Cryptocurrencies have become somewhat of a novelty these days. Most know them, few understand them, and still fewer are involved in their use/trading. Bitcoin, the first and original cryptocurrency is run on the framework, from which all cryptocurrencies spawn. These bitcoin alternatives are all based on the very same concept, with a few minor alteration to make them unique.
MaidSafe — the combination of MAID, (Massive Array of Internet Disks) and SAFE, (Safe Access for Everyone) — is not one such bitcoin alternative.
MaidSafe is a company currently in the development, and implementation of what is known as the SAFE (Safe Access For Everyone) network. A network designed for peer to peer sharing of unused computer resources to allow an even greater sense of anonymity, and security that any other crypto currency currently available.
Such resources include the CPU, GPU, disk drive storage, random access memory, and network communications. The network is designed in such a way that anyone can designate his/her computer as a node on the SAFE network, allowing the network traffic to utilise their resources in exchange for what are called SafeCoins.
Now SafeCoins are a Bitcoin alternative, or can be thought of as such. They are the purpose of the SAFE network. A cryptocurrency created by MaidSafe, and made available for “farming” through the SAFE network as compensation for the use of resources provided by a user.
Only 4.3 billion SafeCoins were made, and only 4.3 billion will ever be in circulation. Until recently, SafeCoins were not available to the public. Only since the live release of the alpha version have SafeCoins truly been in circulation. However, the developers needed some form of an investment program, and thus, the MaidSafeCoin was implemented.
So what is the MaidSafeCoin?
This vague and confusing currency was a pre release of the SafeCoin to the public. The purpose was to raise hype and awareness for the SAFE network, and the SafeCoins created by MaidSafe. 10% of the SafeCoins created were released as MaidSafeCoins for anyone to purchase as an investment.
One would Purchase a MadeSafeCoin, or part of one, and by the release of the SAFE Network, its value would have increased significantly. During the time between the announcement of the MaidSafeCoin, and the release of the SAFE network, MaidSafeCoins took on a life of their own, and became an entirely separate cryptocurrency.
However, once the SafeCoin is fully integrated, the MaidSafeCoin will become a bad investment, and will steadily lose popularity.
Many investors accused MaidSafe of fraud during the years between the initial announcemnt of the SAFE network and its eventual release, as they had not provided investors with any form of accountability, and had not made any official announcements regarding deadlines, or when the network would go live.
Those who had bought the MaidSafeCoin were afraid that the SafeCoin did not exist, or that their investments would be lost. To this day many still believe MaidSafe is a scam.
However with the release of their alpha SAFE network. SafeCoins will soon rise in value, and investors will likely begin seeing a return on their MaidSafeCoins. As users begin utilising the network, and farming new SafeCoins.
What is MaidSafeCoin? It was an investment program by MaidSafe in preparation for the release of their SAFE network, and the SafeCoin.
