What is MaidSafe? Introduction to MaidSafeCoin

What is MaidSafeCoin?

MaidSafe is a decentralized Internet project based on a chain of blocks created in 2006 by the Scottish engineer David Irvine. The concept of MaidSafe has been developed by Bitcoin for many years, although it is still in its alpha phase in early 2019. Once completed, the SAFE network will function in the same way as the TOR network, which means that the Internet content is distributed and accessible in a P2P mesh network.

MaidSafecoin is the temporary piece of cryptocurrency used for alpha and beta versions of the SAFE network, which means secure access for all. MAID is an acronym for Mbadive Array of Internet Disks. The SAFE network was designed for the first time in 2006 by MaidSafe to create a safe and fair decentralized Internet for all. With the demolition of network neutrality by the FCC in 2018, this goal could be more important than ever.

The use of a decentralized Internet resists censorship because servers are harder to find. That is why hackers have gone from centralized servers from Napster to the Gnutella and BitTorrent decentralized protocols.

At the mining site, SAFE users would share system resources just as they controlled the download and download speeds of current BitTorrent clients. However, instead of using only network bandwidth, users will also share disk space, memory, and CPU processing power.

To see if MaidSafe can build the decentralized internet Richard Hendricks dreams for years, let's start with a breakdown of the MAID and SAFE parts and the project's performance in the cryptography market.

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Summary of the cryptocurrency MAID

MAID has a Circulation supply of 452,552,412 as of March 24, 2019. Its peak price up to now was $ 1.12, occurring on January 2, 2018.

The ICO MaidSafeCoin presale took place on April 22, 2014 and 10% of the total supply of aid to the MAID was made public, generating $ 8 million of BTC. An additional 15% was retained by the founding development team.

The total supply is about 4.3 billion MAID, which is determined mathematically by a 32-bit coin file, leaving as many combinations of numbers as possible. This is true of the SAFE piece, which is a file, but MAID in its current iteration is a cryptocurrency.

At the mining site, MaidSafe uses the term "agriculture". There is a difference between mining and agriculture. This is called Resource Proof.

Instead of solving complex algorithms, farmers essentially act as Internet micro-servers, storing user data in vaults. When users access the data, farmers are rewarded by SAFE for providing them first. We will talk about how this system is encrypted and secured in more detail below. The distribution system uses a random coin generator, and if the generated coin is not possessed, it becomes yours.

Vault Elders (the most reliable vaults by consensus) then ensure the required governance of the SAFE network. This is similar to the consensus model based on the delegation of Proof of Participation (DPoS)

Instead of a large public book, Safecoins are real files on the network and the hybrid consensus PoR and DPoS determines the ownership of each file.

MAID is traded on HitBTC, Poloniex and Cryptopia, as well as OpenLedger DEX. Just under $ 1 million MAID is traded daily on cryptocurrency exchanges. His trading pairs are BTC, ETH and USDT.

The MAID can be stored in the OmniWallet until it is converted to SAFE when the main network is launched. ICO token holders will receive 10% of the SAFE offer, but an additional 5% will be paid to the founders and shareholders of the project, which means that they will hold one-third of the initial bid.

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Decentralize what is already decentralized

If you're not a network badistant, you may not be aware that the Internet and the cloud are just physical servers that store information. For you, Facebook is only a website, but for Facebook, it's a series of data centers and server farms, huge buildings sheltering of the tens of thousands of computer servers.

The problem with today's Internet is similar to that of badog phone lines before the proliferation of the mobile phone. In 1982, a decree of consent initiated by a lawsuit of the Ministry of Justice in 1974 had broken AT & T monopoly as a provider of telephone services on the Bell operating company, which controlled the physical phone lines.

The dissolution resulted in the creation of seven independent companies, one of which purchased 4 of them and took over the AT & T brand. The other three are owned by Verizon and CenturyLink, who use the service. DSL broadband on these same lines today to compete with ISPs using fiber optic cable lines.

Xfinity Comcast, Time Warner, Charter, Cox and others are fighting for the monopoly of our Internet content. Repealing the FCC's neutrality over the Internet gives them the power to control bandwidth and create pricing levels for an Internet system that is more like traditional cable.

VPNs and distributed P2P mesh networks such as TOR are proposed solutions to prevent these ISPs from re-controlling our airwaves.

Even if network neutrality is preserved, we are not out of the water. A small handful of companies, like AmazonMicrosoft and Google store most of the Internet information on their servers. They have the most to lose if ISPs gain control of the Internet. A P2P internet can save us giants of hardware technology and software that actually controls our Internet.

That's what MaidSafeCoin does, but if it's prepared for the job, why is it developing for 12 years without a functional product?

The proposed main network of SAFE Network will require mbadive adoption to rapidly reindex the entire Internet, something that Google and others have been working for a long time and for decades.

Mesh networking and the PoR blockchain work because, as you know if you have already downloaded a torrent file or a Gnutella file, only small pieces of each file should be stored on each node – just enough so that what is before you load fast enough. do not notice it.

This is a fundamental principle, similar to how movie files were distributed in RAR directories on forums well before broadband Internet or even Napster. And in hacking, we see the inherent problem of MaidSafeCoin that has kept it from being stuck in development for more than a decade.

Even if it works perfectly, the TOR browser and all other proposed P2P mesh networks will have the same paradox: the speed and reliability of the network depends on the adoption, which depends on the speed and reliability of the network.

This is the opposite of the Bitcoin and Ethereum bottlenecks, where adoption by a large number of users gets bogged down in the system. And one can only wonder if MaidSafe has the marketing power to succeed, while so many others have failed at this point.

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Summary MaidSafe

Although having been created before Bitcoin, MaidSafe clearly hopes that getting into the blockchain's self-locking will lead to success. The idea of ​​a mesh Internet is not new – TOR and torrents have been using distributed and decentralized methods for years. MaidSafe simply symbolized the process and repackaged it in the following key ingredients:

• MaidSafe (the company) created MaidSafeCoin and the MAID token as temporary placeholders during the alpha and beta phases of its SAFE network and the SAFE encrypted coin.
• Safecoins are used to create transactions on the P2P distributed mesh Internet residing on the devices of the SAFE network users.
• Each user connected to the SAFE network can choose to become farmers who store information in safes in order to present them to users with the IT resources available in exchange for Safecoins.

The new principle that MaidSafe brings to the table is to make the concept of distributed internet more widespread. It will be interesting to see if the development team can succeed. It will take a strong technology with a lot of marketing money. This is not at all a SAFE bet, but if they succeed, the crypto's founding team will have MAID.

The author is currently not invested in any coin, token, or badet mentioned in this article.