What is MaidSafeCoin (MAID)?
Future of MAID Cryptocurrency and know how to buy MAID

#1 What is MaidSafeCoin(MAID)?

MaidSafeCoin (MAID) - The Basics

  1. MaidSafeCoin is a product of the MaidSafe company that aims to revolutionize the way people store their data. The company stores its data in a distributed manner across the blockchain, that utilises the extra storage space and computing time provided by its users.

  2. The SAFE (Safe Access for Everyone) network is a new decentralised system of storage made up of shared resource from the multiple users of the system. Thus, creating a huge decentralised network.

  3. Security seems to be the primary priority. Data in the SAFE network is encrypted and broken into parts that are distributed among the users of the network. The people that store the data neither have direct access to what they store nor are they aware of the data they are asked to store. However, if a person participates in the network by sharing their extra resources, they are compensated in Safecoin tokens.

  4. SafeCoins are distributed across the network based on a Proof-of-Resource algorithm. A ‘Farmer’ in the network is a person who provides their bandwidth, computing time, storage and runtime to the network. Data is stored in a Farmer’s Vault and yet, cannot be accessed by them. They receive Safecoins in return whenever the data is retrieved from their Vault.

MAID Development

  1. MaidSafe was conceptualised in 2002 by David Irvine, the CEO of the company. However, it was not until 2006 that it was originally put to task. It was a completely server-based internet project and many believed it would turn out to be a catastrophe. It turned into a decade long venture dedicated to liberating its users from any control. When Apple was just building its first iPhone, MaidSafe had already explored a distributed network and cryptography. This technology now forms the basis of cryptocurrencies

  2. Over the years, MaidSafe has been developed a number of algorithms as well as received over 20 patents. The initial implementation or the phase Alpha 1 managed nodes using the SAFE Launcher to support several demo applications.

  3. Through the Alpha 2 and Alpha 3 phases, a network was established that incorporated a more secure access through the SAFE Browser. Alpha 3 saw the development of a Secure Autonomous Network, adding an autonomous layer that would make the network more decentralised, enabling the users to run routing nodes and providing a secure transition in the data process.

  4. Alpha 4 added secure autonomous data services. That is, the addition of a data layer that is both secure and run by user vaults. This facilitated a broader range of decentralised apps and use cases.

  5. Beyond this stage, the security audit of the network was done. The Safecoin cryptocurrency was introduced which resulted in a major upgrade in the system.


#2 What are the advantages of MAID?

  1. MaidSafe provides a fully encrypted data storage and file sharing decentralised network that is efficiently reliable.

  2. Adding to the security of the network, a user gains the ability to use the network anonymously.

  3. It has a distributed network that works on the concept of serverless data and hence has provides faster data transit.

  4. Furthermore, to the benefit of the users, the network uses a scalable cryptocurrency which is free from transaction fees. Got resources? Here’s a way to earn.

#3 How to buy and store MAID coins?

BUYING MAID

Majority of the MAID coins can be found on exchanges like Hit BTC, Poloniex and Bittrex. It is currently, as of July 2018 available in 6 exchanges around the web. It can be primarily exchanged using BTC. A user needs to transfer their BTC into the listed exchanges, where they can put a trade order to buy MAID against their owned BTC. The user then needs to create a BTC address, and then withdraw their MAID coins from the exchange to send them to the created BTC address.

Creating a BTC address provides the user with a private key which must be very securely stored because that is the only way to access the coins some another time.

  1. The exchanges mentioned above are only platforms on which you can trade MAID,but CoinSwitch, one of the largest cryptocurrency exchanges around, helps you choose which platform to buy from. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose any pair you want with the MAID token, and CoinSwitch will facilitate the comparison at different exchanges by showing you the prices at the exchanges it’s sold in, all at the same place.
  2. What’s more – with CoinSwitch, you need not create or rely on wallets or the exchange you use to buy the MAID tokens. Instead, all transactions can happen to and fro your very own private wallet.

