Is it similar to Bitcoin in this respect?
Is it similar to Bitcoin in this respect?
Each coin is an actual data structure in its own right and is a single unit (no division/decimal places)
Plans for division are being formulated by the community at the moment. And this may be up to 18 decimal places
Search for threads on divisibility
Where did you get the 18th decimal discussion ? I have missed it.
I happened to fantasize lately about the idea that in the end when SAFE is launched, the community decides there should be no decimals and Safecoins are not divisible, and then, when the market compares the number of Satoshis to the number of Safecoins, a sudden ressassement triggers a x10’000 move simply on the basis of the limited monetary supply.
Vaults could shelter segregated accounts to the end users who want to use the service but can’t offer a $50’000 indivisible safecoin. Vaults would provide for the divisibility at their own level/layer for several/many segregated accounts since data for all of them would be stored/sheltered there.
I would love to create a whole topic about segregated accounts for Vaults.
Many of you might disapprove of this idea, but I thought it might be interesting to trigger the discussion.
Some of you start to know me now and understand I like controversial discussions anyway.
We use to think of SAFE as a network for the individuals, but very rarely do we think of it as something which could extend to corporations.
The use case for anonymous cheap and resilient storage is obvious for the corporate world, but we never think a company or a bank would like to run a vault and manage several users and profiles simultaneously under that vault. What if the vault was responsible for the (artificial) divisibility ?
All currencys, all over the world has two decimal places. If one does want a cryptocoin to be as easy as possible for the masses out there, one should mimic this and make it have two decimal places and only that. This would help adoption because it would be easier to understand for everyone that has not yet heard of cryptocoins. After all, 99,9% of the worlds population has not yet owned a single cryptocoin. The first crypto coin that realize that all currencys in the world today have two decimal places and only two decimal places will have an advantage.
Just a thought:
The dollar is worth $1
Bitcoin is worth $2834
If it only had two decimal places, you couldn’t use it to buy anything that costs less than $28.34
Cryptos are a different beast, enabling applications never before possible such as micropayments. This will be a complete paradigm shift. People will learn.
Why does MaidSafe on the exchange appear to have 8 decimal places?
MAID is just a holder token on the omni protocol layer of bitcoin blockchain. It is divisible to 8 places.
SAFEcoin is a different animal altogether. It won’t be on any blockchain, it doesn’t exist at all yet, and the divisibility characteristics it will have are still uncertain. It is designed to be feeless, scalable, instant and private… we hope it will have better divisibility than BTC so it can function within the IoT.
MaidSafeCoins (MAID) are basically a token representing an IOU for the future SafeCoins.
Safecoin don’t exist yet.
There was an ICO in 2014 preselling 10.5% the future SafeCoins.
The temporary MaidSafeCoin tokens were issued on the Omni network, but SafeCoins will be running on the SafeNetwork.
Once the SafeNetwork is fully released MAID will be exchanged 1:1 to SafeCoins (getting MAIDs burned in the process)
The Omni network is a protocol layer on top of the Bitcoin blockchain
and as such it will have the same divisibility as bitcoins (8 decimals)
SafeCoins are gonna be a complete different animal taking full advantage of the network design of the Safenetwork (a SafeCoin represents a data packet, it is a “thing” you can pass around just like cash, not a number in an account).
But you raise a interesting point, considering that the exchanges are current allowing the purchase of fractional amount of MAID, I wonder how it will be exchanged to SafeCoins.
So far there are no final decision about the implementation of divisibility of SafeCoins, but as other people explained here, it is in current debate.
PS: I would say that SafeCoins are not just a whole different animal, it is more accurate to say it is a new life form.
If we organize taxonomically all these crypto project, all of them share the same DNA: the blockchain, PoW, PoS, and it’s derivatives. Brothers (Bitcoin forks), cousins (PoS, PoI), and distant relatives such as blocks without chains (DaG).
