MaidSafeCoin or MAID was launched in February 2006. It is a project that aims to decentralise the Internet and make the network autonomous and secure. The SAFE network operates in a similar way to the TOR network, i.e. all online content is distributed and accessible via a peer-to-peer (P2P) mesh network.
Presentation of the SAFE network and MaidSafeCoin in a few figures
MaidSafeCoin price chart in euros
Maidsafecoin price
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Current price of the MAID token
The MaidSafeCoin price has risen significantly since the beginning of 2021. Since the beginning of the year, the price of MaidSafeCoin has been around €0.3. But at the beginning of March, the price began to rise gradually, reaching 1 euro for the first time in April. The price fluctuated around this value before starting to fall again. The current price is €0.78.
History of MaidSafeCoin and its price
Since 2006, MaidSafe, a company based in Scotland, has been developing the SAFE network.
In April 2014, the pre-sale sold 10% of all MaidSafeCoins. It was possible to buy 17,000 MaidSafeCoins for 1 BTC at the time. The company gave 30 days to try and reach its fundraising goal of $8 million, but reached the target in just 5 hours.
Up until 2017, the MaidSafeCoin price stagnated at a paltry value.
Over the course of 2017, however, MAID saw two significant increases reaching the price of €0.60. What’s more, it was at the end of 2017 that MaidSafeCoin’s biggest rise began, since at the start of 2018 it came close to the euro. This was due to the development of Bitcoin and other cryptocurrencies, which also rose during this period.
At the end of 2018, the MAID price then fell back, not exceeding 0.25 euros.
It was at the start of 2021 that the MaidSafeCoin price resumed its ascent alongside other cryptocurrencies and in particular the leader of the line, Bitcoin. Since March 2021, the price of MAID has reached 1 euro and surpassed its previous record in 2018.
The MaidSafeCoin stock market listing
Like other cryptocurrencies, MaidSafeCoin is a fairly unstable and volatile investment. Its price depends on a number of factors that make its evolution dazzling in one direction or another. While its primary purpose is to be a reward currency for the SAFE network, this virtual currency can also be used on the stock market. MaidSafecoin is traded on HitBTC, Poloniex and Cryptopia, for example. Just under $1 million worth of MAID is traded daily on cryptocurrency exchanges.
Factors influencing the MaidSafecoin price
The price of Bitcoin (BTC) and other cryptocurrencies
As with all cryptocurrencies, the MAID price is dependent on the price of other virtual currencies, particularly Bitcoin. The proof is in the history of its price in 2018 and 2021. This is because cryptocurrency investors tend to increase their purchases in different currencies tenfold, thereby pushing up the rates of several of them. Similarly, when rates fall, there is less investment in all of them.
The law of supply and demand
Consequently, an important aspect of a stock market price is the scarcity dimension and therefore the balance between supply and demand. The price will rise if the currency becomes scarce, i.e. if demand is greater. Conversely, the price will fall if the currency becomes more common, i.e. if there is too much supply.
For the time being, it seems normal for MAID to be in low demand and therefore to have such a low price, since it is a cryptocurrency that is specific to a particular project and, what’s more, is at stage Alpha 2 of its roadmap. It’s safe to assume that demand will be higher once development is complete.
The reputation and progress of the SAFE project
The reputation of a cryptocurrency also has a significant impact on demand and therefore prices. MaidSafeCoin is still little-known, as the project that encompasses it is not yet complete. However, it is likely that once the project is finalised, media coverage will be such that demand and the MAID price will rise sharply.
MAID forecasts for 2021
According to walletinvestor, the price of MaidSafecoin will rise again in 2021, topping the €0.80 mark in 2022.
Maidsafecoin predictionSource
According to tradingbeast, the price of MaidSafecoin will indeed reach the 0.80 euro mark in 2021 and continue to rise. However, according to their predictions, after remaining at the same rate, Maidsafecoin will fall back to €0.60 in June 2022. However, they also estimate that the value of this currency will rise again over the following years and reach 1 euro.
So it could be worth investing in this cryptocurrency over the coming year, but you’ll need to keep a close eye on the price. What’s more, for the time being, the interest in this currency lies more in participating in the data storage network than in trading it. Of course, this situation could change dramatically with the completion of the MaidSafe network project.
Everything you need to know about MaidSafecoin
Why and how did it come about?
The Maidsafe project
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Maidsafe is a project designed to become a decentralised internet, founded in 2006 by Scottish engineer David Irvine. He created a team of diverse professionals including inventors, tinkerers, engineers and designers.
