It is time for ERC20 MAID!

I think there has to be a legitimate fear also that just because we have true maid tokenization that people will auto flock to it. Not only would erc20 provide financial benefit and a true trading market, it may also provide a better in ramp for people to try the network in the first place.

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@waveman352

That’s an interesting fintech perspective I hadn’t considered. If the pre-token (MAID) is more widely accessible;

  1. more people interested in SAFE tech own it
  2. more people ready to test SAFEcoin redemption and use SAFE itself as it works its way through the MVP process and verify its viability as, at least, a safe decentralized datastore.

If SAFE can safely store wealth as data, its utility as data infrastructure is implied.

Rather than adding another token type (OMNI, ERC-20, etc) taking away from development, we could try to turn this into value, beyond increasing token value alone.

Some thoughts:

  • Testnets could automatically allocate test SAFEcoin based on pre-token holdings. That would necessitate an automated method for SAFE to accept pre-tokens and redeem them for SAFEcoin. If the work is done for OMNI, adding support for ERC-20 should not require much additional effort.
  • Pre-token redemption being thoroughly tested and immediately useful on testnets would add further value.
  • Pre-token redemption could perhaps be expanded with offramp capability, building bidirectional token conversion, (“exchange”) potentially for any digital token, directly into SAFE, and that would add further value. Moreover, fees that’re typically taken by exchanges could be reduced to nothing or very low with the network using offramp fee revenue as a development bounty source.
  • The pre-token redemption process being an early case-study of both automated interoperability with SAFE, as well as proving its correct functioning, would add further value.
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@anon57419684 I like the way your brain works.

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Perhaps I’m not following. Doesn’t that still minimize the avalible group of people who will interact or create a real market by not having a token on a widely held protocol?

If i remember correctly, the Wrapped Bitcoin WBTC on Ethereum ERC20 token is no more complicated than being a service provided by BitGo, you give them a block of coins to hold and they publish a smart contract with an equivalent number of tokens that can be traded on the various DEXs.

Upgrading the Omni coins to real safe network coins post launch would just be BitGo swapping out the backing of the tokens they issue.

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ERC20 MAID

It’s such a low-growing fruit with so many good things in it that it just drives me crazy… :lol:

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So when we talk about ERC20, we are talking about becoming part of the eth chain as one of their alt tokens? That’s a tonne of work if that is the case. Know of two tokens that did it, oxy and storj. Did not help them one bit. Oxy died shortly after and storj dumped pretty bad. Not sure it’s worth it, in my opinion eth is a bloated slow and expensive chain to work with, not sure it has a future a future. We just need to move to safe tokens and get a dex with good volume going, that’s how we win!

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Storj is a useless bonus token. Gives you a 10% discount to buy hard drive storage. You buy and sell. There is no reason to hold it and that is why the price is low…

If we have ERC20 MAID our USA friends can buy MAID too :wink:

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You can’t do any of that without the network which is an issue and then will there be a lag time to make sure all is working well. The project needs exposure and it seems as if we keep forcing it into a dark corner where No one can see it, use it, speculate on it or get involved with it and ultimately that’s how good things die a slow death.

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Until new regulations exclude other tokens from exchanges for other reasons.

The US is not crypto friendly, crypto currencies are slowly being regulated out…

Wouldn’t be surprised they start giving prison sentences for owning crypto under some “terrorist” legislation or anti money laundering laws.

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Well that is an opinion, pretty sure a lot of people say the same thing about MAID. Not sure the amount of work is worth it. Being on the eth chain does not guaranteed being added to exchanges. Oxy was added to nothing, Binance or bittrex never touched it, being an alt on eth does not guarantee nothing…

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You just took a lot of broad strokes with that. If anything the US or at least individual states are constantly updating clarity and providing more guidance.

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In the SAFE network you can use only Safecoin, ie. 100% utility. HDD space in the storj network you can also buy with fiat money. This is a fact.

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Does not feel very crypto friendly here is the US. Spending crypto for goods is getting harder and everything requires KYC. Tomorrow even coinbase requires KYC and they can now report you for whatever reason they feel like. Things are changing, but not for the better. Definitely not the good ole days…

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True, but storj is up and running and offers a service. We are still far from being able to say this…

Well things weren’t going to stay unregulated forever and I’m in the US. There are better options to buy btc and not pay insane fees or even just ease of use. States like Wyoming have taken major steps to be crypto friendly. Just like everything else in the US if you want over regulation and more issues, go to a highly populated blue state. The whole spending crypto will get easier, just a few bumps.

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I explain to you why Storj has a low price even though it works NOW and even though it is an ERC20 token.

It will be different with MAID as an ERC20 token :rosie:

It is dead already. or they need another 15 years to release Maid mainnet.

Friend, you don’t even know the name of the network, what is the probability that you are right about the other thing? :lol:

Above illustrates wishful thinking, as if saying things make them true…

Yes, the idea of drawing down on ETH and BTC seems a cure for all that ails… but too good to be true, without more basic details?..

I see no evidence suggested of appetite from that market. It would be an error unless it is providing access for noob non crypto investor in a way significantly easier than through BTC. Otherwise it’s just the same as any crypto market gamble… market whales win.

It’s not clear if the suggestion is to convert all coin to ETH20 or a certain amount of burn.

It’s not obvious how it would complicate conversion to network coin, doubling work and complexity and risk.

If it were that a few go to ETH holders and burn their BTC.Maid for ETH20 and sell those… how would the value be bound between markets.

Seems like too much risk, too much complexity, for too little drive requiring this??..

The devs position most important… if they have funds atm for another year or 18months then the benefit would be for those wanting to play markets.

So, I’m not strongly for or against this… I’m not sold on the idea… much as I would love to draw some RoI.

ETH markets I know too little of but I’ve not heard of one project that is ETH20… mainstream community may well have heard of Bitcoin. If all you are doing is pitching to ETH crowd, then I doubt any added value would follow… far more likely a drop in price as the market grabs what it can… market is greedy and those whobthink they can play with it any bin control are noobs. Risk greater than reward until some big ETH holder evidences otherwise…and they would know enough to get through BTC.

So, seems on balance from what is apparent that this is a short term profiteering rather than for long term hold.

tdlr; risk greater than reward :thinking: could be persuaded otherwise but would need a lot more reasoning. ETH seems like CounterParty or what was that other one that vapourised…

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