[ANN] [SAFE] Safecoin - Solana Fork - Community Edition of Solana

[safecoin]

Welcome to the New Safecoin

The Safecoin project and community have always been focused on putting security first to achieve real adoption in blockchain.   In fact we believe that any credible blockchain, De-Fi, dApps solution worth doing should build that solution on a secure foundation because we are ultimately dealing with digital money.   In March of 2018, a Komodo-based version of Safecoin was launched which at that time offered some of the most secure and private technology in terms of focus and innovation (ie., dPOW).     Late in 2020, we evaluated two things:

• Our Remaining Roadmap (most of it had been completed)
• The state of blockchain technology

We discovered that we had one final remaining critical item on our Roadmap, to build a secure and on-chain DEX capable of widespread adoption.    Looking across many disruptive technologies that have recently emerged, we saw an opportunity to create  a decentralized on-chain platform which functions with similar performance to a centralised exchange while providing a non-custodial and decentralised experience.   We also discovered that bitcoin itself no longer had the best finality (time required for a transaction to become irreversible) and could not compete with current technology in terms of speed, performance, and capabilities (lacking turing complete smart contracts).    As such, dPOW itself which inherits these properties from bitcoin, also became out-dated for the use cases we sought.

After months of research, development, and testing, Safecoin has Re-launched with a 1:1 fair swap to a new chain based on a Solana codebase.   Solana achieves record breaking performance through solving fundamental consensus, and thus security issues, around the concept of time in decentralized systems, through Proof of History.   It comes as no surprise to us that the world's most performant blockchain reached these achievements through solving security problems.

The result is a vastly more secure and performant blockchain:

• Sub-second finality (PoH), versus previous 10-60 minute finality (dPOW, limited to finality of bitcoin technology)
• Consensus Timestamped transactions - This solves a major barrier in decentralized systems and is part of a larger conversation.  One example of what this does is it eliminates front-running in decentralized exchanges and liquidity pools
• >100,000 TPS, versus ~15 TPS (achieved through multi-threading and many other advancements)
• Secure Rust-based code
  
• Highly performant WASM and Solidity Smartcontracts
• On-chain Tokens with an ERC20 Ethereum Bridge

We didn't just stop there.   We also improved the Solana code as well to provide a "Community Edition" of Solana more suited to worldwide adoption:

• We reduced ledger size to ~ 2 TB/Year, from Solana's ~160 TB/Year through improvements in consensus, storage, and compression
• We removed KYC gates from the Solana code as we rightly should.  No KYC is required for staking or validators or any other use of the new Safecoin blockchain
• We launched the chain on a completely fair launch proof of work store of value with no IEO, no ICO, no sales of any kind (existing Safecoin ledger)

In doing so, we believe we have introduced the world's most Performant and Decentralized Community blockchain (by making improvements in the feasibility of its decentralization).    This is our vision of what real worldwide blockchain adoption looks like.    We already have an incredible amount planned, and we are hard at work on SafeSwap, a decentralized on-chain exchange which will operate on top of the new Safecoin in the very near future.


Original Thread:  https://bitcointalk.org/index.php?topic=2838370

SafeCoin Website:  SafeCoin.org

Source:    https://github.com/Fair-Exchange/SAFE

Discord:    https://discord.io/safecoin

Telegram: https://t.me/SafeCoinEN

Twitter: https://twitter.com/SafeCoins

Reddit: https://www.reddit.com/r/SafeCoins/

Instagram: https://www.instagram.com/safecoinproject/     https://www.instagram.com/safetradeexchange/

Facebook: https://www.facebook.com/safecoins/

Youtube:  https://www.youtube.com/c/Safecoin

Supply:  36 Million Max Possible Supply.  May be reduced after the swap.

Emissions:   Gradual Emissions reduction over a 10 year period to achieve 36.2 Million Max supply

Wallets (Win/Mac/Linux GUIs and Clients): http://safecoin.org/wallets/

Block Explorer: https://explorer.safecoins.org/

Exchanges:  SafeTrade    <--Currently supporting new chain [SAFE] and old chain [SAFEC]
                       Graviex            <-- Currently supporting old chain
                       Crex24   <-- Currently supporting old chain



WhitePaper: https://safecoins.org/knowledge-base/originalwhitepaper/



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[1714997388]

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[1714997388]

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[1714997388]

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[safecoin]

Reserved

[safecoin]

reserved

[SmallRig]

That's awesome!. This was needed. Komodo to Solana blockchain

Reserved! All the best 

[Mofatness]

Awesome stuff!! Really excited about the future of SafeCoin.

[YellowFeveRs]

Awesome!! I am excited to see what is to come in the coming weeks / months...

Keep up the great work 

[Archimedes1618]

Very glad to be on this journey with all of you!
The level of optimization that Jeff Galloway achieved is incredible, this chain is most likely unchallenged in performance efficiency

Looking forward to all the nice DeFi candy

[colinfx]

Reserved

[Mr-Coins]

Very excited about this new Solana code base for SafeCoin, eager to see how you guys develop and optimise from here 👍

[colinfx]

Is it possible to gpu mine the new Safecoin (if so where are the details) or is it pos only?

