A new community currency for Vancouver

Hi everyone,

Another project of mine right now is trying to bring a community currency to the city of Vancouver (paying for public transit, reward loyalty from local businesses, etc.) And I’ve been looking into Safecoin, looks interesting. I’m not saying I will use it yet, but one of the things I really like about it is that it doesn’t spin cycles on useless computations. There are assets (physical hard drive space) being used.

Looking for thoughts :smile:. I am also looking at how Safecoin could be used to bolster the community businesses and help the local farmers (real farming).

Kind regards,
Neil

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The Fed also doesn’t spin cycles on useless computations, but let’s put that aside.

Key is the ability to circulate, so for real life uses it will be important for exchanges like SAFEX (search this forum) to be available. But even with those, you will likely be able to exit only to the useless-spinner BTC, so anyone who accepts SAFE ultimately creates demand for BTC as well.

hmhmmm - if your timescale for this project is not too tight and safecoin gets its time to proove (or not ; ) its reliability then I’d say it could be a very cool project.

Of course the exchange-thing would have to be tackled … but being able to transfer safecoin at network speed (and without bitcoin latency) would definitely be a win here :slight_smile:
(I myself probably would be too conservative and too anxious to use safecoin in any large-scale-project before I’m very very sure everything works as hoped :wink: )

Right now it seems like most of the solutions are in their infancy anyhow, so time scale wise I think Maidsafe will have some time. So far it looks like a good system (speaking as a software engineer). Regarding safecoin, is it inflationary? I read somewhere that it is dictated by the number of assets on the system, would be great to get a brief explanation on it. My time is limited so I’m trying to learn as much as possible by asking questions. As time permits, I will be doing my own due diligence as well.

ok - yes then safecoin really could have some advantages over other crypto-currencies … but i’m more a dilettante when it comes to the details of crypto-currencies in general … my focus here is more the whole network …

I’m pretty sure you read at the website ( http://maidsafe.net/safecoin )
"Safecoin has a predictable cap of 4.3 billion coins and at present, only
10% have been released via an intermediary coin, MaidSafeCoin, during a
crowd sale […]"
so yes from start there will be 10% crowdsale + 5% early supporters (i think… @whiteoutmashups made a cool pie chart illustrating the start point but I don’t find it right now) and then there will be an inflation at the beginning but I can’t say how fast and to what point … coins get recycled when people store data inside the network and farmers get coins for farming this data … as far as I think I know there is a level of equilibrium as target amount of safecoins in existance but even when there are no coins recycled there can’t be more than 4.3 billion coins - no inflation planned long-term

Within the next days the new Website should be online and I’m positive that there will be a better explanation than I am able to give…
… but since safecoin isn’t implemented yet, you of course should keep in mind that details aren’t set in stone yet …

you saw the paper about safecoin on the website? ( http://maidsafe.net/docs/Safecoin.pdf - i think it isn’t linked in the safecoin section …)

in this forum there too has been talked a lot about safecoin too … but i think the easiest way to get clearly structured (and reliable) info would be to be patient for some more days and wait for the new website :wink:

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For the community currency i would suppose Safe Exchange might work well, this is an application ontop of safenetwork that allows developing contracts and sendinf financial messeges privately or publicly.More like trade related e commerce platform you can check it out here http://safex.io.

Safecoin has a limited cap of 4.3 Billion definitily it wont be released all at once but distribution is based on demand , network usage and resources etc. This creates value over time as it avoids pumps and dumps in other cryptocurrencies. The good part of safenetwork is the new business model in case of applications monetisation is automatic in the sense that you get paid safecoins depending on the number of users in the app more details are on the website and whitepaper.

Considering that safenetwork will be internet 3.0 :blush: for lack of a better analogy i, and safecoin being the reserve currency of the network , it means the coin will have tremendeous value as you know trillions of dollars exchange hands everyday on the traditional internet. I suppose safecoin will also be in such volumes when the network gets mass adportion. Thats as far as i know in my own understanding goodluck