What is MaidSafeCoin?
MaidSafe is a company with big ambitions, and MaidSafeCoin is your chance to get in on the ground floor with what could be the next big thing in cryptocurrencies. A team of Scottish-based pioneers aim to create an alternative internet: fully decentralised, end-to-end encrypted, and supported with peer-to-peer technology that joins users’ spare computing capacity into a global network.
These big plans are still in the Alpha phase, but once it’s up and running MaidSafe intend for users to exchange a bespoke cryptocurrency called safecoin, obtained as payment for allowing the network to hitch on your unused processing power. The network and currency are both still in the works, but in the meantime you can trade MaidSafeCoin ‒ a normal, blockchain-based cryptocurrency ‒ which will be replaced on a 1:1 basis with safecoin further down the line.
In effect, MaidSafeCoin is a stop-gap to keep investors occupied until safecoin is ready to launch, but has already developed into a substantial cryptocurrency in its own right. Until the brave new world of a user-controlled internet comes to pass, is MaidSafeCoin worth your time?
Can I Mine MaidSafeCoin
MaidSafeCoin cannot be mined. A number of coins were issued a couple of years ago (15 per cent of the eventual total number of whole safecoins planned for release), and these were given exclusively to early investors and crowd sale participants and there will be no more placed into circulation.
However, once safecoin is up-and-running, your existing balance of MaidSafeCoin will become safecoin, and you will be able to acquire more as tokens for “farming” ‒ allowing the peer-to-peer SAFE network to piggyback on your spare computing resources. This quid-quo-pro relationship is designed to compensate users for making the SAFE network bigger, better and faster.
What is the Value of MaidSafeCoin?
The value of MaidSafeCoin should be understood in terms of its experimental status. While a market cap of $250,000 and value of $0.56 sounds modest, MaidSafeCoin rallied in response to the release of MaidSafe’s alpha service, and again to its alpha 2. The price remains volatile in relation to negative and positive press coverage, but it seems likely that the beta release will precipitate another boost.
Some commentators are expecting an Ethereum-level development in the cryptocurrency world, given the scope of MaidSafe’s project, which is now over ten years in the making and has garnered crossover coverage from the likes of Wired. This is definitely a longer-term prospect than some coins (the beta is planned for 2018, but some pessimists are predicting 2024!) but there are rumblings this could be a billion cap coin one day.
About the SAFE Network
So what is this much-vaunted SAFE (Secure Access For Everyone) Network? The idea is to provide a peer-to-peer redesign of the internet, that uses the combined resources of individual connected devices that maintain data in a fragmented style without any metadata, making reconstruction by anyone without personal user keys near impossible. This does away with a vulnerable, physical, centralised location ‒ allowing for unprecedented protection from surveillance. And everything is maintained by algorithms.
Unsurprisingly, given the scope of the project and the fact that it is led by a 16-strong team in the tiny Scottish town of Troon (we hadn’t heard of it either), the SAFE Network has not been without teething troubles. In fact, the creation of MaidSafeCoin stemmed from a 30 day crowdsale to raise essential funds for keeping the project afloat.
Things didn’t go entirely to plan: the start-up was left with under half its target in usable currency due to everyone making orders in illiquid Mastercoin, the value of MaidSafeCoin skyrocketed and plummeted from the moment it hit the market, and some in the press even warjed investors that the whole thing was an elaborate scam.
Fortunately, things have settled down, and the value of MaidSafeCoin is growing steadily while everyone waits for safecoin to arrive. All of the buzz will probably be to the benefit of safecoin when it finally launches.
How to Buy MaidSafeCoin Online - Step-by-Step Guide
Until safecoin comes into existence, you can buy the proxy MaidSafeCoin, which will be exchanged at a 1:1 ratio with safecoin after launch. If you bought them during the crowd sale, they will be at whatever bitcoin addressed you used to purchase them. You will be able to view them using Omnichest.info explorer and inserting your bitcoin address into the search bar, or alternatively, you can import them into an OmniWallet:
- Visit omiwallet.org (MaidSafeCoin uses the Omni system).
- Select ‘Create Online Wallet’ from the top menu, enter your email and create a password.
- Your wallet ID will appear on the next page as a string of numbers and letters. Copy this and keep it somewhere safe.
- We strongly recommend that you set up Multi Factor Authentication for additional security. Enter the MFA token you receive from OmniWallet, enter it into Google Authenticator, and plug the resulting answer into the field on OmniWallet (there are plenty of other authenticator apps, of course).
- Back on OmniWallet, go to ‘My Account’, ‘Account Settings’ and then ‘Click Here to Enable MultiFactor Authentication’. Put in your password and hit ‘validate’. You’ll receive a QR code that you can scan manually or a secret token that you can copy and store.
- Enter a security question and answer, and then your MFA code into the respective fields.
- Go to the exchange where you’re holding MaidSafeCoin, and select to export your private key.
- Under ‘Addresses’ on OmniWallet, select ‘Import Address With Private Key’, and enter your key into the field.
- Once you’ve added the address, you’ll be able to transfer MaidSafeCoin from your exchange balance to your OmniWallet.
