With its headquarters in the UK, MaidSafe is a young growing company composed of philosophers, inventors, engineers, designers, and more. MaidSafe upholds a bold mission to provide security, privacy, and freedom to every citizen of the world.
So far, MaidSafe is famous for the implementation of “SAFE Network”, which is a secure, decentralized, next-generation network. SAFE Network is the world’s first and only independent data network. It utilizes the Proof of Resource technology.
MaidSafe operates on a digital currency known as Safecoin, Maidsafecoin, of simply MAID. The currency was first introduced as a motivation engine to keep the network moving. There is a lot more to explain about MaidSafe, but the most important aspect is why should anyone pay attention to it.
Simply put, MaidSafe seeks to revolutionize the internet. The revolution, if successful, could affect both cryptocurrency and the internet in general. This article discloses virtually everything about MaidSafe and once you read to the end, you will discover why you should pay attention to this company, its network, and token.
The concept of MaidSafe came into existence in 2002 through David Irvine. In 200, it was officially incorporated. In an interview with TechCrunch, Mr. Irvine stated that the main reason why he started MaidSafe was a server-based internet that was against engineering logic.
Initially, Irvine knew that the internet had the potential of being a success or a disaster. Against this backdrop, Irvine sought to avert the catastrophe by liberating all internet users.
Compared to many contemporaries in the crypto/decentralized system, MaidSafe has existed for the longest period, from as early as the first iPhone. On the contrary, no other contemporary seeks to revolutionize the internet.
Since its inception, the team at MaidSafe has embarked on the creation of a series of algorithms, which has enabled them to clinch 20 patents with many more still pending. Besides, MaidSafe has been able to run several test networks. History aside, the MaidSafe network is a clear indication of baby steps destined for greatness.
SAFE Network—The meaning
According to the founder and CEO of MaidSafe David Irvine, the SAFE Network refers to a new data and communications network, which seeks to provide the infrastructure for all types of web services that exist on the centralized internet today. The current form of the internet thrives from a central control that leaves power, resources, and data in the hands of a small group of tech companies.
With the normal server-centric model, users have been accustomed to it. The idea behind the SAFE network is to eradicate the status quo and to give end users the power to control the internet. The SAFE network is a safe and secure data management service that seeks to tap into the unused resources from individual users.
Each participant in the SAFE network contributes some form of computer-related resource. It could be storage space, data, internet connectivity, or processing power. In the end, it is a decentralized platform where each participant has control over something. More importantly, the fact that no single entity controls the SAFE Network improves the level of security and privacy on the network, which does not exist on the current model of the internet.
The SAFE Network—How it works
With its superior goals, it’s important to lift the hood and try to understand what MaidSafe has in store to help it accomplish its goals. To that end, we can start by breaking it down: The SAFE network conveys and stores information through its users without sidelining its two key features: safety and security. With the stored resources of network users, the platform creates a global autonomous system. The focus is on the autonomy of the system.
When it attains its full vision, the SN aims to remain a self-correcting and self-managing network. The system will embrace a collection of individual computers managed by ordinary users. In the end, this will result in the construction of a self-contained system.
With the increase of network volume, the construction will evolve independently to meet the growing responsibilities of the platform. All the same, even in the face of evolution, the SAFE network will continue to focus on data encryption and self-optimization.
This is possible due to several technical features of the SAFE Network. Here are just a few:
- Self-encryption: this refers to data that encrypts itself. For example, when you upload a file on the network, it’s shredded into pieces, encrypted and spread around the network. In that form, the information becomes unreadable and inaccessible to any other person than the owner.
- A decentralized data caching system: this simply implies that files on SAFE Network are stored on devices around the globe. In this situation, it is difficult to compromise a file. This feature confirms the safety of the network.
- Data availability: this feature goes together with a built-in redundancy. It implies that the network maintains duplicate copies of all data it stores at all times. When a user goes offline periodically, the network transfers your data to another device, giving you access to your file at all times.
All the same, you can find more information on the technical features of the SAFE Network here:
The Place of Safecoin in the SAFE Network
As noted earlier in this piece, MaidSafeCoin is the current token accepted on the MaidSafe platform. The substitute was generated during the MaidSafe ICO. Upon launching the network, MaidSafeCoin will exchange on a one-to-one basis with Safecoin. Currently, participants can only use MaidSafeCoin to conduct business on the internet. A few examples include data storage and making calls.
The Safecoin is not only for the users. For the network itself, they act as grease to the rails, making sure that each user of the network benefits from the value he or she adds to the network.
MaidSafe calls this value addition ‘farming’. It’s somehow similar to hashing but slightly different. Each user has a crypt on the computer for data storage, especially for the data that the user cannot access.
When a piece of network data is removed from a computer, the user gets a compensation using MaidSafeCoin. The pay rate depends on the size of value added to the network and on the availability of the computer. User contribution assessment utilizes the Proof of Resource technology.
The entire process is achieved by the application of algorithms within the SAFE Network. A similar process is witnessed with other digital currencies such as Mastercoin, Nxt, and Counterparty. Other means of obtaining the MaidSafeCoin include purchase from holders, trading, app building, and bug fixes. Currently, the market cap of MaidSafeCoin is $192,739,809. The network seeks to generate up to 4.3 billion coins.
The Maidsafe Team
David Irvine is the Chief Executive Officer and founder of MaidSafe. While details on the team, advisors, and the board is scanty, information published on LinkedIn shows a list of 18 people currently involved with MaidSafe. This figure can be updated though. Common faces on the MaidSafe platform include:
- Nick Lambert—Chief Operating Officer
- Justin Poirier—Founder of Tokenized Capital
In addition, MaidSafe has about 500 app developers according to their 2014 IPO. You can find more details on MaidSafe podcast.
Challenges and Skepticism at MaidSafe
Amidst its operations, MaidSafe has encountered various geographic hardships. For example, at its main offices in Ayr, Scotland, it has no direct closeness to London flush venture capitalists. This makes them lean more on remote relationships. Even with its tremendous potential, SAFE Network has encountered an uphill journey at times.
Besides, the network has to grapple with technical challenges facing its development team such as network distribution, data maintenance and reliability, and mass adoption. Overcoming these challenges is something that only remains to be seen.
MAID—Purchase and Storage
As mentioned above, users can obtain the MAID through several means including farming, app building, or value-addition to the network. The following are some of the verified exchanges on which users can trade the token.
Once acquired, MaidSafeCoins can be stored in a wallet. Currently, the platform uses Omni and Counterparty as the most recognized wallets for the MAID token. Alternatively, it is possible to create a paper wallet, which works better for off line storage.
This approach is common in Bitcoin storage. The MaidSafe platform is in the process of transferring MaidSafeCoin to Safecoin. When the process is complete, it will burn any remaining coin and replace them with an equal number of Safecoins.
MaidSafe Final Thoughts
Finally, yet importantly, MaidSafe has to face the challenge of inviting people to understand the fundamental implications of its reorganized network design. It also has to get people to adopt its app development, while dealing with its technical difficulties of scale. All these are huge challenges. However, Irvine and his team have demonstrated that they have what it takes to deal with both short and long-term challenges.
Regarding SafeCoin, it is another step as it moves towards the decentralization of currency using the blockchain technology. With a combination of a distributed structure and Bitcoin currency decentralization, MaidSafe is creating a system that may transform the foundation of cryptocurrency.