MaidSafe touts new consensus mechanism to rival Bitcoin's Proof-of-Work


I’ve just tipped Coindesk, Cointelegraph and bitcoinmagazine about Parsec.

@nicklambert (Maybe you also want to contact Techcrunch they always write about crypto)
There is also this option:



Ah, wow… this whole project makes me feel so exited.
Seeing these articles… wow. I am giddy, and shaking a little.

Vindicated!!! A rival to bitcoin. We all knew it.


Hmmmm the algo is a boost to the cryptospace. We’re all family in the decentralized movement and rival to the banks.

If you got a reddit account please upvote this:


Fantastic! These are other great and generic subreddits: 10.5k readers 21k readers 43k subscribers 6.1M readers

If someone were to post about PARSEC in these places it wouldn’t be the worst thing :wink:

4 Likes Has posted on some subreddits, let’s upvote his/her stuff!!


Guys, be careful with vote brigading (I believe that’s the term?), I believe Reddit can shadow ban you for it. It’s better to link to posts with no mention of upvoting.

Don’t post anything asking for votes, from on- or off-site
Don’t respond to a plea for votes, from on- or off-site

Source: Reddit - Dive into anything


I would like to write an article about this announcement myself, but would appreciate it if somebody could help me confirm a couple of things:

Am I right that there will be no fees for transactions?

Is it correct that only people involved in a transaction can see information about it and as far as any other observers are concerned there will be the same level of privacy as the network as a whole?


Yes to both of those. Safecoin will be the equivalent of cash - no transaction fees and no tracking. It’s basically just a file with fields for current owner and previous owner. When you spend the coin you become the previous owner and the recipient becomes the current owner. That’s the extent of the audit trail.


I’m not clear on whether the previous and last owner fields are meaningful to others. I think they are not encrypted, but linking them to an individual will not be easy.

A key point though is that there is no ledger to follow. You can find the address of a Safecoin and watch its ownership change, but that’s it, so this alone is very much like cash.


Safecoin transactions will hop from one part of the network to the other. So from one group to the other. So a group might see a transactions comes in saying:

  • Address ABC wants to move 0.24 Safecoin to Address XYZ. Only several groups might see that transaction as there’s no need for the whole network to see all transactions. So assume that several 100 people (max) see the transaction. They probably can’t link it to a person. They might link it to an address. But that address is not linked to a personal ID nor a IP-address.

Just to point out, you can scrub the sender easily, by sending it via a proxy account. Therefore, if you want to anonymously send coins, you can.

Also, I believe you don’t actually have to set the sender at all, according to a recent thread. That would mean you wouldn’t even need a proxy account.