Can someone explain maidsafecoin/safecoin?

Hi i am abit confused with the whole maidsafecoin/safecoin which one is currently live? i have about a thousand maidsafecoin at poloniex what do i do with them to get safecoin? sorry if these are noobish questions but then again i am a noob…lol

thanks

Maidsafecoin is a temporary coin built on the bitcoin blockchain will be exchanged for safecoin (no blockchain) on a 1:1 ratio when the network is live. You’re not able to do this right now because the network isn’t live yet :slight_smile:

If you do follow this forum every once in a while I’m sure you won’t miss the announcement that development is in the stage of converting maidsafecoin to safecoin.

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best off searching the forum and Maidsafe.net, it’s all there…

Thanks for the replies, much appreciated. Just some posts i had seen made it look like safecoin was already live. quick question can you recommend a good wallet to store maidsafe in the mean time?

If you search for ‘store maidsafecoin’ you’ll find a lot of good topics about that :slight_smile:

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As maidsafecoin is effectively stored on a Bitcoin address (on Omni protocol) you can store on any BTC address WHERE YOU HAVE YOUR PRIVATE KEY … you could hold on the Omniwallet (web wallet) if it’s a smallish amount or send them to a paper wallet (offline btc address) and then anytime you want to check or spend the maidsafe coin you can import this paper wallet temporarily to Omniwallet using the private key. I use Bitaddress.org to create new offline btc adresses. here is a video Daniel D made that helps… https://www.youtube.com/watch?v=Jt-KTIo4XPo

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there’s also another web wallet called Holytransaction or something like that,… it also supports MAID… best not to leave them on your Polo exchange wallet if you don’t need to…

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Safecoin doesn’t exist yet and Maidsafecoin (a type of colored Bitcoin) will be redeemable for them once they are announced.

Which won’t be until after vaults and MVP come out, so don’t hold your breath. I mean, don’t cause yourself financial hardship by over-extending your investment thinking your Safecoin ship will soon come in. I would guess how long it might be, and then double that.

Can you expand on the “no blockchain” feature?
How will it work then?

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This should tell you what you need to know.

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Thank you very much!

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Hi everyone. New here. Noob question. I have read that safecoin transactions will be free of fees. Does this not create a vector attack to spam the network free of charge using a botnet for instance?

SAFE doesn’t use a blockchain and is endlessly scaleable. That’s what makes it potentially useful for IoT. It can handle any amount of tx throughput without fees as I understand it. You also can’t ddos websites on SAFE.

Hi Jabba, I don’t want to create controversy but I think your answer avoid my question. I will try again: with free of charge transactions, what prevent malicious users create infinite transactions between them spamming the network?

No worries, I’m not avoiding it. I’m just not technical enough to give you a better answer than that. I’m sure you can find plenty of specific stuff by searching the forum or the blog.

There’s a lot in here and just about every question has been asked before in the forum - and answered by far smarter people than I :wink:

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Ok no problem. Could somebody put some light here? i would really appreciate it. It should be an easy question for someone with deep knowledge of the project. Thanks!

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Welcome to the forum Max :+1:.

Safecoin should be extremely scalable indeed. Only a few groups in the network are involved in the transaction. So it’s probably under 100 nodes that do the transaction in < 1 sec. So with 100.000 nodes in the network this ends up to thousands of transactions per second.

Could there still be transaction spamming? Yes, that’s possible, but all the transactions you make are done from your close group of nodes (Disjoint Group you are part of), so they might allow you to do 100 of them at once, but could use a timer if they think you’re making too much of them. So I have no worries here as attacks could be easily prevented with a little timer feature in the Vaults.

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@polpolrene As I understand it, the network has no concept of time - due mainly I believe to the impracticability of deciding on a network-wide definitive time stamp.
Are you suggesting that each close group maintains a “local” timer with no need for (exact) synchronisation with other close groups?
This timer to be used primarily (or even solely) for preventing flooding…

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This is correct, but there was a timer bug in Crust lately and as far as I understood some timing was involved in there. A solution to a node making tons of Safecoin transactions could be:

  • Each Vault in it’s close group could measure the amount of transactions 1 Client made in the last 100 sec. If it’s over 50 (1 every 2 seconds) each Vault could individually decide not to sign the transaction. If quorum_size of the group does this, no transaction would come through even while the Vaults haven’t agreed on time.

This “timer” could be set to whatever.

No need for a timer.

“if a transaction involving the coin is found in the recent transactions -list then move the request to a queue that gets executed once primary queue is empty.”

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