maidsafecoin

MaidSafeCoin | A decentralized currency for a decentralized network

MaidSafeCoin – a game changer in the internet

The internet is changing. There are many centralized platforms that store the information of their users, who do not know how private their information is kept. We have already discovered cases in which applications and companies have used personal information of their users without their consent, such as Facebook and Google. MaidSafeCoin emerges to combat this situation being the world’s first and only autonomous data network.

MaidSafe, based in the U.K., is a young and growing company known for the development and implementation of the SAFE network (Secure Access for Everyone), a secure and next-generation network that may be one of the world’s most ambitious projects. This is the first and only network in the world that has managed to circulate data independently and escape any type of control.

The current internet is based on centralized servers, owned by a few large and powerful organizations to host our data. These central points act like honeypots for hackers and advertising companies trying to monetize our data.
Instead of paying a giant corporation for storage on a centralized server that can be hacked at any moment, the SAFE network wants to use the extra space on the hard drive and the processing power of other users to help others. Pretending to end the dependence of data storage companies like Google.

How does the SAFE network operate?

The network consists of two main users: customers and farmers (farmers). Clients access various network functions such as navigation, data storage or money transfer. While farmers store and care for their data until they are needed, that is when they may receive a reward for their service.

All stored data is encrypted. When someone uploads a file to the network, it is divided into parts, hashes and cyphers. These fragments are distributed randomly on the network. If someone who stores part of their information is disconnected, copies of the data are created so that the information cannot be lost.

How does MaidSafeCoin work?

MaidSafeCoin is the incentive mechanism behind this safe network and is a tool to keep the network moving. It allows anyone with a computer to be rewarded by providing unused resources to the network, and this reward depends on the quantity and quality of storage capacity they provide. It’s not just another cryptocurrency. In fact, it doesn’t even use a blockchain.

When a user wants to access their data, farmers compete to be the first to find it for the user and offer it to them. If a farmer makes it to the front of the queue, maybe he/she will win a MaidSafeCoin. When completing the Proof-of-Resource, the name of a SafeCoin is generated randomly on the network.

If this does not belong to anyone then it will become yours, but if you already have an owner you will be left without a reward. The network also allows the exchange without cost and instantaneously of Safecoin as currency.

The current state of MaidSafe

MaidSafe expects its currency to have value and serve to incentivize miners to provide their additional resources as it will require that Safecoin upload data to the network and use applications. The current price of MaidSafeCoin is $0.43 USD with a market capitalization of approximately $ 197,782,148, as shown on the CoinMarketCap page.

The SAFE software download is free, the accounts are easy to create and it is easy to establish the resources that are available. For more information visit their official website.

4 Comments

  1. Nice article. Just one thing that might confuse some folks. MaidSafeCoin and Safecoin are not the same thing. MaidSafeCoin is a token based on omni. Safecoin will be the networks currency but it does not exist yet. The network is still in Alpha.

    1. Thank you for the clarification. If you are MaidSafeCoin rep, we would love for an interview opportunity!

      1. Hi Omar, happy to answer any questions that you might have! Drop us an email at pr@maidsafe.net

        1. Thanks, will do shortly.

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