MaidSafeCoin (SAFE) is the decentralized currency for the SAFE Network, a autonomous and decentralized data network that boasts extra hard disk space, processing power, and data connectivity for its users. The SAFE network is a sharing economy for digital resources, that seeks to “create a secure, autonomous, data-centric, peer-to-peer network as an alternative to the current server-centric model.”
The network is comprised of two main users: “clients” who access the various features of the network, such as browsing, storing data, or transferring money, and “farmers” who look after the clients’ data until it’s needed, at which point they might receive a reward for their efforts.
The centralized servers have their own issues, so decentralization is the way forward. The world of decentralization storage is reinventing itself and this reinvention has been accelerated by crypto’s evolution. When discussing decentralizing the entire internet, we are talking about MAID coin’s platform—SAFE.
Unlike other cryptocurrency platforms such as RaiBlocks, Ripple, SALT and more, the SAFE network has been in development since 2006—long before Satoshi Nakamoto gave the world Bitcoins and blockchain. Located in Troon, Scotland, the core development team behind SAFE was sure that it would be revolutionary if all the internet resources were put together on a decentralized network.
The MaidSafeCoin Team
The MaidSafeCoin team has worked very hard to make sure that the internet 2.0 will be unveiled soon, with the help of this crypto and its respective SAFE network. This team includes cryptographers, networking specialists, and developers who are passionate about bringing decentralization to the internet landscape. With time, the team believes that the decentralization architecture will act as an alternative to the mammoth World Wide Web.
Unlike Bitcoin, which broadcasts a public ledger of how much Bitcoin each wallet owns, Safecoins are actual files on the network. Each Safecoin file contains information on its current owner, but not the entire history of the coin. To change the owner of a file, you’ll need the consensus from a majority of vaults handling that Safecoin file.
Let’s say there is an attempt to send 1 Safecoin to 2 different owners at the same time. Perhaps ¾ of the vaults will receive one instruction and the remaining ¼ receive a different instruction. The vaults would only be able to reach a consensus on one of the proposed transactions.
If a bad actor wants to attack data on the SAFE network, they would first have to deal with their vault being assigned to a random space on the network. Then they have to wait to become an elder while moving from group to group, providing proof of resource along the way. Once the attacker becomes an elder, they would need to make sure they are in a group with other attackers due to the need for consensus. However, with the XOR operation assigning vaults to random groups of data, it once again proves hard to coordinate any attack.
MaidSafeCoin and the SAFE network
Crypto coins are usually developed for several reasons including improved security, faster transactions, and more. However, the developers behind MAID created this altcoin especially for the SAFE network. If you want to be a small part of the world’s biggest, first-ever autonomous data network, SAFE, then it is worth considering adding this altcoin to your crypto portfolio without any delay.
Tips for securely storing your Steem
- Do your own research. Before sending any coins or private data to a wallet, make sure you have researched the wallet provider to make sure everything is above board. Keep an eye out for scam wallets, such as those using URLs only slightly different to the URLs of legitimate wallet providers, and check out some independent reviews for all the pros and cons.
- Back it up. Make use of your wallet’s back-up and restore facility so that if something ever goes wrong with your wallet, you’ll be able to recover your funds.
- Set a strong password. Now is not the time to be lazy when creating a password; take your time to create a strong and uncrackable code.
- Make use of all available security features. Make the most of all the security features your wallet offers, such as two-factor authentication or multi-signature transactions. It’ll offer increased protection for your funds and greater peace of mind for you.
- Update your antivirus software. Take care to regularly update the antivirus protection and anti-malware software on any device you will be using to access your wallet.
- Keep your private keys private. Last but not least, don’t underestimate the importance of your private keys. Store them somewhere safe and don’t share them with anyone else.