MaidSafeCoin is the token for Safecoin, which is SAFE Network’s cryptocurrency. So explaining MaidSafeCoin means explaining SAFE Network.
SAFE is a decentralized network for storing and sharing data. It looks to facilitate free and anonymous sharing of data and resources.
The SAFE network aims to do away with the reliance on data storage companies like Google and want to utilize the extra hard disk space and processing power of other users to help out others. It is like Napster and BitTorrent; however, it is a file storage and access network.
How SAFE Network Works
The SAFE network looks to provide features like encrypted data storage and file sharing, anonymous network usage, serverless data, communication free from censorship, and a scalable cryptocurrency free from transaction fee.
It aims to achieve this by changing the current server-centric data storage model to a data-centric model.
The SAFE network has clients and farmers. Clients are people who want to access data, and farmers are people who manage the data and provide it to the clients when asked for.
Any data is broken into pieces and stored in hashed form in farmer systems. Hashing prevents reading of the stored data, and redundant copies are also maintained so that data can be accessed even if the system storing it is turned off.
The more popular the data is, the more copies it has to ensure fast access and widespread availability. Any two pieces of hashed data are spaced according to the XOR distance. This is done randomly through the Close Group Consensus.
Close Group Consensus
The use of Close Group Consensus allows nearby vaults to share data with each other and help rebuild the network. But they only share information with nearby vaults so that no one vault can control the system. The network is secured against compromising of data since each data file has the name of the current owner which can only be changed by consensus.
So rigging the consensus would require considerable time and effort since one would have to be an Elder Vault. Elder Vaults have the power to decide how the data will be handled by a group. Even then it is a consensus, so there have to be multiple Elder Vaults working maliciously, which isn’t really feasible or possible.
To become a farmer, you have to submit a request, following which you are sent a Proof of Resource through the vault software. If everything checks out, your extra processing power and hard disk space will be used to store data.
Then, you will be given pieces of data to store in your vault that are not far apart in the XOR space. The only reason someone would want to be a farmer is to earn MaidSafe Coins.
What Farmers do
Whenever a request is made by a client, all farmers compete to look for it and provide it to the client. The farmer who wins this race is eligible for a reward in Safecoins.
However, this is no certainty of getting the reward. Once you win the race, you name a random Safecoin on the network. If it doesn’t have an owner, you are in luck and can get it like yours. If it has an owner, you don’t get it.
Farmers’ Reputation as a Vault
Your reputation as a vault will increase as you continue doing the good work. When you get more pieces of random data, you will move to different groups.
If you can also store the incoming data pieces properly your reputation grows and your vault level goes up. If you fail to store incoming random data pieces, then the level goes down. However, if you work properly, you can become an Elder Vault.
MaidSafeCoin is still not available to be used on the SAFE network, so its price is relatively low. Once Safecoin goes live the price is likely to spike. But it’s still one of the better altcoins as of now. It currently has a daily trading volume in the region of $988,000 and a global market cap of $128 million.
Buying & Storing MaidSafeCoin
You can buy MaidSafeCoin on exchanges like HitBTC, Bittrex, and Poloniex. You can use Omni wallet to store it off the exchanges.
SAFE network is a useful and secure blockchain project. It allows for distributed storing and access of data safe from censorship and mishandling.
Safecoins will be used to upload data and use the applications, so becoming a Farmer has its own incentives in the form of earning Safecoins.