ERC-20 Transition

Storj use their EC20 to actually buy/sell storage IIRC. That is, it is key to their system functioning. This is completely different to maidsafecoin, which is a placeholder token until safecoin is ready.

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Exactly. At best, an ERC20 migration—although not without some advantages (e.g., easier secure storage)—is a temporary bandaid. To avoid this securities mess, I think I only see two solutions with staying power—launch the SAFEnetwork or construct a way to give MAID a utilitarian purpose in the ecosystem in the interim (perhaps with the next alpha).

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What happened when Bitcoin split to Bitcoin Cash, Gold, Diamond,God, Platinum, Sh*t?
Nothing.
The same thing will happen when Ethereum splits.

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i did accept that people probably just needed to re-send coin after the reset.
But still i cannot accept that the ETH/ETC-fork was the same as the forks with bitcoin we’ve seen because they reverted history for some blocks in the process at ETH… since i don’t have erc20 i was just wondering what the consequences there were … in my head that would have had the potential to cause problems

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Agreed, I previously proposed to launch safecoin with a MVP functionality (give it minimum usage and max security), even a wallet coin will be treated as having utility. Then the dev team can continue coding Beta features. How hard it is that we only launch a network with wallet feature (no farming, no storage).

There is no network without farming and storage. If you think that’s possible, please explain how it can operate technically.

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with only wallet function enabled and other function disabled, how difficult is that? even just a centralized node handling the wallet function is fine. IOTA is centralized and basically handle by one node.

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As I said, there is no network, so it is impossible, or in other words very difficult even for maidsafe.

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I don’t know how those wallet coins do, I know lots of coins have their network with only wallet functionality (take Hcash for example.), nothing else then they keep developing other features.

Perhaps they do, but they are building something different - a blockchain - so their network already exists.

The SAFEnetwork is not a blockchain, and has not been built yet so your suggestion is not possible in afraid.

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Maybe Maidsafe should make an official statement like “We will never switch to anything else.” or “We might have an optional switch in which both can coexist.” or “We might permanently switch over to ERC20.” And give reasons for the decision. Just so this can finally be put to rest, or at least dwindled down. I don’t know what the correct choice is, but I do know that there are more people out there that care about the price than there are people who care (much more) about the technology, so that’s where a lot of this influx of constant threads about this topic spring up, because people want something new and/or a reason for feeling good about the price [maybe] going up afterwards (as if this crypto slump won’t just keep the price down pretty low, anyway). Since Maidsafe is actually creating the most important piece of technology out there, I would think they know what’s best for everyone on an integrity level. Or something.

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I made a rough suggestion along similar lines that I think went unnoticed here:

https://forum.autonomi.community/t/erc-20-transition/20001/120

Do you think there’s any chance of it being feasible? I know it’s far fetched, but worth a thought experiment I guess.

My thinking is that given a previous test network functioned ok but couldn’t handle the strain of significant data handling & churn, make a version that sufficiently restricts the volume of data down to currency / token only, perhaps preventing the burden of churn getting to the point of being a problem (also with the help of rate limitting and other more recent advances).

Even if a limited-capacity close group consensus network were feasible, I imagine there would need to be something like a blockchain built in to provide periodic proofs of which addresses hold how many tokens, in case of later failure if people were to trust their MAID to it.

Long shot, but I’ll throw it out there… if it could be done, perhaps MAID would go back to the top 20 :wink:

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Until you have a proven secure system I would not trust anything, let alone my coinage.

Get real, until the network is proven secure and recoverable, the risks of losing everything is enormous. At best you have all the coin amounts recorded with a central authority and have to trust them and that they don’t get hacked, because they are running the vaults and later controlling the software till it goes live. At worse some hacker steals all the coins they want.

Your two options is a split coin on OMNI/BTC and ERC20, or to get listed on other exchanges.

Has anyone considered the reason why the volumes are low is because people are not interested at this time in MAID, so why would MAID on ERC20 be different? real question.

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Totally valid point, I think interest won’t really peak in MAID until they deliver, many thought it would be in 2014 and then 2016 so until it happens people won’t take an interest no matter how much effort marketing or the community puts into spreading the word.

