[ANN] IPO of MaidSafe: Entering the Future of the Decentralized Internet

[MrBig]

Hi there I got a few questions about safecoin.

I was reading about it and what I understand so far is that it's proof-of-resource, so basically farmers gain coins by providing storage and processing power on the network for the benefit of other people. Now bitcoin is proof-of-work, so the miners get a percentage of the coins based on how much work they contribute. As we know, the value of bitcoin goes up and down due to speculators and other reasons. When the value dips a lot and mining isn't profitable, people start taking their miners offline reducing the total hashing power.

Now let's compare this to the proof-of-resource model, say safecoin has 1000 terabytes of cloud storage and the price drops to a point where it's not profitable to keep farming machines running so many take them offline. Now let's say that 950 terabytes of storage was being used to store data, but after a lot of farmers went offline there's only 750 terabytes available. What would happen to the excess data? Is a scenario like this possible? I'm still trying to understand this whole concept as it does seem a little confusing.

Also are 51% attacks a possibility on proof-of-resource networks? It would seem a lot easier for a giant corporation to gain 51% of the network I guess.

Can someone with more knowledge give their insight please?

Thanks

Bump, any insight would be helpful, thanks.

[1714006079]

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[littleblue]

is msc traded publicly on an exchange yet?

https://www.masterxchange.com/market.php?currency=maid

you  are a good man , i read your Everypost，thanks  for  your all post！

[niner]

Hi there I got a few questions about safecoin.

I was reading about it and what I understand so far is that it's proof-of-resource, so basically farmers gain coins by providing storage and processing power on the network for the benefit of other people. Now bitcoin is proof-of-work, so the miners get a percentage of the coins based on how much work they contribute. As we know, the value of bitcoin goes up and down due to speculators and other reasons. When the value dips a lot and mining isn't profitable, people start taking their miners offline reducing the total hashing power.

Now let's compare this to the proof-of-resource model, say safecoin has 1000 terabytes of cloud storage and the price drops to a point where it's not profitable to keep farming machines running so many take them offline. Now let's say that 950 terabytes of storage was being used to store data, but after a lot of farmers went offline there's only 750 terabytes available. What would happen to the excess data? Is a scenario like this possible? I'm still trying to understand this whole concept as it does seem a little confusing.

Also are 51% attacks a possibility on proof-of-resource networks? It would seem a lot easier for a giant corporation to gain 51% of the network I guess.

Can someone with more knowledge give their insight please?

Thanks

Bump, any insight would be helpful, thanks.

I believe that having 51% of the storage/cpu/bandwidth resources would give you 51% of the farming income.
Although  I don't see how that would allow you to double-spend safecoins or mess with other people's data.

It is not mentioned as an attack vector in this topic: https://groups.google.com/forum/#!topic/maidsafe-development/fFY34cKXIMs

If I understand your first question, the network would need to have enough redundancy to handle a certain percentage of farmers going offline.
Each shard of data would be stored on a large number of nodes.

Caveat: Just my thoughts after reading the white paper a few weeks ago and having forgotten most of it.
https://github.com/maidsafe/Whitepapers/blob/master/Project-Safe.md

[Chang Hum]

is msc traded publicly on an exchange yet?

https://www.masterxchange.com/market.php?currency=maid

you  are a good man , i read your Everypost，thanks  for  your all post！

Thank you my friend 

[MrBig]

Hi there I got a few questions about safecoin.

I was reading about it and what I understand so far is that it's proof-of-resource, so basically farmers gain coins by providing storage and processing power on the network for the benefit of other people. Now bitcoin is proof-of-work, so the miners get a percentage of the coins based on how much work they contribute. As we know, the value of bitcoin goes up and down due to speculators and other reasons. When the value dips a lot and mining isn't profitable, people start taking their miners offline reducing the total hashing power.

Now let's compare this to the proof-of-resource model, say safecoin has 1000 terabytes of cloud storage and the price drops to a point where it's not profitable to keep farming machines running so many take them offline. Now let's say that 950 terabytes of storage was being used to store data, but after a lot of farmers went offline there's only 750 terabytes available. What would happen to the excess data? Is a scenario like this possible? I'm still trying to understand this whole concept as it does seem a little confusing.

Also are 51% attacks a possibility on proof-of-resource networks? It would seem a lot easier for a giant corporation to gain 51% of the network I guess.

Can someone with more knowledge give their insight please?

Thanks

Bump, any insight would be helpful, thanks.

I believe that having 51% of the storage/cpu/bandwidth resources would give you 51% of the farming income.
Although  I don't see how that would allow you to double-spend safecoins or mess with other people's data.

It is not mentioned as an attack vector in this topic: https://groups.google.com/forum/#!topic/maidsafe-development/fFY34cKXIMs

If I understand your first question, the network would need to have enough redundancy to handle a certain percentage of farmers going offline.
Each shard of data would be stored on a large number of nodes.

Caveat: Just my thoughts after reading the white paper a few weeks ago and having forgotten most of it.
https://github.com/maidsafe/Whitepapers/blob/master/Project-Safe.md

Regarding my first question, do you think it would be cost-prohibitive to provide such storage redundancy when compared to centralized cloud-based storage services. I'd imagine that it would be cheaper to have one online instance of data with an offline backup.

Thanks for the link, it did answer a few other issues I was wondering about.

[niner]

@MrBig, They've been at this since around 2007 and Moore's Law has worked as expected.  I would think cost is the least of their worries.

