MaidSafeCoin is a cryptocurrency focusing on autonomous data, a proxy token created especially for the SAFE network. The main idea of the SAFE project is creating a decentralized network without data centers, servers, etc. as a part of the MaidSafe platform, a Scottish technology company founded by David Irvine in 2006. In fact, MaidSafe aims to create an anonymous Internet. The abbreviation MAID means Massive Array of Internet Disks, while SAFE means Secure Access For Everyone.
How it works
The SAFE is a peer-to-peer decentralized data and communication network. The users can get access to the network via the SAFE Network app, which is available for download on the official website. It is totally free and gives an opportunity to start MaidSafeCoin mining at once. The platform is still under development. At the time of writing, the date of the full launch is yet unknown as according to the official information on the website.
MaidSafeCoin was launched in 2014 as the native coin of the SAFE network to reward users for the system resources they share such as unused hard drive space, bandwidth, or process power. The reward depends on the system speed, storage space, and the time spent online. Unlike traditional crypto mining, the system interacts with two types of users: Builders and Farmers. Farmers store data giving resources to the network, while Builders are the actual network application developers. The system rewards both groups by giving them MaidSafeCoin tokens. The core developers can also get coins by error correction and new features development. The coins may be spent on buying the network products and services with prices set automatically based on user demand and available resources.
MaidSafeCoin is based on the Proof-of-Resource algorithm, which is similar to Proof-of-work. Simply put, this algorithm checks if Farmers meet the requirements of the Network. In case they fail to operate at the Network’s standard, their nodes are removed from the Network automatically.
The MaidSafeCoin token
At the time of writing, MaidSafeCoin is an interim digital currency. It is planned to be replaced by Safecoin as soon as the SAFE network is completely ready. According to the official SAFE Network website, MaidSafeCoin will be swapped for Safecoin at a 1:1 ratio.
MaidSafeCoin token total supply amounts 452,552,412 tokens and is equal to the circulating supply. The MaidSafeCoin ICO presale started on April 22nd, 2014. Although the sale was planned to last for 30 days, the needed result was achieved in only 5 hours after the start helping the team raise 8 million USD in BTC. During the public sale, only 10% of all tokens were released. 5% more were reserved by the founding development team.
The options to buy MaidSafeCoin tokens are slim. MaidSafeCoin is listed on the bitcoin blockchain, and users can buy this cryptocurrency through a few exchanges. The major part of its trading volume is provided by HitBTC and Bittrex.
There is no dedicated MaidSafeCoin wallet. However, tokens can be stored in several ways:
Until the SAFE network is launched, MAID tokens will be the only unit of currency operating within this decentralized system. If you bought the tokens at the time of the crowd sale, they will be stored on the Bitcoin address that you provided during the purchase.
Also, you may create an account on a third-party wallet called Omniwallet and store your coins there.
You can also use Omnicore, an offline wallet, but in order to do that, you will have to download the entire Bitcoin blockchain which requires a lot of free space on the hard drive.
Team and partners
MaidSafe is a Scottish technology company based in Ayr, Scotland. It was founded by David Irvine in 2006.
David Irvine is an engineer with 35+ years of experience in this field as he started his career as an Apprentice Maintenance Engineer back in 1985. Before founding MaidSafe, he worked in a number of technology companies such as Sigmoid Solutions, Ayrshire Business Consulting, Alba Networks, Ayrte and a few more.
Another notable team member is Nadia Burborough who was a Project Director for almost 2 years. She left the project in November 2019 and now runs a coaching company Nadia Burborough Ltd.