MaidSafeCoin can be used as a token for SafeCoin, a decentralized currency for a decentralized network. SafeCoin on the other hand will serve as the currency for the SAFE network, a network composed by the additional space on its hard drives, the processing power and the data connectivity of its users.
Think of it as the shared economy but with digital resources. MaidSafe is the company that develops the SAFE network to save the world from the problems of centralization of stored information.
In the best of cases corporations use your information to segment the advertising they teach you. In the worst case, they release this information, as has happened with large companies.
Stop over the men of a giant, the SAFE network seeks to combine the characteristics of famous decentralized historical networks. Inspired by Napster, Freenet, BitTorrent and Bitcoin, MaidSafe is shown to provide the following features:
Fully encrypted data Storage and shared files.
Possibilities of using the network anonymously.
Communication resistant to censorship.
Data without server.
Scalable Cryptocurrency without transaction commissions.
Perhaps MaidSafe’s name sounds strange at first, but it is actually an acronym for Massive Array of Internet Disk Secure Access for Everyone. In This post we will see exactly how they expect to meet the goals that have been proposed for the SAFE network and the role played by the Safecoins.
How does the SAFE network work?
The SAFE Network wants to «create a secure, autonomous, data-centric, point-to-point network as an alternative to current server-centric models.» For This network To work it will require two main users, customers and farmers.
The client accesses several features on the network, such as browsing, storing information or transferring money, The farmer stores and takes care of your information until you need it, a point at which he will receive a reward for that effort.
The SAFE Network is an «encrypted layer that is located at the top of the current internet, enabling data storage and networking autonomously by substituting three» layers of the OSI network.
Let’s See Now how information travels within the SAFE network. When you upload a file to the network, like a photo, it will be partitioned into several pieces, Hasheada and encrypted. The information is then randomly distributed across the network.
Redundant Copies of the information are created so that when you want to recover your file if someone who has a part of this and has your computer off you can do it. And don’t worry, the information that a person has on your computer cannot be read by this.
The network automatically creates more copies of the information that receives high demand, so the popular websites will have more copies of their information and therefore greater access speed, as opposed to how slow some servers can be.
The function that performs the hash has the possibility to map any piece of data in a string of 256 bit of characters (meaning that it will be represented with 256 zeros and ones in binary). In Turn the network perform a XOR operation to the hash value to randomly create a single distance to any other piece of data.
You Don’t have to think of this as a physical distance, but as a mathematical distance between two numbers. XOR easily converts two hashes into a binary and compares the bits.
The XOR distance between the information and the ability to randomly allocate information to a certain location will be relevant to the Close Group consensus, the innovation used by MaidSafe instead of a blockchain.
The Vaults and Farmers
We have seen how the information is Hasheada, encrypted and distributed across the network. But If the MaidSafe network is opposed to centralized storage, where is the information going to stop?
This is where the vaults enter the scene. The Vault Software connects you to the SAFE network and saves the parts of the information distributed on your computer. In the case of people running the vault software are referred to as farmers.
To be a farmer, you must let the SAFE network know that you want to join and will send you to a test of resources to know if you have the necessary bandwidth and the right processing power.
If you accept, you will be assigned pieces of information one near the other in the XOR space to store in your vault. That extra space you have on your computer and you don’t use it can be used to help the network work.
How to Win Safecoins?
When someone wants to access a portion of the information on the SAFE network, such as a website or file, farmers will compete to find that piece and deliver it to the customer. If you’re the first farmer to deliver, you’ll have a chance to win some Safecoin.
When you complete the resource test, you generate a random Safecoin name on the network. If The currency is owned by another person You will not get anything. However, if the generator name has no owner, it is yours.
Since the Safecoins will be necessary to upload information to the SAFE network and use applications, Maidsafe expects the currency to have value and that would encourage the miners to provide the extra resources to the network. The SAFE Network will also allow you to send and receive free and instant Safecoins as currency.
Becoming an Elder Vault
As farmer, your vault starts with level 1 and searches for information in a random group. As you move from one group to another, you will increase your level, also known as the age of the node.
The resource test will also test you by storing random data in your order. If you can’t store them properly, your level will be reduced.
The network will begin to gain confidence in an Elder Vault. Eventually, you will reach a certain level and begin to make decisions in the assigned groups. In the SAFE network, the data is stored in different groups and the Elder Vaults can vote on what the clusters do with the data.
As Maidsafe transits its roadmap and releases new features for the SAFE network, we see an increase in the price of MaidSafeCoin. When Safecoin is running on the SAFE network, we may see an increase in demand for MaidSafeCoin.
The SAFE Network is still in its infancy. But you can already see the potential benefits if you succeed in your mission. There is no doubt that there is a demand for decentralized storage of information, anonymous browser, and personal information management.
We will Not need to have our private information stored in machines of governments or corporations that spy all our communication. The SAFE Network Returns the power of the Internet to people, paying for it with Safecoin instead of personal information.