MAID MaidSafeCoin in a Nutshell

MAID MaidSafeCoin in a Nutshell
on January 22, 2018

Mineable? If so how is it mined?

MaidSafeCoin is not mineable. Users can purchase MAidSafeCoin on Hit BTC, Poloniex, and Bittrex. Web wallet Omniwallet can be use or Omnicore.

Maximum circulating coins of MAID MaidSafeCoin is 452,552,412 MAID.

History

MaidSafe stands for Massive Array of Internet Disks, Secure Access for Everyone. It is a Scotland based company that started the SAFE network in 2006.

The SAFE network hopes to combine the features of the famous decentralized networks. MaidSafe aims to provide fully encrypted data storage and file sharing, the ability to use the network anonymously, the censorship-resistant communication, having serverless data and a scalable cryptocurrency free from the transaction fees.

The SAFE network wants to create a secure, autonomous, data-centric, peer-to-peer network as an alternative to the server-centric model that is currently used.

What Makes It Different?

The SAFE network is an encrypted layer that sits on top of the internet which allows autonomous data storage and networking by replacing the three OSI networking layers.

When the user uploads a file to the network, it will be broken into pieces, hashed, and then encrypted. After that, the data will be randomly distributed across the network. The network automatically creates more copies. The data goes to the vaults. The vault software is connected to the SAFE network and saves the distributed data on your computer.

To become a farmer, the user has to let the SAFE Network know he wants to join. A Proof of Resource request to see if he has enough bandwidth and CPU power will be sent to the user. If accepted, he will be assigned pieces of data in XOR pace to store in the user’s vault. Clients and farmers will be the main users of the network. The client can access the features of the network such as browsing, storing the data, and transferring money. The farmers will store and look after the data until they are needed.

The SafeCoins are earned by the first farmer who delivers relevant pieces of data if someone wants to access a website or file. The farmer has to generate a name of a random SafeCoin on the network. If the coin is owned by someone, the farmer will not receive a reward. But if the coin has no owner, it is yours. Safecoins are actual files on the network, unlike Bitcoin. The SafeCoin file contains information about its owner but not the history of the coin.

As the farmer moves from group to group, his level will increase. The network trusts older vaults. Eventually, if the vaults became an Elder Vaults they will be able to vote on what the groups do with the data.

Who is Behind MAID MaidSafeCoin?

MaidSafe is the company that is developing the SAFE network to save the entire world from the threats of centralized data storage led by David Irvine, the founder of MaidSafeCoin.

Contacts

  • Official Website https://maidsafe.net/

  • Announcement Thread link to BitcoinTalk https://bitcointalk.org/index.php?topic=579797.0
  • Block Explorer Link http://omnichest.info/lookupsp.aspx?sp=3

  • Github Source Code https://github.com/maidsafe

See Also

MaidSafeCoin: Introducing the New Decentralized Internet