What is MaidSafeCoin?
MaidSafeCoin is an overarching network, the brainchild of David Irvine. Irvine had struggled with a lot of challenges in the implementation and administration of small business servers. As a result, he set out to find a solution that would make such servers easy to use, hence MaidSafe was born. MaidSafe actually stands for Massive Array of Internet Disks with Secure Access For Everyone.
Irvine had a vision of a fully distributed data service that can efficiently manage communication and data. This is a step further from what we run on the internet at the moment, where whole files are not just kept on centralized servers, but they are also readable by anyone who comes across them. The server networks that we use at the moment are so intrusive, and this has been a problem with security in so many instances.
The concept behind MaidSafe is to build a secure, safe and private network where third parties are unable to steal, intercept, copy, sell or interfere in any way with the data that is exchanged on the network. The MaidSafe network is vast, spanning the whole world. It is built on code that exists in different time zones, stored securely and safely on network computers all over the globe.
SafeCoin is the digital cryptocurrency that runs the MaidSafe network. The distribution of SafeCoins is done through automated algorithms, so there is no human interference.
These coins are provided to users in exchange for the unused computing potential that they add to the network. Some of the resources that users bring to the network include processing power, storage space and internet access, and this is what is referred to as Farming, which is simply mining.
The difference with this type of mining is that instead of relying only on the GPU and CPU to sustain the network, you can share some of your computing resources to be used on the MaidSafe network. Therefore, this network uses Proof of Resource mining.
What is the problem that MaidSafeCoin Solves?
The Bitcoin revolution has seen a lot of blockchain platforms come up, cryptocurrencies that promise decentralized apps, freedom of speech, enhanced personal privacy, among other things. All these are solutions that are built around trustless applications, which are free from corruption or the weakest link in any secure network – human interference.
While these decentralized applications, including Bitcoin, strive to offer the deliverables promised, they are all essentially built on a centralized, and insecure system – the internet.
MaidSafe, however, takes a different approach to security. It goes against the grain and brings forth a secure, truly decentralized internet infrastructure. All the applications that are built on the SAFE network are truly secure and decentralized.
How does MaidSafeCoin Solve the problem?
Data security is not improved by blockchain storage solutions that use data identifiers like hashes to store the data somewhere else. The final location where the data is stored should be secured. In the event that such data can be deleted or access to these solutions denied for one reason or the other, these would not be suitable for the purpose that they are supposed to serve.
To mitigate against these challenges, the MaidSafe network got rid of people from the information management, thereby protecting data.
This is an autonomous and decentralized system. There are no federated servers or storage locations that are owned by specified individuals. The nodes are not identifiable, and they also do not have a blockchain.
People are always out to make some savings, and MaidSafe offers just that. Through perfect market analysis, the cost of using this network is affordable. Human interference has also been eliminated from price setting, so the network will continually adjust the prices depending on the user demand and the resources that are available.
Data in this network is the currency. As a result, it is protected just like any other types of data that might be in use. The network, therefore, acts as an integrated private ledger, and not an add-on as most blockchain platforms do.
What makes MaidSafeCoin better than the competitors?
There are several features of the MaidSafe network that make it better than the competition. In fact, the focus on security and building a network that is free from third party interference is something that even the likes of Bitcoin have been unable to do.
Privacy
MaidSafe is one of the most private networks you will ever come across. By default, all communication and data on the MaidSafe network are encrypted from end to end. This makes the work of developers easy because they no longer have to worry about spending on encryption when building applications. When using the MaidSafe network, you also get the benefit of IP address identification resistance.
Reliability
A lot of people are excited about blockchain technology, and for good reasons. However, most of the networks have in the past proven to be unreliable when needed most. On MaidSafe, there is a very low chance that your data might be compromised or erased. This is because of a redundancy that is designed in the network. This sets MaidSafe apart from other blockchain platforms that are centralized. In such platforms, it is very easy for data to get corrupted or deleted as a result of innocent human error or as an act of malice.
Authentication
When using MaidSafe, you do not have to sign up on every website that you want to use. In this ecosystem, once you sign up and are authenticated on the SAFE network, these credentials will work for most of the services that are rendered on this platform.
Freedom from Hosting
One of the biggest challenges that developers have is hosting. There are a lot of inconveniences and expenses that are associated with hosting. However, with MaidSafe, you no longer need to spend on this. Your apps are hosted on a safe network, so you no longer need to spend on system administrators.
Data Ownership
The information that you use or access on the SAFE network cannot be used to track you. This means that you will not have to worry about getting ads from networks that track you online and try to sell you stuff. You own your data.