[Mofatness]

Can you give an estimate on a full roll out of SafeCoin Validators? Testing is ongoing now, correct?

[Gamevid4]

Congrats on the launch of the new chain. Some great tech underpinning Solana and I really like some of the modifications made particularly the Validator HW requirements. Allows for a lower barrier to entry and more decentralization.

Question on Validators. Does a Validator get a slashing penalty in certain situations like down time or if it violates proof of history? On Solana:

“Validators may be penalized if they violate the network rules and Proof-Of-History. If validator is unresponsive it may lose corresponding rewards with possible algorithmic reduction of active validator's stake, which is earning SOL rewards.”

Thanks, looking forward to the DEX & other developments

[aginghippy]

love the idea of a community solana

the hardware requirements for their validators are nuts.  I understand wanting to be the absolute fastest chain from a marketing perspective as ethereum is experiencing so much usage and not scaling well yet, but it really does kind of limit the potential for decentralization.

If safecoin has really created an optimized version of that with validators that are affordable to the average person, that's amazing!  Excited to see where this goes.

eager to see the potential for validator rewards.

[safecoin]

Is it possible to gpu mine the new Safecoin (if so where are the details) or is it pos only?

Both are correct

The new Safecoin is POS only, however due to its robust design with 100,000+ TPS at sub-second block times, it can utilise GPUs to process these transactions and those operators can earn SAFE for doing so.

You can look up Solana Validators for more information on this, we are completing testing and development of our implementation.   

Two distinct differences:

• The hardware requirements will be significantly less than Solana validators
• We have removed any KYC requirements to earn SAFE

[safecoin]

Can you give an estimate on a full roll out of SafeCoin Validators? Testing is ongoing now, correct?

Great question, we're looking at a 7-10 day rollout and we're looking for community feedback on what they want to see in the validators. 

Obviously, we're putting a lot of work into making them more accessible for people to run.    Initial testing has gone well

[safecoin]

Congrats on the launch of the new chain. Some great tech underpinning Solana and I really like some of the modifications made particularly the Validator HW requirements. Allows for a lower barrier to entry and more decentralization.

Question on Validators. Does a Validator get a slashing penalty in certain situations like down time or if it violates proof of history? On Solana:

“Validators may be penalized if they violate the network rules and Proof-Of-History. If validator is unresponsive it may lose corresponding rewards with possible algorithmic reduction of active validator's stake, which is earning SOL rewards.”

Thanks, looking forward to the DEX & other developments

Thanks kindly and fantastic question, in our current implementation yes there is some slashing.   However it is less than what is in Solana.

Very open to your thoughts on how you'd like to see this work.    Definitely Proof of History and our TPS care about uptime.    How we achieve that, is up to us.    The slashing penalty is good for maintaining minimums.   Rewards are good for reaching maximums.

We are also looking forward to the DEX

[Mofatness]

Can you give an estimate on a full roll out of SafeCoin Validators? Testing is ongoing now, correct?

Great question, we're looking at a 7-10 day rollout and we're looking for community feedback on what they want to see in the validators. 

Obviously, we're putting a lot of work into making them more accessible for people to run.    Initial testing has gone well

Awesome!!

[Swagga82]

Important Notice: Safecoin Swaps to Solana Codebase

Dear SafeTrade User

Firstly we would like to thank you for your continued support in using our platform. During the last 3 years, SafeTrade has evolved into what we feel is one of the finest community driven exchanges available. We pride ourselves in listing quality cryptocurrency projects which are also very community driven. In an effort to support them better we will be introducing an integrated and industry leading on-chain trading experience in the near future (SafeSwap).

This brings us to some very exciting news for SafeCoin, the foundation for our on-chain trading. Before we go on, here’s the take-home message for holders:

You will need to swap your SAFE before May 9, 2021.

For more info please visit:

https://discord.io/safecoin
https://safecoin.org/safecoin-swap-instructions
https://safecoin.org

Or get your questions answered at our next AMA: (March 27, 6pm UTC)
https://youtu.be/7UxjfhimeBY

As of this email, Safecoin is now based on a customized Solana blockchain implementation. This dramatic change fulfils SafeCoin’s original vision of providing secure on-chain decentralized trading with the real-time performance of a centralized exchange but without high fees, front-running, or other compromises. To meet this critical roadmap item required a complete rethink of the Safecoin blockchain and design, and it was absolutely worth it.

Safecoin didn’t just stop at moving to a Solana codebase, it was researched and developed for months to improve on it, to make Solana technology better for decentralization and adoption. Our various Consensus, privacy, data management and compression enhancements lowered the peripheral requirements to allow cost efficient use of SafeCoin’s highly performant, stable and secure Blockchain by anyone, allowing for widespread adoption.

Here is a quick real world example

Approximate unpruned disk space use over 1 year:

Solana: 160 Tb
Safecoin: 2 Tb (Identical Performance and Scalability)

Similarly proportioned game changing improvements in RAM, bandwidth, and more were achieved, and further performance improvements are in development. The modified consensus enables a wide decentralization of the Network by setting a low entry level to participate. This marks a turning point in our efforts to bring cutting edge technology in the hands of creators and inventors all around the globe and allows us to further proceed in creating the envisioned ecosystem, safe and secure, accessible for everyone.



