A Spotlight on: The New Digital Economy

Please note: this is a repost from Medium — please feel free to support and comment on the article over there too, if you are able.

A Spotlight on: The New Digital Economy

We’ve explored the Perpetual Web, Private Communications, Take Control of Your Data and now, the final one in the series, the New Digital Economy.

This is an exciting chapter for us, as a key part of the architecture of the SAFE Network. SAFE needs data to operate and data cannot be maintained without incentivising resource providers (known as Farmers). This incentive is Safecoin. You can see how Safecoin works on a technical level by checking out the latest iteration of the RFC which details out the build beautifully. But today, we’d like to discuss another core aspect of the New Digital Economy within the Network: making sure that you no longer pay for your digital life with personal data.

The world of surveillance capitalism

The term ‘surveillance capitalism’, coined by Shoshana Zuboff, is an economic logic that has taken advantage of the prosumer of Web 2.0. This logic monetises human experiences. Every single action you take online, every step you track with your FitBit and each song you play on Spotify is greedily consumed and commercialised by the system. Our online lives are reduced to a raw material — the oil of the digital era. But there is a clear alternative for those who believe paying with personal data and accepting tracking and surveillance by Silicon Valley behemoths is no longer acceptable.

Paying your way with Safecoin

Safecoin is a cryptocurrency like no other (if we do say so ourselves). There’s no limit to the number of transactions which can take place and those transactions happen instantly and simultaneously. Unlike other forms of digital cash, they don’t rely on a blockchain so there’s no public ledger. Only the current and previous owner of each coin are known to each other so you can be paid in private. With the announcement of Facebook’s Libra project, privacy-centric coins are becoming ever more important for those who believe as we do that financial privacy is a fundamental human right, with money acting as a token to enable freedom of speech.

Anonymity is often missing in crypto payments. Take Bitcoin. It’s one of the least anonymous digital payment methods available today. There are many different privacy-focused alternatives that seek to fill that demand (for example ZCash and Monero). And the game moves on further with the introduction of Safecoin.

On a more practical level, Safecoin will be super-easy to use. If you can send someone a payment today via PayPal, then you’ll be more than ok to send a payment via Safecoin. This simplicity is often missing in cryptocurrencies, which means a user needs a certain level of technical literacy to get involved. We want to make sure that inclusiveness runs through the veins of this new economy.

Opening up the (economic) world

For those who provide resources to the Network — bandwidth, storage, online time — the rewards will be digital and accessible. Through this, they earn Safecoin, which can then be used to buy Network resources — like the one-time fee for uploading data to be stored permanently — or exchanged for goods and services like any other currency.

No pleading with a bank to let you open an account. Or waiting for an institution to deem your local economy worthy of the expenditure involved in building a branch. Just set up online and join the Network from anywhere around the world that you have a connection to the Internet.

This won’t be the last you hear of the New Digital Economy. No, we’re only at the beginning of exploring the value this will unlock, not just economically but socially and politically too. Your personal data will become valuable — because you will always decide who will have access to it and be paid accordingly.

You are no longer the product. You are the Network. And now, the choice is yours.

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Brilliant stuff - thanks for sharing!

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Nice. Will the SAFE Network support other coins as well (in the future)? For example, will it be possible to create our own USD stablecoin?

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For nature of SafeCoin it is not possible to have stable coins with out big reserves of USD to cover different ratio between used and farmed coins. But it is possible to run other stablecoin projects on SAFEnetwork.

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In time it will support everything we can imagine right now on the net and hopefully much more. Our immediate goal is release phase I and move quickly from there.

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Safecoin looks to be developing into the perfect cryptocurrency. It will be excellent for creating an internal SAFENetwork economy as well as helping the external economy.

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I like that. I like that a lot. :slightly_smiling_face:

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Thanks so much @JimCollinson and team for this series plus the podcast (@fergish great work as always). It is stuff that I have been hamming my way through trying to describe for interested family and friends for a while now, I try focus on these elements rather than the technical where I can only talk even more approximately.

And now at a moment when focus sharpens on Fleming you come out with these providing a clearer image of several huge and remarkable aspects of how the user will experience the network, the timing is just wonderful and it’s very shareable stuff. Hats off!

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Couldn’t agree more. Hope this is used when the marketing campaign becomes more prominent :clap:t2:

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TThe intentions are good I like it. The reality hits when exploiters find vuulnerability in the system and begin to take advantage or misuse the system for profit. The system to defend itself begins to fortify itself against such exploiters and begins to become complex and harder to use. I hope that safe coin will be dynamic and continually evolving in simplisity as well as security. Best of luck and thank you team Safe Network.

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I have followed Tim Pool as an independent YouTube news reporter/commentator for a few years now. He has teamed up with the creator of Minds.com to try and develop an independent news company, Subverse, free from the biases of the corporate media. He has good values and does both news and commentary. I can totally respect him even if I don’t always agree with all of his political opinions. He also has an interest in crypto and has discussed BTC and a few other coins on occasion on his YouTube channel. When the time is right I think he and/or Subverse could be an excellent channel to get the word out about the SAFENetwork to a wider audience. And at some point I think they may be great contacts to get involved with actually publishing content onto the network. A link to their fundraising video that describes what they are trying to do (decentralized news):

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Why aren’t there more claps?

What is Maidsafes process for marketing their articles?

Shared to r/privacy https://www.reddit.com/r/privacy/comments/cp5nu6/the_world_of_surveillance_capitalism_a_spotlight/?utm_medium=android_app&utm_source=share

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Just shared here:

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I recommend editorializing titles to suite the subreddit.

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Thank you for the information!

With the talk of India banning cryptocurrency, with talk of heavy fines and a decade in jail, it made me ponder anonimity. While blockchain privacy coins promise to preserve anonimity, they still leave a trail. What if one day a flaw is found in the algorithm and transactions can be traced back to their originators?

For me, this is a huge advantage of SAFECoin. By design there is literally no trace beyond the parties involved. There is no encrypted trace to attempt to hack through, no ability to monitor times, blockchain activity and so forth. When it comes to jail time being possible, these sort of things become critically important.

The fact that coin data is mixed in with all other data just adds more noise to hide coins in. Very useful noise too, of course, but handy for spend g coins too!

Keep up the great work team! The world needs this technology!

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