Ever thought of using the home internet without bothering about proxy, TOR, and VPN? This could become a reality with the next cryptocurrency, MaidSafeCoin.
- 1 What is MaidSafeCoin?
- 2 How does MaidSafeCoin work?
- 3 The main features of MaidSafeCoin
- 4 Pros of using MaidSafeCoin
- 5 Cons of using MaidSafeCoin
- 6 MaidSafeCoin Price
- 7 Where to Buy and Sell MaidSafeCoin in Australia?
- 8 Conclusion
What is MaidSafeCoin?
Many people simply call it a decentralized internet. MaidSafeCoin is one of the latest cryptocurrencies with its roots well before Bitcoin was conceptualized. MaidSafe, a company based in Scotland started working on designing a safe network in 2006 by raising about $ 5 million. However, it was not until 2014 that they announced their first release of SafeCoin into the market. An intermediary coin called MaidSafeCoin was used to raise over $7 million.
The founder of MaindSafeCoin, David Irvine targeted offering a completely decentralized and end-to-end fully encrypted and secure alternative to the internet that people know of today. Over time, the platform targets to completely replace Clearnet.
Recently, MaidSafe released a new Alpha version that demonstrates the new method of storage and retrieving static sites. Though it has been making good progress over the last couple of years, the network is not yet complete. Besides, even the complete sections are not fully connected. For example, the Alpha model that MaidSafe recently released stores data in centralized nodes while the tests are also run differently.
As opposed to using data centers and common servers we are used to today, the MaidSafe Network employ highly advanced P2P technology that utilizes computers connected all over the world. This is expected to counter the problems of surveillance and data theft. All that users need to do is joining the MaidSafeCoin.
How does MaidSafeCoin work?
This blockchain technology builds on a Kademlin based hashing table to create and maintain the network consensus on all communications and stored data. By relying on 4 key authorities, the MaidSafeCoin network has become one of the most complex in the crypto-world today. It targets to optimize data reliability, privacy, and resilience and speed via localized and globalized decisions.
Data is broken into small chunks that are encrypted locally and then, distributed across the network. The network keeps redundant copies of every item on the data and distributes the copies to avoid loss. To increase data privacy, the network uses multi-hop routing at all nodes.
The MaidSafeCoin blockchain offers users peer-to-peer distributed alternatives for the internet. First, you are required to download the MaidSafeCoin client and install it on your computer to start trading.
Once the whole system is fully implemented, the MaidSAfeCoin will start charging users for data storage and bandwidth. Users who meet the prescribed storage capacities will be required to join the network by paying a specific amount in MaidSafeCoin and start trading it in the system.
The main features of MaidSafeCoin
This is perhaps the greatest resource that MaidSafeCoin blockchain is looking to make the next internet. It is a collection of experts who maintain the platform and all the miners working in different internodes to take the cryptocurrency network to the next technology. You can also join the network by downloading its wallet and start mining from your computer/node.
The community has also become an important source of information to users and newbies on its network by posting the latest on SAFENET forum. Here, you can interact with the leaders in the network to start trading like a pro.
Proof of Resource
This is the main algorithm applied in the MaidSafeCoin. At the basic level, this algorithm takes the standard Bitcoin mining algorithm to a higher level by utilizing miners’ CPUs and regulating the entire blockchain network. Unlike in other network, the computing power is being applied for a different purpose.
This is the main gateway to the MaidSafe decentralized platform for the internet. It is considered a second generation currency that can be traded on different exchanges and buying commodities in the conventional stores. You have to buy some MaidSafeCoins or mine them from your wallet.
The ecosystem in the MaidSafeCoin blockchain network is progressively growing supported by third party apps. The network APIs gives access through API to users with passwords and usernames after creating accounts. This allows users spread all over the world to maintain control of their details all the time.
Pros of using MaidSafeCoin
- Though one of the latest Cryptocurrencies in the globe, the unique design of the platform provides users with a new way of mining coins and trading in varying exchanges.
- By providing a new way of storing data, MaidSafeCoin has made it possible for individuals and companies to relax knowing that no third parties can access the info. It is emerging as a great way to store high-value information particularly today when viruses such as ransomware are out on the loose.
- Unlike other cryptocurrency platforms that require users to have advanced computers, MaidSafe network is open to those with standard computers.
- It has a community that keeps growing rapidly. Whether you are veteran or newbie to cryptocurrencies, the community helps you to understand most of the things about MaidSafeCoin.
Cons of using MaidSafeCoin
- The network lacks API for dynamic data. This means that calculations make creating interactive services on the blockchain network very difficult. To build such a service, a new service protocol which is very difficult to implement has to be built on the existing protocol.
- The system is very complex to join and use. Many people indicate that the platform is harder to understand while trading is equally complicated. To trade effectively in the system, it is advisable to try with a different cryptocurrency.
- MaidSafeCoin platform is not yet complete. This means that its stability and progress in future cannot be ascertained. More investors and users might consider holding on or starting with other networks.
- Concerns have been raised over the highly interactive applications in the cryptocurrency network. The SAFE network is thought to raise the risk compromising the same efforts of decentralization that the blockchain has been building.
Where to Buy and Sell MaidSafeCoin in Australia?
Crypto Currency for Fun recommends buying MaidSafeCoin at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including MaidSafeCoin and they offer Instant Delivery or your coins right into your account.
When compared with other cryptocurrencies, MaidSafeCoin is relatively new. Despite this, the highly ambitious project has been gaining ground as people keep looking for better internet. It has a huge potential at a time when people are starting to come to terms with Big Data.