MaidSafe is an enterprise involved in the designing and implementation of the SAFE Network. SAFE expands to Secure Access for Everyone and is a fully secure and decentralized data management service. A part of the computer resources such as processing power and storage space is offered by every user of the SAFE Network that helps in creating a large decentralized network.
MaidSafeCoin is a digital token that works as a critical component of the SAFE Network. It is also known as MAID and enjoys a large market cap that’s good enough for a top five ranking in the cryptocurrency niche.
SafeCoin is the credit system designed for use among the users of SAFE Network and will be issued to designated Farmers and Builders. Here, Farmers mean users of the MaidSafe client. They qualify to receive SafeCoin for running a node and assuring that their unused resources will be offered to the SAFE Network. Builders mean Open Source developers. They will receive SafeCoin for building applications that makes use of the SAFE Network.
Unlike the more popular Bitcoin, the Live SAFE Network proposes to utilize a POR of Proof of Resource model to govern the use of resource committed to it by the Farmers. In case of Bitcoin, the miners provide hashing power in a Proof of Work model for Bitcoin in remuneration. In SafeCoin, the Builders will receive SafeCoin corresponding to the use of the applications which will have the information system built in for accurate calculation.
The SAFE Network keeps checking the availability of the resource provided by the Farmer. This checking is done by lodging some random data in the network at various times. In the event of the SafeCoin Network discovering that the availability of the network is not satisfactory it lowers the ranking of that that vault. This can reduce the earning potential and capacity of that valve.
SafeCoin has a cap of 4.3 billion coins. Of its total cap only 10% have been released via MaidSafeCoin. It is interesting to note that despite having just 10% of circulation MaidSafeCoin has reached hit the top 5 market cap position in the exciting world of cryptocurrency world. When the SAFE Network goes into beta, MAID will be traded for SafeCoin on a 1:1 ratio. Also, once the SAFE Network goes live, generation of new coins will be possible only by the network.
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