I want to know how to create a cryptocurrency on Safe with instant or near instant transaction time. I think SafeCoin is a good reference implementation (https://github.com/maidsafe/Whitepapers/blob/master/Project-Safe.md). In fact, I think simply cloning the design might make the most sense. How would I effectively clone the SafeCoin ecosystem on the Safe network, thereby creating a new cryptocurrency on Safe with instant transaction time?
On a technical note, I wouldn’t really say the transactions are “instant”. In fact, closer to the opposite, they’re (almost) unbounded in time (nearly asynchronous). In practice, it turns out that it’s “faster” than other cryptocurrencies, especially those base on the proof-of-work model, but it’s a far cry from instant also.
I don’t know if that affects the idea you had in mind, but thought it was worth noting.
Can you offer a bit more context for this? Do you mean copying the SafeCoin ecosystem as in creating a new Safe network yourself or creating a DApp with its own currency on the Safe Network? If the former is what you mean, see this thread on the existence of potentially multiple safe networks. It would essentially mean starting a few nodes of your own, convincing people to join your Safe Network, and building from there.
That said, the paper you linked is a bit dated. You may want to read the other papers in that repository as well as take a look at the RFCs that have been proposed. There have been many changes since that paper was published, and the paper is rather high-level in any case.
The links in this post might be helpful, although it’s a little old and I think it’s too early to begin seriously considering creating altcoins on the Safe Network just yet.
It has been done in the past and this link is very dated. Perhaps it may give you some ideas.
As far as context, I want to create a general purpose cryptocurrency, like Bitcoin. I would think a decentralized digital bank could run on Safe. I imagine this would be a DApp that handles value transfers, and the balance information would be stored on Safe. I don’t have a need for storing the transactions themselves, thus no need for a blockchain. I’m thinking of how I could do this, it seems that SafeCoin essentially is designed to accomplish all of these things, that’s what motivated the question of how to simply clone the SafeCoin ecosystem. Does that help clarify my context?
You do know safecoin does not exist yet right? This whole network has been a WIP for 5-6 years in earnest with many design changes and setbacks but still trucking along. No timelines set on concrete delivery of SafeCoin or the corresponding network associated with it at this time. This thread is like saying “I want to clone bitcoin” and the year being 2005 or something of that nature. I believe Satoshi released the white-paper much closer to network launch though(basically had already coded it himself solo like a BOSS). Whereas here you get a white paper of fundamentals but the core development to achieve the boasted features is still very much being solved and tested and reworked and tuned etc.
To be frank, I don’t see how this response is useful, the tone seems a bit condemning, as if I should not even ask the question. I simply desire to create a particular dApp on the Safe network, and I’m asking for some guidance on how to do so. I think you’re basically saying the project is not mature enough to even answer the question meaningfully. If so, that’s cool, but I don’t think one should be criticized for asking about a practical use case of the Safe network.
Since the network does not have any custom processing yet you can’t build something like this 100% on the network. Transactions wouldn’t be able to be verified.
You could however use the network’s storage to keep records for instance, and then solve the verification some other way.
I don’t know much about this, but I believe something like smart contracts would be required to create a cryptocurrency 100% on the network.
You could also create an Omni like protocol with Safecoin I guess, so you basically add information into the transaction. You would then have your token stored inside safecoin, like we have right now with bitcoin storing MAID inside of it. I don’t have real experience with this but think this would be a pretty good way to get where you want to go.