Safecoin &MaidSafe

[varikonniemi]

Spacecoin Safecoin might turn out to be the first real competitor to Bitcoin. Where all altcoins have been tweaked copies of Bitcoin, Spaceoin has a completely different model.

Where Bitcoin uses proof of work, spaceoin uses proof of server space as mining. What you do is store data for a disributed p2p internet, and the more data you store and successfully serve, the bigger your mining rate is.

This p2p internet is called MaidSafe. I have not yet had enough time to fully digest the technology, but to me it looks like if they manage to make it work as described then it will bring a paradigm shift.

I am impressed with how they have replaced all the top layers of the old infrastructure including DNS.

http://blog.maidsafe.net/

[gajop]

Warning: There are no maids in this cafe!

[varikonniemi]

Spacecoin has been renamed to safecoin. Things are about to get really interesting, since the maidsafe network and safecoin will be released next monday. Finally we get to see if their promises are true. If it works as described then i will be setting up a safecoin miner ASAP.

[PicassoCT]

No maiden is safe with me!

All in, third crime is the charm!

[varikonniemi]

The safecoin "IPO" started today. They offer a 40% bonus on all investments for the first week (dropping by some % per block).

The IPO is done using the mastercoin protocol which works on top of Bitcoin. Just send Bitcoin to their address, and you will get safecoins in return once the public launch of the SAFE network happens.
http://safecoin.io

Whitepaper can be found at:
https://github.com/maidsafe/Whitepapers ... ct-Safe.md

This might finally be internet 2.0

[AF]

This is a little like when local councils make local currencies to bolster the local economy except it has cryptographics voodou behind it and the attention of people in silicon valley who'll throw money at anything to see if it sticks.

[knorke]

Finally I can use my bitcoin mining rig again!

15% of all safecoin earned will be allocated to the developer pool.

Like taxes?

[varikonniemi]

I love the skepticism here. Something to balance out my enthusiasm. That said, currently there is only 560 BTC of the 6000BTC IPO listing left.

The 15% developers share is paid out by the network automatically. It is distributed according to how much the applications are being used.

AF: what exactly warrants an own coin if not a p2p reimplementation of the internet?

edit: IPO sold out now.

[varikonniemi]

The co-founder of skype and former developer of kazaa has joined the maidsafe board.

I think with a background in p2p networking and communications he might be a perfect fit for the job.

http://blog.maidsafe.net/2014/05/24/bit ... nd-beyond/

[Silentwings]

I guess it will eventually go arse-over-head for similar reasons as bitcoin, but at least this time around people do something faintly useful to get the coins, instead of just wasting energy.

For what it's worth, to me this reads like the "getting paid for doing work" idea (which was invented some time ago...) with "look, we invented a new letter to put after the number! now the value of your work is even more unpredictable than normal!" sat on top.

[PicassoCT]

Lets do a horrible test to it- time.
If it still here in a year and two.
I shall buy it.

[varikonniemi]

http://www.businessinsider.com/these-gu ... net-2014-5
The most interesting part:

This change in architecture has many advantages including: Total anonymity (no ability for third parties to eavesdrop); Security (data is only ever stored or in transit as encrypted shards and only the users knows the passwords to decrypt data, plus no servers mean there is no central point to attack) and Better performance, (the network speed increases as more users join the network, popular data gets faster, rather than slower in today’s server-centric architecture);

It also gives us a web that cannot be censored by any government or third party (the SAFE network does not use DNS [Domain Name System, the system that controls website addresses and URLs).

[1v0ry_k1ng]

never again can work censor my goat pron!

[varikonniemi]

https://www.youtube.com/watch?v=KBxFTNw ... be&t=9m25s

Here is an interesting presentation covering some basics of the safe network. He touches on the subject of distributed computing, but only really covers the ability to run scripts (like Bitcoin allows). For me the really interesting part is if they manage to make proper distributed computing possible. Imagine being able to rent your GPU power to the highest bidder!