MaidSafeCoin is a token developed for the SAFE Network, which is aimed to make up the extra hard disk space for customers. The users will share the disk space, memory, and CPU processing power. The SAFE Network is supposed to be as the TOR network. The project was inspired by BitTorrent, Napster, Freenet, etc.
MAID coin is a cryptocurrency created for utilization in alpha and beta versions of the SAFE Network. By the way, the concepts have their decoding. SAFE stands for Secure Access For Everyone; MAID ー for Massive Array of Internet Disks. Once the SAFE Network is completely launched, MAID coins will be swapped to Safecoins.
The Maidsafe company was founded by Scottish engineer David Irvine in 2006. However, the cryptocurrency was first issued in 2014. Thus, the MAID cryptocurrency was one of the first altcoins in digital history. What are the features of the network and the currency itself? Let’s explore all the details with Changelly!
What is the SAFE Network about?
The SAFE Network is a peer-to-peer decentralized data and communication network built by Maidsafe.net. The network contains fully encrypted data storage and file sharing. Customers can use the network anonymously. One more feature is resistance to censorship. The system has a scalable cryptocurrency, which can be transacted without fees.
MAID coin can’t be mined but can be farmed. The network uses Proof of Resource algorithm. There are two main characters within the system: farmers and clients.
- Clients have access to browse and store data and to transfer money.
- Farmers store data and look after it. In this case, farmers are micro internet servers, who store data.
The vault software connects farmers with the SAFE network and saves data on the computer. Vault has several levels. The farmer starts at the first level and looks after data in a random group of farmers. Moving from group to group, you are increasing your node age. You can become an Elder Vault, who can vote on what group will do with stored data.
Proof of Resource algorithm works in the following way: the network validates who and what is providing resource by attempting to store and retrieve data chunks on/from nodes.
How to get MAID coin? There are several ways to get the token: by farming, by assisting with the code maintenance, by creating and purchasing applications. Furthermore, core developers can earn coin by fixing the bugs and developing new features. People & companies, who build apps on the SAFE Network, can earn coins too.
The SAFE Network does not use a blockchain to manage ownership of coins. Instead of this, the system has the Transaction Manager, which is a trusted group to any transaction identity.
Users can also mint coins in the following way:
- Alice sends a request to Transaction Manager with a special aim to transact coins
- Once Alice receives the transaction name, she can store it on any device
MaidSafeCoin encryption offers sophisticated shredding and protection for uploaded files. An analog of this technology was used by the Siacoin platform. Each file is divided into several parts, each of which is encrypted in a separate order. A user who saves other people’s information on his computer does not have access to it and cannot find out what he is storing.
The MaidSafeCoin platform at the same time offers a sophisticated system of information duplication and protection against redundancy. In its framework, each part of the file is copied to protect against possible disconnection of the media from the network. When this happens, the remaining copy is also duplicated and redistributed between other participants.
The principle of redundancy at the same time protects against system overload. It is assumed that the same files will not be downloaded twice. If one file has already been saved on the network, then when you try to download it, access to the existing one will be opened again.
The system of crushing, encryption, and fluidity of files creates reliable protection against fraudulent activities. At the same time, the MaidSafeCoin network has a high level of scalability, provided by user activity, which provides excellent speed with files and applications.
MaidSafeCoin (MAID) Value
The project is actively developing not only in the field of resource rental but also as a platform for developing its own applications. MaidSafeCoin developers strive to create all the conditions and API tools for comfortable use of the network in the formation of original content.
MAID coin will be switched to Safe coin when the network will be launched. The coin can be used for the design of dApps:
- Creation a mailbox
- Watch films
- As cloud storage for data
- Social network
MAID crypto coin ICO was finished on April 22, 2014. 10% of all coins were released to the public. The company raised $8 million in BTC. 1 MAIDSAFECOIN = 0.385269 USD.
The main value features of MAID cryptocurrency:
- MAID coin price: $0.185072
- Total supply (same as a circulating supply): 452,552,412 MAID
- Market capitalization: $83,754,649 (ranks 73)
- All-time highest price: $1.20 (hit on January 2, 2018)
- All-time lowest price: $0.004059 (tested on March 8, 2015)
Read all about the MAID cryptocurrency and price history on BitcoinWiki.org.
The developers have an impressive list of plans for future improvements. All points are listed in SAFE Network roadmap. We just want to highlight the best part:
- Development of dedicated wallet and farming process
- Ability to handle spam attacks
- System auto-upgrade
- Replacement of MAID coin
Furthermore, the team wants to add a private messaging feature, which will allow users to sent secure messages within the network.
MaidSafeCoin Latest News
On July 31, the MaidSafeCoin team released the iOS version of the SAFE Mobile Browser. The company announced the news on their Twitter.
MaidSafeCoin (MAID) Wallets
The cryptocurrency does not have any dedicated wallet. However, you can use some of the following:
- OmniCore paper wallet. It requires downloading the whole blockchain.
- OmniWallet is a cryptocurrency web wallet which supports Bitcoin, Omni Token, and Test Omni Token.
You can also use a paper wallet, which is one of the safest ways to store your assets.
Where to trade MaidSafeCoin (MAID)?
There are not many cryptocurrency exchanges, which have trading pair with MAID coin. You can buy MAID coin with BTC, ETH, XMR, and USD fiat currency.
MaidSafeCoin project is an extremely interesting idea. The SAFE Network is one more solution to the privacy and security problem within internet surfing. This approach makes the platform popular not only for ordinary users but also for programmers who can offer their own ideas to the general public within the project.
The negative side is that the development of the project has been going on since 2014. And this means that the product can not be launched for 5 years— quite a long time for development. Nevertheless, the company has just released the iOS App. Perhaps the team needs a lot of time to achieve good results and release new products.
Disclaimer: This article about MaidSafeCoin (MAID) should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements.
Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.