MaidSafeCoin (MAID) is the underlying cryptocurrency of the SAFE network, a secure data storage and communication platform that is owned by its users and controlled by no one. The network is made up of users who contribute storage space, computing power, and bandwidth to form a global autonomous system.
The SAFE network is the brainchild of MaidSafe, a startup based in Troon, Scotland that has been working on bringing this project to life since 2006. MaidSafe stands for Massive Array of Internet Disks, Secure Access For Everyone. Their goal is to provide a secure way for users to rent out storage space on their hard drives for other users to store encrypted files, like a crowdsourced Google Drive or digital Airbnb.
MaidSafe wants to create a resource that can be used by everyone around the world to spread information and to facilitate sharing, regardless of your country of residence. MaidSafe was officially launched on April 22, 2014 to act as a proxy coin until the SAFE network is officially launched. Once the network goes live, a new cryptocurrency called SafeCoin will become available and MAID holders will be able to exchange their coins for SafeCoin at a 1:1 ratio.
Besides being used to reward users who share their disk space, computational power, and bandwidth with the SAFE network, MAID is also used to pay for additional services on the network other than just viewing data, which is free.
MaidSafeCoin Pricing, Market Cap and Volume
MaidSafeCoin was released in April 2014 during a 30-day crowdsale. The goal of the crowdsale was to raise $7 million USD by selling 429,496,729 MAID. The crowdsale was a success and the goal was reached in record time, but a technical issue with the coin’s protocol caused the over-issuance of 24 million coins. As a result, there is currently a supply of 452,552,412 coins.
The MaidSafe Foundation holds the over-issued coins and they have not been put into circulation, but they are calculated as part of MaidSafeCoin’s market capitalization. MaidSafe plans to sell 19 million of the over-issued coins. The sale will be conducted sensitively over a period of time to minimize the impact on the market. The proceeds from the sale will be used to further invest in the SAFE network. The remaining 5 million coins will go to bounties, community projects, PR, marketing, branding, and outreach programs.
The total number of Safecoins that can exist on the SAFE network is 4.3 billion. The amount sold during the crowdsale represents 10% of that figure. Another 5% of the total volume has been set aside to compensate early investors who backed the project since its inception. The remaining amount will be distributed slowly over the next 20 years as the number of nodes on the network grows.
How MaidSafeCoin Works
The SAFE network is an autonomous data network that manages data and communication without human intervention or a central authority. All of its data is automatically configured and split into encrypted chunks before being sent to random locations for storage which are chosen by the network.
Accessing the network is free, so users only need to install and run the SAFE client software. There are four types of participants on the SAFE network:
Farmers – Users who provide their unused resources to the network in the form of disk space, networking bandwidth, and CPU processing by installing the SAFE network client and vault software. The resources are used to run the network and essentially replace the data centers that make up the current centralized model of the internet. Farmers earn Safecoins in exchange for sharing their resources.
End Users – Users who interact with applications built by the App Builders via the SAFE client software. Consuming data on the SAFE network is free, but storing data on the network and other network functions will require Safecoin. Users who aren’t Farmers, App Builders or Core Developers will have to acquire Safecoin from other participants through decentralized exchanges.
App Builders – Developers who build applications that communicate with the Safe Launcher via a REST API. The applications run on the resources provided by Farmers. App Builders are rewarded with Safecoins in proportion to how much their applications are used. This is meant to encourage App Builders to focus on building apps that users will want to use while knowing that there is a revenue stream already built into the SAFE network.
Core Developers – Developers who contribute to the SAFE network codebase and work on the network’s core libraries. They are rewarded with Safecoins for their efforts. The amount they receive is determined by their contribution. The MaidSafe Foundation has a reserve of Safecoins set aside for paying Core Developers.
MaidSafeCoin vs. Other Cryptocurrencies
MaidSafeCoin is similar to Ethereum’s ether token in that it is also used to pay for blockchain services and reward network participants. It will only reside within the SAFE network and will be used to pay for certain network services, such as increased storage space and access to network applications. It is not trying to compete with Bitcoin and other altcoins to become a secure payment option for direct global transactions.
Buying, Selling and Storing MaidSafeCoin
MaidSafeCoin is listed on Poloniex (MAID/BTC/XMR), Bittrex (MAID/BTC), HitBTC (MAID/BTC/ETH/USD), Livecoin (MAID/BTC) and Curex (MAID/BTC).
There aren’t a lot of wallet options for MaidSafeCoin. Omniwallet is a good choice for users looking for a simple web-based wallet, but a paper wallet is the most secure option for long-term storage. You can send MAID to a Bitcoin address and use it to create a paper wallet.
Liquidity of MaidSafeCoin
The value of MAID has risen at a slow pace since its release, but like many altcoins, it went up significantly during the final months of 2017. Speculators believe MaidSafeCoin’s market capitalization will go up significantly once the SAFE network is launched, and this has helped it maintain good market liquidity.