Downtime
We all know how bothersome downtimes usually are. With MaidSafe, downtime will be the last thing you have to worry about. The MaidSafe servers are decentralized, so there is no possibility of server overloads. You can access your files and websites without any interference.
Freedom from Censorship
This is a truly decentralized network. There is no interference with your data from any third party. Because of this reason, the apps that are built in the MaidSafe ecosystem are free from censorship. Any information that is shared on this platform is censored automatically.
Those who live in jurisdictions where governments are oppressive can appreciate the fact that none of the information shared can be accessed by the governments or their agencies. It is also impossible to identify the location of any of the data that is shared on the network. This feature puts MaidSafe on the forefront in the fight for freedom of speech and information, something that has been lacking not just in media and journalism, but has been a scourge all over the world.
How can MaidSafeCoin be categorized?
MaidSafe is an autonomous communication and data network where all the data is securely encrypted by default. Data stored on this network is stored in vaults, which are nodes that belong to a self-managing network that resembles a distributed hash table.
What’s MaidSafeCoin’s vision on Security?
While the likes of Bitcoin are limited to around 7 transactions per second, MaidSafe is only limited by the number of nodes that are present in the network. These nodes are designed to be fully scalable, which means that as time goes by, they can support thousands, even hundreds of thousands of transactions each second. To support this performance, security is an important issue that must be addressed. Speed and security go hand in hand in blockchain technology.
Cached Network
Intermediate nodes make work easier by caching popular chunks of information. This makes it easy to retrieve and brings the information closer to the requesting nodes.
Attack Prevention
There is a system in place to fight spam and DDoS attacks. Nodes that seem to be sending a lot of information that might overwhelm other nodes are automatically disconnected by the nodes that are closer to them.
Apart from that, the nodes are designed in such a way that when one of them becomes unreachable for some reason or is overwhelmed, it is replaced by a new one automatically. This means the MaidSafe network is essentially a self-healing network, and it is also a good way to fight DDoS attacks.
Churn System
MaidSafe uses a churn system to keep everything anonymous. In this system, all the nodes that are used in the ecosystem will periodically go offline and online. Each time the nodes go offline, they come online with a new ID. This is a security measure that makes it very difficult, or impossible to identify the nodes involved in any transaction or data sharing.
Enforcement
Irrespective of the persona of the nodes, there are rules that they have to follow. In the event that any one of the nodes contravenes these rules and attempts something that they are not supposed to do, they are disconnected or de-ranked.
Examples of MaidSafeCoin use cases/applications
The promise of secure encryption and data exchange without interference from third parties is something that has a lot of companies and brands interested, especially at an age where there is a lot of data manipulation from authorities and competitors. There are a number of companies that have already come on board, companies that share the same vision for data security. The following are some brands that are already witnessing the full impact of MaidSafe in their business operations:
Yuanbao
Yuanbao is one of the largest exchanges in China, with more than 300,000 active users. Yuanbao trades more than $100 million in a day, and this is one of the reasons why getting on the MaidSafe platform suits their profile. More than 25 currencies are traded on the Yuanbao platform, and to protect the interests of the stakeholders and customers, Yuanbao has leveraged their services on the MaidSafe blockchain.
Identillect Technologies Corp
MaidSafe offers cutting-edge technology that is open and can be used by anyone anywhere in the world. This is a front to provide feasible solutions to world problems. Identillect is one of the companies that understand the MaidSafe vision and are keen to bring the benefits to their partners and customers.
In their line of operation, Identillect brought MaidSafe on board because of the constant workaround where a large community of testers is available to help improving the MaidSafe ecosystem. A system that is heavily poised as a secure network will always need testers to put it to the task, identify flaws in real-time and respond to them accordingly. This is an advantage that MaidSafe has over most of the other blockchain platforms.
Other than that, Identillect also acknowledges the potential that exists in the SAFE browser. The SAFE browser is one of the most secure browsers you can come across. Besides, MaidSafe also offers support for mobile platforms, which is great for Identillect’s business model, given that a lot of brands are currently keen on advancing their business to customers on mobile devices.
How does MaidSafe fit into Identillect’s business plan? Identillect is one of the leaders in email encryption service delivery. Their core business, therefore, is to protect critical information about customers and their businesses.
The agreement between these two parties allows Identillect to distribute an enterprise version of the decentralized MaidSafe network to their clients, thereby bolstering their already secure businesses with an advanced security layer.
The SAFE network self-configures, and automatically splits the data into fragments for enhanced security. The data is then encrypted and stored in different locations all over the world, as selected by the network.
Resources
https://coincheckup.com/coins/MaidSafeCoin
https://github.com/maidsafe/Whitepapers/tree/gh-pages/pdf