The core team is based in Scotland, but it employs other talents from many different cultures and countries. The project is intended to reflect the diversity of its target users.
MaidSafe’s aim is to ensure confidentiality, security and freedom for all its users.
Even today, online data remains insecure and subject to theft. More than 2.5 billion pieces of personal data were stolen in 2017, for example. Similarly, it is sometimes difficult to trust the companies that secure data. While current methods guarantee the security of data such as credit cards or medical records, using the Internet requires us to give up the principle of privacy. This privacy is not synonymous with secrecy or crimes to hide, but rather with protecting the ability of each individual to choose which thoughts and actions to share.
Maidsafe is looking for a new way of managing data by combining several features. This will offer a level of security unmatched by current methods. The principle of the project is based on the creation of a decentralised Open Source data network called the SAFE network.
MaidSafecoin
MaidSafecoin is the temporary cryptocurrency coin used for the alpha and beta versions of the SAFE (Secure Access For Everyone) network. MAID is an acronym for Massive Array of Internet Disks. There is no total supply of MAID coins, except by mathematics, which allows for around 4.3 billion MAIDs. This is determined mathematically by the fact that each part file is 32 bits long, which leaves as many possible combinations of numbers. This is true of the SAFE coin, which is a file, but MAID is a cryptocurrency.
How does MaidSafecoin work?
A P2P, secure, data-centric network
The ultimate goal of the SAFE network is to “create a secure, autonomous, data-centric peer-to-peer network as an alternative to the current server-centric model”. There will be two main users of the network: clients and farmers. The client accesses the various functions of the network, such as browsing, data storage or money transfer. Farmers store and manage your data until it is needed, at which point they can receive a reward for their efforts. The SAFE network is an “encrypted layer that sits on top of the current internet, enabling autonomous data storage and networking by replacing three of the OSI network layers”.
Farming” to replace mining
Instead of mining, SAFE network users will be able to share system resources in the same way that they control upload and download speeds in current BitTorrent clients. However, instead of just network bandwidth, users will also share hard disk space, memory and processor processing power.
MaidSafe uses the term “farming”. This is known as resource proofing.
Instead of solving complex algorithms, farmers essentially act as Internet microservers, storing user data in vaults. When users access the data, the farmers are rewarded by SAFE for providing it first. The distribution system uses a random coin generator, and if the coin generated does not belong to anyone, it becomes yours. The system is of course encrypted and secure.
The virtuous circle of MaidSafecoin security
The MaidSafe network has been designed to offer users a decentralised way of storing their data without the usual companies getting involved. In this way, the network aims to create a virtuous circle of secure storage by cutting out leaky intermediaries. Farmers are rewarded for the security they provide, and this same reward enables them to secure even more data in the future.
So the tokenisation of the distributed Internet concept is the new ingredient that MaidSafe brings to the table. It will be interesting to see whether the development team succeeds. It will require solid technology and a lot of money for marketing.
What’s the point of using and investing in the MaidSafecoin network?
MaidSafe, the first project of its kind
Although it was created before Bitcoin, MaidSafe clearly hopes that jumping on the blockchain bandwagon will lead it to success. The idea of a mesh internet is not new – TOR and torrents have been using distributed and decentralised methods for years. MaidSafe has simply symbolised the process. The company hopes that, at the end of its development, the network will be a project synonymous with innovation. Indeed, it goes completely against the grain of the all-powerful user data sales industry. Even better than what is currently on offer in terms of security, this network will be autonomous and will not depend on any company likely to use this data.
Absolute data security with the MaidSafe network
MaidSafe offers a number of new data security features. For example, when you transfer a file over the network, such as a photo, it is broken down into pieces, called shards, and fully encrypted. This data is then randomly distributed across the network, and redundant copies of the data are created so that if the person storing parts of your file shuts down their computer, you can still access it from somewhere else on the network. What’s more, as no node on the network stores your entire file, they can’t read it in its entirety, which adds an extra layer of security. The network automatically creates extra copies of the most requested data so that the most popular websites can be accessed from more nodes, further speeding up the system.
SAFE’s hash function is capable of mapping any piece of data into 256-bit strings, and the network can XOR the hash value to randomly create a unique distance to any other piece of data. This is not a physical distance but a mathematical distance between two numbers.
