MaidSafe

  • Cryptoasset Report
  • February 4, 2019

MaidSafe are endeavouring to build a truly decentralized internet via the Secure Access For Everyone (SAFE) network.

Overview

MaidSafe endeavor to build a truly decentralized internet via the Secure Access For Everyone (SAFE) network, the code for which will be open source. MaidSafe is a peer-to-peer network primarily concerned with holding user data and utilizing a distributed network of compute resources as an alternative to existing error prone and expensive centralized service providers. MaidSafe aim to alleviate many of the drawbacks posed by existing centralized internet infrastructure, such as monopoly type fee structures, single points of failure on a functional level and tremendous honey-pots of personal data involved in evermore severe security breaches. MaidSafe observe the static or rising fees of many computing hardware companies, in the face of exponentially decaying hardware costs, as presenting significant room for improvement—it believes a token incentivized network ought help improve on these business models.

Following a raise in 2014, the team could have had access to some 40 million USD in funding, depending on when they liquidated what. The MaidSafe team have over a decade of R&D under their collective belt, due to being founded in 2006, and benefit from an earnest intention to transform how we use and share data, which existed considerably before any blockchain hype. CEO David Irvine has in excess of two decades experience in IT and has worked on Enterprise level network design projects. The Maidsafe roadmap includes 2019 integration with MIT and Tim Berners-Lee’s Solid project.

Protocol Details

Maidsafe seek to offer a more secure and economically equitable internet infrastructure which ultimately prioritizes user autonomy over data. Several components contribute to this goal such as strong cryptography for private and secure communications, low transaction fees and an economic model to ensure data committed to the network is stored securely in perpetuity. Maidsafe reduces malicious actors ability to complete IP identification and person-in-the-middle attacks via Kademlia based routing. The project also provides users a user-friendly API to be built into the next generation of web applications by a distributed community of develops and a token-economic incentive structure.

‘Farmers’ prop up the computational resources required for the SAFE network, in order to encrypt and store data across the network (CPU/storage/bandwidth etc.), and will be algorithmically rewarded with Safecoin by means of compensation. MaidSafe utilize a distributed transaction manager, rather than a blockchain, in order to offer many low-latency transactions (of the order of a second) and no transaction fees. This essentially looks like small groups reaching agreement that is approximately representative of the whole network without having to wait for every node to communicate with every other node.

MaidSafe have released a whitepaper for their novel consensus algorithm, Protocol for Asynchronous, Reliable, Secure and Efficient Consensus, or PARSEC as of mid-2018. The protocol is designed to enable fast agreement between distributed nodes in the face of Byzantine failures and without demanding all nodes communicate at optimal speeds.

Asset Details

Safecoin is intended to provide a means of reward for all stakeholders in the SAFE network. The Safecoin token will be used to reward users and developers for participation in the network and to access the distributed computing resources.

The MaidSafe Foundation, a registered charity in Scotland, was set up to take care of originally allocating developer rewards and some custody relevant logistics of MaidSafeCoin around the fundraising event. Although the 4.3 billion Safecoin to be created aren’t to be released on a strictly defined timeline, 429,496,729, or 10% of all, Safecoins were made available in the 2014 token sale event. With an assumption of growing use of the SAFE network, MaidSafe predict an ongoing increase in price for Safecoin.

The sale was conducted via an intermediary token (MaidSafeCoin), to be redeemed for Safecoin upon network launch, on the Mastercoin protocol – a then popular and innovative attempt to leverage the Bitcoin blockchain’s security and reputation whilst attaching a universe of meta-assets to it; thought Mastercoin has since rebranded as the Omni layer protocol and somewhat faded into obscurity.