If you missed the crowdsale in 2014, you can pick up MaidSafeCoin using one of five popular exchanges: Poloiex, Bittrex, Livecoin, Yuanbao and ShapeShift.io. Here’s a step-by-step guide on how to buy and store MaidSafeCoin using OmniWallet and ShapeShift.io:
- Visit shapeshift.io website: you don’t need to create an account.
- Select a popular cryptocurrency like bitcoin in the left-hand box, and MaidSafeCoin in the right-hand box.
- Put your OmniWallet address in the right-hand box, and an optional refund address in the left-hand box.
- Send bitcoin to the deposit address provided, and it will be automatically converted into MaidSafeCoin and sent to your OmniWallet. Done!
How to Buy MaidSafeCoin Online - Step-by-Step Guide
You can trade MaidSafeCoin at a number of popular exchanges ‒ we recommend using Poloniex. Follow the step-by-step guide below to learn how to trade MaidSafeCoin with this platform:
Visit poloniex.com and create an account, providing all the usual personal details including a name, email address, secure password, location and (for higher level traders) verifiable ID.
If you want to sell but haven’t got any MaidSafeCoin in your exchange balance, click the ‘Balances’ tab and deposit some coin from your OmniWallet. Alternatively, if you’re out to buy, you can deposit any cryptocurrency (like bitcoin).
Click on the ‘Exchange’ tab to review the markets. To see the performance of MaidSafeCoin, choose the BTC/Maidsafe (for example) from the menu on the right-hand side of the charts.
Poloniex has an extensive series of tools for experienced traders ‒ including the ability to review the performance of cryptocurrencies over different timeframes and various statistics from the markets ‒ which will help you trade intelligently. You can also review the market depth and the MaidSafeCoin’s trade history.
Below the chart, you have the option to buy or sell. Simply enter your limits for buying/selling MaidSafeCoin in the fields, and you’re trading!
What is a Safecoin and when can I get one?
Once the SAFE network is launched, all of your MaidSafeCoins will become safecoins. Rather than a blockhain, these coins are data files. Wallets will request information from balances and permit transactions, confirming ownership via a digital signature from the coin’s previous owner. The ‘network atomic’ means the network will ensure all copies update to show the transaction.
In theory, the SAFE network will allow millions of transactions per second, and will only increase this limit as the network grows. This is the polar opposite of blockchain-based cryptocurrencies, in which adding more blocks eventually slows transaction speed (which is the reason bitcoin was recently forced to fork).
The safecoin will be the only mode of exchange supported by the SAFE network. As to when they will be launched…the current target is the beginning of 2018. But the industry wisdom is that this is an optimistic goal.
Future of MaidSafeCoin Trading
MaidSafeCoin is a stop-gap, but it is a foot on the ladder for something potentially very special. The SAFE network has been in development for a decade, and if it meets its promises it could revolutionise the world of cryptocurrencies.
Unlike bitcoin, which has become slower and more cumbersome the bigger it has grown, this is a cryptocurrency that promises to get better as it builds. Moreover, the whole ethos of the SAFE network as an internet of users, for users ‒ with decentralised ownership of data and no centralised server farms ‒ has a lot of people very excited. In many ways, this project espouses everything cryptocurrencies are all about – free, secure exchange, unencumbered by government oversight.
That being said, the launch of the beta is still probably some way off, and for the time being the trading value of MaidSafeCoin is variable, while the value of safecoin is completely speculative. However, the fact that the crowd sale snapped up all of the early-released MaidSafeCoins at a rate that shocked even its developers, coupled with the strong community around the SAFE network suggests this could be a coin worth picking up as a low-cost investment with potentially massive returns.
How to Buy MaidSafeCoin with Credit Card
MaidSafeCoin cannot be purchased with fiat, but it can be traded at exchanges for other altcoins. For example, if you create an account on a reputable platform like Coinbase, can link your bank account and purchase bitcoin, Ether or Lightcoin for your balance, which can then be traded for MaidSafeCoin. Alternatively, you can make payments to your balance using a number of credit or debit cards. This is only for low limit trades, and will incur a fee. On the flipside, there are reduced waiting times.
To add cash to your balance using a credit card, all you have to do is select this as a preferred payment method, and enter your card details. Once everything is verified and you’ve got fiat in your balance, take it to the exchange and pick up some cryptocurrency to swap for MaidSafeCoin!
How to Buy MaidSafeCoin with PayPal
PayPayl is a popular and very secure payment method that permits allows you to sell instantly on Coinbase. Sadly, at the time of writing this particular payment method is in beta phase on the platform and is currently unavailable to users outside of the USA. The good news is that Coinbase intends to introduce PayPal support to users from other territories soon ‒ watch this space!
However, if you do come from the USA, then you can easily link PayPal account to the Coinbase platform. As with selecting a credit or debit card, you can choose PayPal as a preferred payment. You will be required to manually verify your PayPal account with Coinbase. After which, you will then be allowed to withdraw fiat into your PayPal account, and pay for bitcoin, Litecoin and Ethereum straight from your PayPal balance.
Cryptocurrency Guide list
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