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I get that feeling too. Once beta they will come like wolfs

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Given that the vast majority of MAID are not listed on exchanges, anything that that forces a protocol change on this majority is unacceptable. The majority await a 1:1 for Safecoin, nothing else.

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As I said in my comment, a basic mechanism for recovery of token balances recorded periodically would be needed, so the risks of losing everything would be small. A basic (even hacked together) recovery mechanism for balances shouldn’t be as difficult as recovery for the Safe network’s required recovery mechanism for huge volumes of data. The requirements should be hugely lower, but could still demonstrate the feasibility of close group consensus to the outside world, and put it to good use.

I’d prefer high level (because I’m not a programmer) technical reasoning for why a very limited network with an incredibly light load that uses close group concensus + a recovery mechanism could not be made secure a fair time ahead of a network that can power the new internet.

Why did the last vaults from home test network fail, and could it be made to work with reduced capability by reducing the strain on by 1000x + using more recent developments in the code + some work arounds to boost resilience in the absence of need for huge data handling / performance / flexibility?

‘Get real’ isn’t a helpful suggestion. Even if it’s not feasible - try to imagine how it might be possible with some creative thought, and if after trying that there are specific reasons why it won’t work, fine, but please share those reasons rather than dismissing without consideration.

ERC 20 switch will certainly boost maid liquidity by 10x minimum, take Stroj for precedent, it boosts 20x plus. The reasons being : 1) all exchanges support ERC20, so basically effortless technically for exchange to list any ERC20; 2) ERC20 has vast ecosystem for wallet management(Ledger, you name it), people prefer to hold/buy coins that can be easily and conveniently stored. ; 3 ) DEX. Most dex (Makerdao, Bancor) support ERC, so we can basicly get rid of Bittrex bullshit forever. ; 4 ) ERC is easy for portfolio management, you can put all your ERC tokens into one cold storage address, and easy to manage and it’s also easy for Exchange to manage their own cold wallet; 5) cost is much less to move ERC token (less than $0.05) and unlike Omni’s predatory cost to move coins around.

The reason why dev haven’t really considered this route is because head down on coding and don’t have the experience like us that trade and try dozens of platform everyday, that’s also why community engagement is important because we can bring different perspective to the table. Our community, generally is tech-oriented and should broaden their perspectives. EOS is great at these exercise, without network launch and EOS is still a ERC token, they already got 7bn marketcap and close to 1bn liquidity and don’t tell me this is NOT important.

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I genuinely do feel sympathy for folks like yourself because well you are right in many ways both additional liquidity and visibility is very very important. I also can’t see issue with a side by side erc20 if the Devs and Devs only deemed it necessary.

But…

I’m not calling you or anyone out but I genuinely don’t believe many of the posters here appreciate (or have direct experience) dealing with just how bloody dangerous this type of tech is and it’s bizarre how so many here crazily want to stick their heads out of the train window without checking if something is possibly coming in the opposite direction :money_mouth_face:

I’d probably guess it’s because the consequences of being a bag holder or trader would only be miniscule compared to what is actually at stake for people busting their ass on this thing every day for the last 3-4 years.

Nothing here exists that won’t fall apart if the start line isn’t reached. Acknowledgement has been given from Maidsafe that the project is funded till release inclusive of marketing, traders and folks out to make a few bob are always welcome but just aren’t and won’t ever be this projects main focus.

New exchanges are coming, marketing is increasing so what the heck else could anyone ask for :confused:

Still yet to see anyone provide a solid argument beyond a superficial level yet why the networks #1 need (completion) should be slowed down in any way at this CURRENT point in time to facilitate any such transition. Please feel free to enlighten me as this old codgers not sold on any of this just at the moment.

Just please don’t in a response compare this project to any other crypto it’s just not fair or correct really.

I look forward to the grumpy replies :stuck_out_tongue_closed_eyes:

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The problem with storj is that price plummeted after the exchange. Went from 0.000040 and now at 0.000009. It just temporarily helped its price in btc… It’s looking pretty bad nowadays…