STORING MAID

There is currently no dedicated wallet at this time. However, a user can use the web wallet Omniwallet. It’s also possible to use Omnicore, an offline wallet, but it requires the user to download the entire Bitcoin blockchain.

 

#4 What is the future of MAID?

Also Read: Complete Analysis of MaidSafeCoin | Live MaidSafeCoin (MAID) Price Charts And Predictions

  • The presale in April 2014 sold around 10% of all MAID. A person could buy 17,000 Safecoins for 1 BTC at that time. The company expected to take about 30 days to meet their 8 million dollar fundraising goal, but they reached that target in just 5 hours.

  • The Safecoin files are around 32-bit size. Hence, there would be possibly 2 to the power 32, that is 4.3 billion coins ever in circulation. These are being distributed by an entirely automated system without any human intervention and each coin has its own identity. Further, the Safecoins are recycled when the users exchange them for network services, so there will be a new supply of coins for users to earn.

Looking at the increasing data speeds and needs of the users, storage would soon be a big concern. MaidSafe provides a decentralised solution that acts as a great incentive to utilise the extra resources using the SAFE network. It is currently trading at USD 0.3284 with a market cap of around $148 million, showing its great potential in the future.

Date

Open

High

Low

Close

Volume

Market Cap

1 Jul 2018

0.33

0.33

0.32

0.32

2,126,500

150,054,000

1 Mar 2018

0.35

0.43

0.35

0.38

8,320,460

161,900,000

1 Dec 2017

0.47

0.52

0.44

0.49

2,209,870

213,635,000

1 Jun 2017

0.39

0.42

0.39

0.39

1,629,420

177,993,000

1 Jan 2017

0.102

0.10

0.096

0.099

238,803

46,474,400

1 Sep 2016

0.107

0.107

0.092

0.098

706,656

48,471,500

1 Mar 2016

0.090

0.090

0.07

0.080

1,256,940

41,004,700

1 Jan 2016

0.014

0.014

0.013

0.014

5,787

6,586,220

1 Oct 2015

0.02

0.02

0.017

0.018

46,629

9,072,910

1 Apr 2015

0.017

0.019

0.017

0.019

8,867

7,968,140

1 Jan 2015

0.052

0.054

0.051

0.054

13,094

23,616,400

1 Nov 2014

0.025

0.026

0.022

0.023

49,211

8,661,540

1 Aug 2014

0.027

0.027

0.025

0.025

16,657

12,536,200

1 Jun 2014

0.012

0.017

0.012

0.016

21,368

5,780,140

28 Apr 2014

0.014

0.019

0.014

0.018

21,809

6,731,720

Current Trends

The current exchange for 1 MAID coin is about 0.00004875 BTC. It has seen great public interest by becoming one of the highest traded cryptocurrency on Poloniex. It even surpassed giants like ETC and ETH around 2 years ago in trade volume. Looking at the exchanges such as Poloniex it is noticeable that the price of MAID coins has exploded. That is a direct reaction to the announcement of the Alpha release. The Alpha release is an early stage working version that demonstrates the potential of the SAFE network.

 

#5 What makes MAID different from other cryptocurrencies?

  1. A decade long venture that is older than many of its competitors. It is still showing great progress where its competitors have failed to impress by their performance recently.

  2. A new concept with a futuristic approach that has a direct appeal for new users.

  3. A great way to use the extra free resources and turn them into a source of income.
  1. Efficient, faster and cheaper transactions make MAID coin stand out in the market.

#6 Should you invest in MAID?

  1. An increasing market cap at a much faster rate than others is the first attraction for investors that makes them turn towards MAID as an option.

  2. The need for data storages is inevitably going to grow. The business model is geared towards catering needs of the future. In such a situation a decentralised, fast and cheap option is what the users would desire.

  3. MaidSafe does face some competition though - perhaps the most prominent of them being Siacoin, which has garnered the lion’s share of marketing in the decentralised storage sector.
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