Safecoin is the cryptocurrency of the SAFE (Secure Access For Everyone) network. The initial sale of Safecoins by MaidSafe, creators of the fully decentralized platform SAFE, began Tuesday, 22nd of April via purchase of a proxy token called MaidSafeCoin. Safecoins worth $6 million were sold within 5 hours of the opening of the sale.
The SAFE network takes all the Internet services currently available today and decentralizes them, removing servers and other central points of weakness enabling privacy, security and anonymity to all Internet users for the first time.
According to the website, Safecoin is a fair and transparent way of giving end users, developers and backers the opportunity to get involved with SAFE network. Safecoins may be earned, traded or purchased and a total cap of 4.3 billion will be generated.
Safecoin is sold as MaidSafeCoin today, the Safecoin price is available online in the following widget:
Proof of Resource
End users can farm (or earn) safecoins by providing Proof of Resource (POR).
Within the SAFE network, nodes (users computers) are validated in a very efficient, accurate and cryptographically secure manner. End users can earn safecoin by contributing resources to the network, these resource providers were called ‘farmers’. Farmers provide these resources by running a vault (a node on the network) which handles requests and stores data for other users. There is no set up required to turn your computer into a vault, it is just a simple software download.
The resources in question are storage, CPU, online time and bandwidth. The SAFE network is able to constantly measure and immediately verify these resources, this is called Proof of Resource (POR). This POR facilitates the exchange of storage space on the SAFE network. To earn safecoin, farmers must provide more resources than they are using and the amount of safecoin they earn directly relates to the amount of resource they are providing. There are no humans involved in this process and the network stores data randomly across all nodes, similar to a lottery. The more resources you provide the more lottery tickets you have.
15% of all safecoin earned will be allocated to the developer pool. This will ensure the developer community is highly motivated and rewarded for providing free-to-use applications as their revenue model. It is proposed that developers are able to use the SAFE network to publish their applications. These application developers are called Builders and the network will reward use of these applications by paying the Builders in safecoin based on the application use by users of the system.
This is possible since the application developer can insert their own network immutable wallet address in their application. This exciting proposal may be a fully automatic revenue model for both open source projects, private individuals and application development companies. Developers who contribute code that enhances or fixes bugs in the SAFE network that are accepted into the master branch of the codebase will also be able to earn safecoin.