What is MaidSafeCoin (MAID)?
MaidSafe is a company that is designing and implementing what they call the SAFE Network – a next-generation decentralized and secure network. The SAFE (Secure Access For Everyone) Network is a new secure and decentralized data management service that is built by sharing the unused computer resources of the individual network participants. Each user of the SAFE Network provides a part of their computer resources: data storage space, processing power, and Internet connectivity thus forming a large decentralized network. Buy MaidSafeCoin (MAID) India.
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How does the SAFE Network work?
The SAFE network ultimately wants to “create a secure, autonomous, data-centric, peer-to-peer network as an alternative to the current server-centric model.” There will be two main users of the network: clients and farmers. The client accesses the various features of the network, such as browsing, storing data, or transferring money. The farmers store and look after your data until it’s needed, at which point they might receive a reward for their efforts.
The SAFE network is an “encrypted layer that sits on top of the current internet, allowing for autonomous data storage and networking by replacing three” of the OSI networking layers.
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.
Coin Supply and Sustainability
The Safecoin files are 32 bit in size and thus there are 2 to the power of 32 or 4.3 billion possible coins. If you own MaidSafeCoins, eventually you will be able to send them to an unspendable address and in return receive Safecoins.
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The rate at which Safecoins are rewarded to Farmers is dependent on the supply and demand of the network. If there are many farmers and too much storage available, the network will reward coins at a lower rate. If there is a storage shortage, more coins will be rewarded to incentivize more farming. This design aims to avoid huge centralized farms opening up and controlling the network. With Bitcoin, spending money on ASICs will increase your hashing power and increase your block rewards. With the SAFE network, adding more storage to the network would lead to diminishing returns.
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