MaidSafeCoin's dependence on the Bitcoin blockchain


#1

If I understand things correctly, Safecoin will be entirely independent of Bitcoin/Mastercoin, and will not depend on the Bitcoin blockchain. MaidSafeCoin, however, depends on Bitcoin’s blockchain, and cannot exist without it (but please correct me if I’m wrong). This is a temporary situation, until MaidSafeCoins can be exchanged for Safecoins.

However, does that make MaidSafeCoins vulnerable for the time being? Could changes to the Bitcoin protocol (although such changes may be unlikely in the near future) be a risk to MaidSafeCoins? Especially if any changes are made to somehow exclude uses of the blockchain by other currencies or functions?

My concerns regarding this issue were furthered when I recently came across an article on Coindesk discussing “bloat” on Bitcoin’s blockchain. [For those who might be interested, the article can be found here: http://www.coindesk.com/new-forms-spam-bloat-bitcoins-block-chain/ ]

Does anyone consider this issue to merit concern?


#2

Perhaps this can clarify things for you;

MaidSafeCoin exists ontop of what is called Master Protocol:
http://www.mastercoin.org/

The Master Protocol facilitates the creation and trading of smart properties and user currencies as well as other types of smart contracts. Mastercoins serve as the binding between bitcoins (BTC), smart properties and smart contracts created on top of the Mastercoin Protocol.

Master Protocol is what makes https://www.omniwallet.org/ possible for sending these next layered coins such as MaidSafeCoin,
and also Master Protocol makes
https://masterchest.info/

The explorer capable of reading the nexxt layered coins from the Bitcoin Blockchain Ledger

You are correct.

Not sure how this could be possible.


#4

Everything you say here is correct, and it is a valid question - although as you say unlikely to happen because changes to the bitcoin blockchain are not imminent and unlikely to happen before the switch to Safecoin.

Even if some change was made, the MaidSafecoin cannot be deleted or moved without the private keys of the owners. Those transactions are solid. So the worst that could happen (and may not actually be technically feasible - but let’s say it is) is that those coin could not be accessed. They would have to stay on the blockchain. Is that a problem?

Well, its an inconvenience. The question is whether people can prove ownership, and if they have the private keys, I think there must be a way to do that - some kind of signed message. Its very unlikely to be an issue, but so long as ownership can be proved, the owner can tell MaidSafe which account to send the equivalent Safecoin to.


#6

Although I am pretty sure this been answered somewhere…I am confused by the fact that Maidsafecoin and safecoin are two different things. Could somebody clarify to me what the differences are and how they are linked together?

I also haven’t been able to read very much on mastercoin since I am still new to all this cryptocurrency business. What is mastercoin’s role amongst bitcoin and maidsafe/safecoins?


#7

Yes, the MaidSafeCoin is a token that was released in exchange for MasterCoins and BitCoins in order to acquire exchangeable items for MaidSafe the company to expand its production to a capacity that is substantial enough to complete a usable product for the planet to use; The core of the networking aspects were already completed and released during this sale.

The MaidSafeCoins are the first 10% of the coins that will be available on the actual Live network. They will be exchangeable for SafeCoins 1 to 1.

MasterCoin is a token made for the Master Protocol, and Master Protocol is a token “hosting” protocol which allows others to create a coin that will be secured in such a way like appending. So when you store a MaidSafeCoin is gets attached to an address on the BitCoin BlockChain and is interpreted using the Master Protocol to track the existence of the MaidSafeCoins.

When the network goes live, SafeCoins will not be using BlockChain or Master Protocol.


#8

Thank you! Your reply answered the questions i had :smile:


#9

There’s nothing to worry about and no concerns.
MaidSafe coins are just tokens they can be re-released anywhere and issued to current owners.