MaidSafeCoin is opposed to centralised storage and therefore offers a solution in the form of safes. The safe software can connect you to the SAFE network and save the distributed data on your computer. The people who manage the safe software are known as farmers. You can voluntarily become a farmer by informing the network, which then sends you a request for proof of resources to check your bandwidth and CPU power.
The future of the MaidSafe network?
Safecoin will serve as a currency for the SAFE network, a network made up of the extra hard disk space, processing power and data connectivity of its users. Its aim, therefore, is to establish a sharing economy, but for digital resources. MaidSafe’s ambition is to save the world from the dangers of centralised data storage. At present, in the best-case scenario, companies use your data to better target you for their advertisers. In the worst cases, they disclose your private data to the public, like Yahoo, Target and other companies.
The disadvantages of MaidSafecoin
With this virtual currency, it is still impossible to exchange fiat currencies for MAIDs. What’s more, MAID tokens are not widely accepted as payment outside the SAFE network.
Often, niche coins lack the support that other, better-known cryptocurrencies might have. However, as this currency is project-specific, this is a justified shortcoming.
How do I manage MaidSafecoins?
How do I get MaidSafecoins tokens in 2021?
To obtain MaidSafecoins, you need to:
Obtain a suitable wallet: As this cryptocurrency is the currency of a very specific network, there are few compatible wallets. The safest and easiest option for MAIDs is to create an OmniWallet.
Buying MaidSafecoins using Bitcoins: MaidSafe currency cannot be exchanged for fiat currency. You will therefore first need to invest in Bitcoins to make the exchange. Exchange platforms such as BC Bitcoin or Binance are available for niche currencies.
Store your coins in a wallet: It is more reliable to store your cryptocurrency in a secure wallet than on the exchange platform.
How do you store and secure your MaidSafeCoins tokens?
Safecoins are based on a system of accounts, so the system stores the balances of all the accounts. Transfers are based on the signature of the last owner, which is different from the usual blockchain mechanism such as Bitcoin. However, the Maidsafe system shares certain similarities with Ethereum’s accounting system.
The OmniWallet
The OmniWallet is an online wallet that stores your tokens in the cloud. It requires no download and is easy to use. This wallet offers few features but specialises in usability. It’s rare to find a wallet with such a simple and easy interface. So OmniWallet is made for everyone, even beginners. It also works with any operating system: Windows, Linux and Max OS.
This wallet is a hot wallet and is therefore suitable for traders exchanging an average rate of cryptocurrencies in fairly short time intervals. Be careful, though, as your tokens will remain online and may be subject to attack. What’s more, this wallet only deals with a small number of virtual currencies and therefore limits trading freedom.
MAIDs can be stored in the OmniWallet until they are converted to SAFE when the main network is launched. ICO token holders will receive 10% of the SAFE offering, but a further 5% will be given to the founders and shareholders of the project, meaning they will own a third of the initial offering.
How do I sell my MAID tokens?
As with the purchase of your Safecoins, you can resell them on the exchange platforms mentioned above. Note that you will need to exchange them for Bitcoin again, as this cryptocurrency cannot be exchanged for fiat currency.
Have you lost access to your MAID tokens?
Unfortunately, if you lose your password or private key, or even if they are hacked, it is almost impossible to recover your tokens. It is therefore essential to secure your wallets and keep your access codes away from your computer.
For more details, see the previous article on Monero and its XMR.
Our verdict: MaidSafecoin, a good investment choice?
Is MaidSafecoin a good stock market investment?
In terms of stock market investment, MaidSafeCoin may not be the best choice. While the currency itself is likely to have a bright future with the emergence of the SAFE network, it remains a niche cryptocurrency. It is very difficult to buy or sell, as you have to go through Bitcoin. What’s more, its price is not very high, although it has seen some interesting rises.
Its main interest lies in the possibility of farmer and securing data and thus participating in the development of the decentralised data network project. Once the network is available, the most interesting thing for most users will be being able to secure their data. At that point, the MaidSafeCoin will undoubtedly take on greater significance, as it will reward farmers.
The development team is still at the Alpha 2 stage of its roadmap. So this cryptocurrency, like many others, has a promising future, since the concept of a decentralised Internet is new and growing fast. One example of this is Cosmos, which has objectives similar to those of the MaidSafe project. Following on from the principle of the first cryptocurrencies and new ambitions, MaidSafeCoin is part of a project to decentralise money, social media and, above all, online data. This is a major issue in the conscious use of networks. The MaidSafeCoin and the MaidSafe network in general represent an innovation to keep an eye on, as it could well bring the principle of privacy to networks that are tending to lose it.
