarded.
  • 15% of all safecoin earned are allocated to the developer pool.
  • 5% of the developer pool coins are given to the core developement team.
  • “In essence, Bitcoin is a partially-decentralised (due to the use of the block chain) digital currency on a centralised network. MaidSafe propose a token based economic system on the SAFE network. In effect, a decentralised digital currency system on decentralised network.”
  • With the SAFE network, it can be assumed that the majority of a close group of nodes is trustable.
  • On the SAFE network, the following rules ensure a trusted group:
    • It is hard to have a vault with a particular address (the address of a new vault will be defined by the network using the hash of the vault’s credentials). In addition, each time a vault is switched off and then rejoins the network, it will be assigned a new address. Furthermore, the node will not be considered a full functional vault until the verification period is complete.
    • When a request is emitted from a group, all group member’s signatures will be attached. On the receiver side, a routing level find closest verification will be carried out to verify the senders are really closest nodes to the target. In addition, the public keys for the nodes will be downloaded from the network to validate signatures.
    • The close group is not formed in a deterministic way (i.e. based on XOR distance as defined by Kademlia only). The close group of a target will only be formed when the target goes to the network. Unless the target is pre-known, it cannot tell whether two nodes are close.
    • For sensitive data like currency or transaction, there is an additional level of protection : chained group. Chained group means the target is not only handled by the group around it, but also is managed by the other group chained to the target. The chain is established in a determistic way once the target is known, which allows verfication by public.
    • The exchange of a vault between different users is not allowed. It is possible for a vault not to be linked to an account (unowned) and then linked to an account later (owned). However, once linked that vault cannot be detached.
    • The RUDP layer which encrypts communications between nodes to prevent the message content from being secretly modified by a third party. This ensures the request reflects the real intention of the sender.
    • The Trusted Group feature, delivered by the SAFE network, ensures the system is secure as long as the majority of the nodes are honest and it is computationally / economically expensive to form a malicious node.
  • On the SAFE network, vaults assume various personas or roles, depending on the requests they receive. For example, the DataManager persona is responsible for managing the integrity and availability of a given piece of data on the network. A separate persona, the TransactionManager, is proposed to handle all the token-related transactions. A TransactionManager group will be a trusted group of nodes which are closest to any given transaction identity. The TransactionManager is responsible for the logic that enables transactions to be completed.
  • The MaidSafe transfer mechanism is advantageous in many respects and has the functionality to prevent double-spending, while enabling the verification of transactions immediately.
  • The SAFE network can validate nodes and their value to the network in a very accurate and cryptographically secure manner.
  • Files uploaded to the network are broken into pieces, encrypted and distributed across the network. This process is called Self-Encryption.
  • The SAFE Network is a distributed network with opportunistic data caching.
  • The network is programmed to keep duplicate copies of each piece of data at all times. As users turn their computers off, the network makes more copies and stores them on other machines, ensuring that users always have access to their files. This constant movement of data (called churn) is a key part of the security that the SAFE Network offers because there is no central point for hackers to target as the data locations keep changing.
  • “Deduplication” – Unneeded duplicates are automatically removed. Once a file is uploaded, other users who upload the same file will be automatically referred to the original, limiting the number of copies and reducing the computing resources needed to store it.
  • “Farming: an incentive for a crowd sourced Internet” – Safecoins are given as an incentive to users for providing their resource to the network. This resource is their: storage space, CPU, bandwidth and online time that enable the encrypted chunks of network data to be stored and retrieved from their computer. Each piece of encrypted network data is stored in a Farmer’s ‘Vault’, a data storage and management location on the Farmer’s computer which they cannot read, or access. The SAFE network is designed to self-manage these resources.
  • “A Resource-based economy”
  • As network data is retrieved from a computer, the network pays safecoin to the user. This payment doesn’t take place every time data is retrieved, instead it is more like a lottery, where the Farmer is rewarded at random. The safecoin is automatically paid by the network into the user’s safecoin wallet address that is tied (cryptographically) to their vault. The amount of safecoin a user can earn is directly linked to how much resource they provide to the network and how often their computer is available to the network (turned on).
  • “Our immediate development focus (alpha 2) is to provide Mutable Data and authenticator pattern (with the new SAFE API) SAFE Browser DOM APIs and Node.js SDK along with example apps, tutorials and documentation. This new data type and API paradigm is specifically catered for mobile platform support.”
  • “Our focus with Alpha 3 (Secure Autonomous Network) is an autonomous secure routing layer that will integrate the first part of data chains and node ageing, enabling users to run routing nodes. This network will provide secure transient data and will be well suited to facilitating secure messaging apps.”
  • “During Alpha 4 we will incorporate the data layer through the reintroduction of user run vaults. The data element is much more straightforward after the secure routing layer is in place and this will facilitate a much broader range of decentralised apps.”
  • MaidSafe was started in 2006 by Scottish engineer David Irvine.
  • MAID is not mineable.
  • The Twitter handle for MaidSafeCoin is: @maidsafe
  • MaidSafeCoin whitepaper :  https://github.com/maidsafe/Whitepapers/blob/master/Project-Safe.md
  • The primary markets for MAID are:
    • Poloniex (under currency paid MAID/BTC or MAID/XMR)
    • HitBTC (currency pairing MAID/BTC or MAID/USD)
    • Bittrex (currency pair MAID/BTC)
    • Livecoin (currency pair MAID/BTC)
  • Market cap history:
    • April 28th, 2014: MaidSafeCoin had a marketcap at $6,731,720.
    • May 11th, 2016: MaidSafeCoin passed market cap $50,000,000.
    • April 23rd, 2017: MaidSafeCoin passed market cap $100,000,000.
    • May 8th, 2017: MaidSafeCoin market cap passed $150,000,000.
    • June 6th, 2017: MaidSafeCoin market cap passed $200,000,000.
    • June 10th, 2017: MaidSafeCoin market cap passed $250,000,000.
    • September 2nd, 2017: MaidSafeCoin market cap passed $300,000,000.

“MaidSafe’s aim is to provide privacy, security and freedom to everyone on the planet. This has been our unwavering ambition since we started on this journey in 2006, and it remains our driving force today.”

Thanks for reading!

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