safecoin is the crypto currency of the SAFE (Secure Access For Everyone) network.
The SAFE network takes all the Internet services currently available today and decentralizes them, removing servers and other central points of weakness enabling privacy, security and anonymity to all Internet users for the first time.
safecoin is a fair and transparent way of giving end users, developers and backers the opportunity to get involved with SAFE network. safecoins may be earned, traded or purchased and a total cap of 4.3 billion will be generated.
End users can farm (or earn) safecoins by providing Proof of Resource (POR).
In many crypto currencies and decentralized networks a proof of something is required to allow the network to validate actions or services via a mathematically verifiable mechanism. Within the SAFE network, nodes (users computers) are validated in a very efficient, accurate and cryptographically secure manner. End users can earn safecoin by contributing resources to the network, we call these resource providers ‘farmers’. Farmers provide these resources by running a vault (a node on the network) which handles requests and stores data for other users. There is no set up required to turn your computer into a vault, it is just a simple software download.
The resources in question are storage, CPU, online time and bandwidth. The SAFE network is able to constantly measure and immediately verify these resources, this is called Proof of Resource (POR). This POR facilitates the exchange of storage space on the SAFE network. To earn safecoin, farmers must provide more resources than they are using and the amount of safecoin they earn directly relates to the amount of resource they are providing. There are no humans involved in this process and the network stores data randomly across all nodes, similar to a lottery. The more resources you provide the more lottery tickets you have!
Estimated mining potential per node
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For a technical explanation visit the appendix (section 4) of https://github.com/maidsafe/Whitepapers/blob/master/Project-Safe.md#appendix
15% of all safecoin earned will be allocated to the developer pool. This will ensure the developer community is highly motivated and rewarded for providing free-to-use applications as their revenue model. It is proposed that developers are able to use the SAFE network to publish their applications. These application developers are called Builders and the network will reward use of these applications by paying the Builders in safecoin based on the application use by users of the system. This is possible since the application developer can insert their own network immutable wallet address in their application. This exciting proposal may be a fully automatic revenue model for both open source projects, private individuals and application development companies. Developers who contribute code that enhances or fixes bugs in the SAFE network that are accepted into the master branch of the codebase will also be able to earn safecoin.
I bought with bitcoins, where are my MaidSafeCoins?
Your MaidSafeCoins can be tracked on masterchest.info and we will be updating our Google document spreadsheet as frequently as possible. Apologies for the delay in getting the MaidSafeCoin out, and thanks to everyone involved for your patience.
I bought with Mastercoins, where are my MaidSafeCoins?
Your MaidSafeCoins will have been issued automatically. If you haven’t received them it may mean you were too late and you should expect a refund of Mastercoins. Check here and click on the "MSC Refund" tab at the bottom for an up to date list of the transactions being refunded.
How do I check my MaidSafeCoin balance?
To check your balance please visit masterchest.info and input your wallet address or transaction ID. Your MaidSafeCoins should show as SPT (Smart Property Token).
How do I get a MaidSafeCoin compatible wallet?
You can get a MaidSafeCoin compatible wallet by going to ominiwallet (alpha) or mastercoinwallets.org when the new version of Masterchain (0.4) is released.
I can’t see MaidSafeCoin in my wallet?
Not all wallets are MaidSafeCoin compatible. The only wallet compatible at the moment is ominiwallet (alpha). You can visit their site and follow the instructions to check your MaidSafeCoins.
My coins aren’t showing on Masterchest?
The current version of Masterchest (0.3) does not yet recognise the smart property token, which is what MaidSafeCoins come under. We have been informed from Masterchest that 0.4 will be released very soon. Once it does you will be able to see your coins in the wallet.
Can I trade MaidSafeCoins?
Yes trading has already begun on masterxchange website here. You will need to register an account in order to do so.
What is my MaidSafeCoin address?
Your MaidSafeCoin address is the public address you used to purchase your coins from. You can find this in your wallet application.
What address will my MaidSafeCoins be sent to?
They will be sent to the address you completed the transaction from. Unless you have sent it from an exchange (e.g. Coinbase).
What if I have used an Exchange to purchase MaidSafeCoins?
If your transaction hasn’t yet been completed you might still be able to get a refund. Unfortunately if the transaction has been completed your MaidSafeCoins will have been destroyed. Our instructions explicitly stated that participants should only use wallets where you have full control of your private keys.
What does SPT stand for?
Smart Property Token
Was I too late to take part in the crowd sale?
You can check our Google document spreadsheet to see if your transaction made it in time. If not you will be refunded.
When can I start farming?
We are aiming to launch a test network in the next couple of weeks and through the course of the next couple of months will test the network fully. Our full beta launch will happen soon after and at this point you will be able to contribute your resources to the network and become a farmer. This will be a simple process and effectively will involve a simple software download although we will provide more comprehensive instructions nearer the time.
Can I spend the 0.000055BTC I got with my MaidSafeCoins without affecting my MaidSafeCoins?
Yes, you can. Your MaidSafe balance stays with an address, and not with any particular BTC that also live on the address. You can safely move the two independently. However, you'll need a small amount of BTC at that address if you later want to transfer your MSAFE coins.
Do I risk losing my MaidSafeCoins if I use a non MaidSafe aware wallet to transfer this 0.000055BTC?
No you don't. You can use any BTC friendly wallet to transfer the BTC. You only need a MaidSafe aware wallet to transfer MaidSafe.
For more help please visit maidsafe.org.
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