[wood7]

the ipo is too big,so i am not apart

[mamamae]

this is good to know
the site :
http://safecoin.strikingly.com/
is legit ? or is some scam i see a very high price for maidsafe so
probably only for who have more money than i have ...
best price are over masterexchange

[mamamae]

tested
test.omniwallet.org
for BTC , MSc and Maidsafe
something better than even blockchain wallet
but a little risky like any wallet online
you have to extract private key
that's a thing that shared with a site
make your wallet essentially theirs
or if they are hacked ....
until now is going everything smooth and it can be a very
awesome thing more than bitcoin 2.0
a wallet for storing any coin ...
there is even another project for universal wallet paper :
https://bitcointalk.org/index.php?topic=386670.20

[FrictionlessCoin]

tested
test.omniwallet.org
for BTC , MSc and Maidsafe
something better than even blockchain wallet
but a little risky like any wallet online
you have to extract private key
that's a thing that shared with a site
make your wallet essentially theirs
or if they are hacked ....
until now is going everything smooth and it can be a very
awesome thing more than bitcoin 2.0
a wallet for storing any coin ...
there is even another project for universal wallet paper :
https://bitcointalk.org/index.php?topic=386670.20

Could you not just run the wallet on your on laptop? 

[YYY999]

Had Mastercoins from the giveaway thread so doesn't hurt to diversify them a bit into the maid system

[msin]

I personally know of 3 legitimate Maidsafe competitors that will have working products in the next 6 months.  I hope Maidsafe can beat that time frame. 

1st one.
https://bitcointalk.org/index.php?topic=591283.0

[master-P]

I personally know of 3 legitimate Maidsafe competitors that will have working products in the next 6 months.  I hope Maidsafe can beat that time frame. 

1st one.
https://bitcointalk.org/index.php?topic=591283.0

While they do appear to be a maidsafe competitor, there's absolutely no indication that they'll have a working product in the next 6 months. In fact, they're actually asking for 250 btc to use for living expenses for the next year so they can work on their project. 

[newIndia]

I personally know of 3 legitimate Maidsafe competitors that will have working products in the next 6 months.  I hope Maidsafe can beat that time frame. 

1st one.
https://bitcointalk.org/index.php?topic=591283.0

While they do appear to be a maidsafe competitor, there's absolutely no indication that they'll have a working product in the next 6 months. In fact, they're actually asking for 250 btc to use for living expenses for the next year so they can work on their project. 

So where is maidsafe development standing at the moment ? Are they able to outperform Ethereum ?

[master-P]

I personally know of 3 legitimate Maidsafe competitors that will have working products in the next 6 months.  I hope Maidsafe can beat that time frame. 

1st one.
https://bitcointalk.org/index.php?topic=591283.0

While they do appear to be a maidsafe competitor, there's absolutely no indication that they'll have a working product in the next 6 months. In fact, they're actually asking for 250 btc to use for living expenses for the next year so they can work on their project. 

So where is maidsafe development standing at the moment ? Are they able to outperform Ethereum ?

I'm not too sure about how far ethereum has come along. Even maidsafe seems to be quite far from having a product released. They seem to be very ambitious with their perception of what the SAFE network will be capable of, but I think if they focus on several smaller goals, they should have a product available for testing in a few months possibly.

[drawingthesun]

the ipo is too big,so i am not apart

Thanks for letting us know. In the future when there is a small IPO I'll let you know so you can be "apart".

[MemoryShock]

I personally know of 3 legitimate Maidsafe competitors that will have working products in the next 6 months.  I hope Maidsafe can beat that time frame. 

1st one.
https://bitcointalk.org/index.php?topic=591283.0

From that thread -

As for maidsafe, I'm having troubles understanding exactly how their system works. It's not well documented (I guess ours isn't either) and some of the features (like data only being stored on 4 machines) seems really insecure. I'm keeping a close eye on Maidsafe though because they seem to know what they are doing. We are a storage only system however (though we offer turing complete scripting, we don't expect it to compete with a real computing platform like EC2) where Maidsafe is bandwidth and compute as well.

They seem to be offering a storage system that uses cryptocurrency much like Safecoin will be used.  They don't claim to be offering what Maidsafe is...

[kooke]

With the way maidsafe botched their IPO, I wouldn't be surprised if their finished product is underwhelming. Another thing that maidsafe lacks is a great community. That does make a big difference and could easily give any competitors an edge. The only reason dogecoin became so popular is because it has a good and active community.

[MemoryShock]

With the way maidsafe botched their IPO, I wouldn't be surprised if their finished product is underwhelming. Another thing that maidsafe lacks is a great community. That does make a big difference and could easily give any competitors an edge. The only reason dogecoin became so popular is because it has a good and active community.

They actually have a very interested and active dev community...hype from the crypto side won't happen until this community starts understanding DACS and Smart Properties...which has already begun to an extent.

POS is already a thing of the past...kind of...

[msin]

They actually have a very interested and active dev community...hype from the crypto side won't happen until this community starts understanding DACS and Smart Properties...which has already begun to an extent.

POS is already a thing of the past...kind of...

Link? The fact that these guys collected $3Mil and don't have a working product is absolutely beyond me.  You will never attract a strong dev community without an inexpensive entry point.  With any large IPO, you will have the crypto dev team, and a bunch of sock puppet cheerleaders, not much else.  If I'm a dev, and buy Maidsafe at a $100Mil marketcap, I expect all development to be completed by the core team.  With that said, I hope Maidsafe is successful because the idea alone is good for all crytpo.