But the SafeNetwork is like discovering silicon based life, an alien, it shares zero resemblance to the anything known in organic chemistry. It stands out as the only sample on its own taxonomical group, and the only project out there that precedes the existence of Bitcoins and the only project that arrived in a completely novel way of solving doble spending and the bizantine generals problem.
Edit: The MaidSafeCoin asset in Omni was actually set to be indivisible, so the decimals you see in the exchanges is actually a very sloppy job from their part. If the MaidSafe community wasn’t thinking about implementing divisibility, how on Earth were they even thinking to redeem SafeCoins??
The proposal for upto 18 decimal places includes having only 2 places initially for transactions and rewards would still be what ever amount even if the reward is 0.000001. Then as the network grows the decimal places would be increased as an update and the user can still set their display preferences set to 2 places. Since its an APP that shows you your balance or does a transaction, you/APP would be able to have any number of decimal places upto the network limit at the time.
Exactly why we need many decimal places and if micro transactions are to be included we need 0.000001 cents (0.00000001) and that could mean at least 10 decimal places in a few years when SAFEcoin is worth 100 or more
That is an exchange thing to allow trading of any amount. MAIDsafecoin though itself is an indivisible coin. The exchanges are just running a ledger system so they can have as many places as they want.
Was this question about MAIDsafecoin or the upcoming SAFEcoin.
If MAIDsafecoin then its a omni protocol token and set to be indivisible. So when you send/receive MAIDsafecoin you can only send/receive whole amounts. Exchanges trade with imaginary figures that only represent the amount of each coin you have. This allows them to trade in any amount of decimal places even though the actual coin/token is not divisible
IF the question was about SAFEcoin then read my response to your opening post.
Yeah, but that raises the question how will the exchanges honor the 1:1 exchanges with those with fractional numbers?
It is concerning that they even allow that
I think that’s not correct or is at least a bit confusing, not sure how you mean it, because you can divide MAID.
//edit: You’re right, they’re indivisible.
It’s not the exchanges job to tell people what to do with their MAID. As long as it’s an omni asset, why wouldn’t they allow dividing it? After all, you don’t have to burn it for SAFE. You might aswell just hodl half a coin for the rest of your life.
Usually the exchanges automatically convert them.
Some projects allow them to be redeemed indefinitely (such as TIME), but the vast majority they set a deadline for the redemption (such as XEM) and if you don’t do it in the set timeframe you lose your rights to reclaim it (in my opinion a dick move).
I don’t know the details of how this redemption will take place.
If SafeCoins become divisible there is no problem at all, but if not…
PS: Neo is right btw, I checked it again the MaidSafeCoin asset itself in Omni is indivisible. The decimals seems to be the shenanigans of the exchanges.
In a transition that I had to do before there was a limited timeframe, but that was because the old blockchain was switching over to a new one and it was not desired to keep the old chain going. As MAID rides on the Bitcoin blockchain, which will be around for the foreseeable future, I’d see no reason why there should be a time limit on doing the transition. Only reason I could maybe argue for is that due to SAFEcoin recycling we’d want to get the MAID coins into circulating SAFEcoins, but like you say I think the ‘dick move’ factor of having a time limit outweighs the advantage of getting the coins into circulation on SAFE.
In Omni, yep
You’re right, I didn’t know! Apparently you can decide whether your omni asset should be divisible or not. Funny I never realised it with MAID.
Apparently we aren’t the only ones haha
Exchanges work with decimal places in their books but only allow whole amounts to be withdrawn. So you lose any fraction of a coin amount when withdrawing it all.
When the conversion comes the exchange will convert all the MAIDsafecoin they have in their storage to SAFEcoin and for the users of the exchange they will just have a name change of the coin. The same rules for withdrawal would apply.
So users have to do trades so that their amount is a whole before withdrawing if they wanted to get all their coin off the exchange. Otherwise there will be a fraction left on the exchange.