Updated: Dec 20, 2019
Created in 2006, Maidsafe is a concept that predates Bitcoin by several years. However, as of 2019, it is still in its initial phases. MAID stands for Massive Array of Internet Disks and SAFE stands for Secure Access For Everyone. MAID is a token for the Safecoin, which in turn is the SAFE network currency. The Safe network is made up of additional hard disk space, better processing power and improved data connectivity for its users.
This guide will talk about the reason Maidsafecoin was designed, the makers behind it, the way it works and its most popular applications.
What Is MaidSafeCoin Designed For?
MaidSafeCoin is a decentralized safe currency intended for the decentralized network on which it operates. Still, in its testing phase, MaidSafeCoin is a provisional cryptocurrency used in the alpha and beta edition of the SAFE network.
The business model of MAID is intended towards satisfying the ever-growing future needs for secure decentralized data storage. It provides a quick and economical alternative to the existing data storage networks. Further, MAID provides an ever-increasing market cap at a faster rate than its competitors, making it more attractive to intended investors for data storage.
The safe network is a smart contract provider and decentralized blockchain system, which was designed to create a safe and fair decentralized internet for everyone. This concept has gained more momentum with the dismantlement of net neutrality by the FCC. The Safe network will work on similar lines as the TOR network, where internet content is both accessed and distributed fairly on this peer to peer (P2P) mesh network.
Who Is the Team Behind MaidSafeCoin (MAID)?
It was founded in 2006 by David Irvine, as a new decentralized blockchain platform improving upon the internet data storage platform. The Scottish company is based out of Ayr, with Dug Campbell and Nadia Burborough on board as executive directors.
David Irvine is a former IT consultant and an engineer was involved in several start-up ventures. The rest of the MaidSafe core team comprises inventors, thinkers, engineers, and designers from across cultures and countries making it a much-diversified team.
How Does MaidSafeCoin (MAID) Work?
MaidSafe is an independent data system and a decentralized blockchain storage platform. MaidSafeCoin (MAID) is the cryptocurrency of the platform and powers the SAFE network. It is intended to transform the usual data storage techniques employed by users.
MaidSafeCoin, much like Bitcoin, is produced by either the participants or the network. However, unlike bitcoins, the coins here are farmed or awarded and not mined. The difference between farming and mining is proof of resources. Whenever data is retrieved by someone from the network, the coins are awarded to those participants of the network who owns the data.
The company’s blockchain utilizes the extra storage space to accumulate its data in a distributed manner across its network, thereby, reducing the computing time required by its users. Members decide on the storage provided on the network. They can also choose to use the network without providing any storage at all. The encrypted portion of the user’s file is stored by the network using this storage space allocated by a user.
Two types of encryption methods are used by the MaidSafe algorithm. In one, the algorithm uses itself to encrypt the data on the file, and in the other, a public standard encryption algorithm (AES256) is used to conceal the data.
The machine on which the data is stored, is randomly decided by the network ensuring enhanced security of data stored on its servers. The basic idea is that, the user’s sensitive data is stored with encryption anonymously across the internet without anyone having any idea about where they are stored or how to read it.
What are Current and Future Applications of Maidsafecoin?
The MaidSafe network is still in its initial phases, but the demand for its platform to provide anonymous browsing, decentralized data storage, and personal information management cannot be discounted.
The company has continued its software testing and has a series of testnet implementation to be carried out before the network can be rolled out for initiation.
Some of its Dapps are mentioned below:
Devolution: It is aimed at providing political independence to social media platforms.
Jams: Uses the Safe network to facilitate decentralized storing, playing and downloading of its music library on the platform.
Patter: This is a social media Dapp based on the proof of concept algorithm of the Safe network.
SAFE authenticator (Mobile): This is a mobile authenticator for both Android and iOS software mobiles.
SAFE Browser: This is the SAFE network’s default browser for the internet.
Apart from these, Glasgow University has also announced a Research and development program with MaidSafe, to explore and develop the Safe network to create next-generation Dapps.
The rationale behind MaidSafe is to provide security, privacy, and freedom by default to all its users. The internet community is poised and ready for these aspects, which makes the MaidSafe concept extremely popular with a huge future potential in the blockchain decentralized network.