The adaption of this new technology is a milestone for the project and enables the full vision of the Ecosystem to come to life and lays the foundation for a complete DeFi package. AMM´s, Decentralized Exchanges, Borrowing/Lending, Insurance and NFT´s, all powered and secured by Safecoin. With potential to process well over 50,000 transactions per second the Safecoin blockchain is able to host extremely throughput hungry applications at an unchallenged cost efficiency.

This will mean that the current SafeCoin Wallet addresses will no longer work. SafeCoin is doing a 1–1 swap onto the new chain. The coin swap is taking place on SafeTrade and you will have until May 9th perform the swap. Don’t want to swap on a centralized exchange? An on-chain solution (as part of SafeSwap) will be provided in the near future.

[Mofatness]

Important Notice: Safecoin Swaps to Solana Codebase

Dear SafeTrade User

Firstly we would like to thank you for your continued support in using our platform. During the last 3 years, SafeTrade has evolved into what we feel is one of the finest community driven exchanges available. We pride ourselves in listing quality cryptocurrency projects which are also very community driven. In an effort to support them better we will be introducing an integrated and industry leading on-chain trading experience in the near future (SafeSwap).

This brings us to some very exciting news for SafeCoin, the foundation for our on-chain trading. Before we go on, here’s the take-home message for holders:

You will need to swap your SAFE before May 9, 2021.

For more info please visit:

https://discord.io/safecoin
https://safecoin.org/safecoin-swap-instructions
https://safecoin.org

Or get your questions answered at our next AMA: (March 27, 6pm UTC)
https://youtu.be/7UxjfhimeBY

As of this email, Safecoin is now based on a customized Solana blockchain implementation. This dramatic change fulfils SafeCoin’s original vision of providing secure on-chain decentralized trading with the real-time performance of a centralized exchange but without high fees, front-running, or other compromises. To meet this critical roadmap item required a complete rethink of the Safecoin blockchain and design, and it was absolutely worth it.

Safecoin didn’t just stop at moving to a Solana codebase, it was researched and developed for months to improve on it, to make Solana technology better for decentralization and adoption. Our various Consensus, privacy, data management and compression enhancements lowered the peripheral requirements to allow cost efficient use of SafeCoin’s highly performant, stable and secure Blockchain by anyone, allowing for widespread adoption.

Here is a quick real world example

Approximate unpruned disk space use over 1 year:

Solana: 160 Tb
Safecoin: 2 Tb (Identical Performance and Scalability)

Similarly proportioned game changing improvements in RAM, bandwidth, and more were achieved, and further performance improvements are in development. The modified consensus enables a wide decentralization of the Network by setting a low entry level to participate. This marks a turning point in our efforts to bring cutting edge technology in the hands of creators and inventors all around the globe and allows us to further proceed in creating the envisioned ecosystem, safe and secure, accessible for everyone.

https://preview.redd.it/lkhlaytffro61.png?width=1617&format=png&auto=webp&s=f838f69895d982e4ecdba159c2b989bd74fbed5a

The adaption of this new technology is a milestone for the project and enables the full vision of the Ecosystem to come to life and lays the foundation for a complete DeFi package. AMM´s, Decentralized Exchanges, Borrowing/Lending, Insurance and NFT´s, all powered and secured by Safecoin. With potential to process well over 50,000 transactions per second the Safecoin blockchain is able to host extremely throughput hungry applications at an unchallenged cost efficiency.

This will mean that the current SafeCoin Wallet addresses will no longer work. SafeCoin is doing a 1–1 swap onto the new chain. The coin swap is taking place on SafeTrade and you will have until May 9th perform the swap. Don’t want to swap on a centralized exchange? An on-chain solution (as part of SafeSwap) will be provided in the near future.

Jeff (@SafeCoin) really did a great job optimizing the codebase. The hardware reductions are a huge benefit!

[Mr-Coins]

Can you give an estimate on a full roll out of SafeCoin Validators? Testing is ongoing now, correct?

Great question, we're looking at a 7-10 day rollout and we're looking for community feedback on what they want to see in the validators.  

Obviously, we're putting a lot of work into making them more accessible for people to run.    Initial testing has gone well

I'm really looking forward to the SAFE Validators release.

So, i'm going to put my $0.02 in now for the perfect Validator ...

1) Rewards. I saw in Discord that currently 80% of all SafeCoin Classic emissions go to miners.
2) Will the current emissions rate remain unchanged? ( 1440 blocks x 4 SafeCoin = 5,760/day )
3) How will the emissions be split between the Validator and the delegated Stake?

Given the above, am I right to assume that the earnings potential of your SafeCoin stack will now be considerably higher than the former SafeNodes simply because of the loss of the miners emission share?

Looking at Solana, their overall emissions rate is around 8%/pa and the returns on their Validators are reported to be around 13%/pa.