While we’ve expressed our issues with the distributed data storage business as with Siacoin (we think it’s kind of shit), there are others in the space that have been around longer that are worth mentioning.
Today’s project is, MaidSafeCoin.
Let’s dig in…
MaidSafeCoin (ticker: MAID)
Wtf is MaidSafeCoin?
MaidSafe is a project allowing for decentralized data storage and file sharing. Users can offer up their extra computing power and disk space to provide data storage for other users on the network, much like Siacoin or Storj. MaidSafe raised funds in an ICO-like crowdsale. This was back in 2014 and they accepted multiple currencies, but the crowdsale was done using the Master Coin protocol.
Let’s explain how this shit works - it’s fairly straightforward compared to other projects.
There are clients, farmers and builders.
Farmers are the ones who offer up their computing power, disk space, and other resources. They are rewarded in SafeCoin (the token in the MaidSafe Network) for delivering data to end users. Farmers have a ‘vault’ where they house this data.
To become a farmer you request to be one on the SAFE network. They then send you a proof-of-resource request (which grabs data) to confirm you have the extra bandwidth and will be a reliable node.
Note that vaults are encrypted. So all files are split, hashed, and encrypted for added security. Clients are simply accessing data, sharing files, or transferring money.
Lastly, there are builders. Builders can create applications that work with the SAFE network and will get rewarded in SafeCoins as people use their application.
Who tf is behind this shit?
MaidSafe is a Scotland based company and began developing the SAFE network back in 2006! David Irvine is the founder, and has a professional IT background. He wanted to create a safer network to improve internet security (focusing on file storage it seems). They have several other team members that can be found on their site. 20+ other members.
Anyways, Mid-Tier shitcoin. They know their shit, have been around since 2014, but we sometimes question the practicality of the decentralized file storage business.
Hope you learned some shit.
- Mike and Aaron