Other crypto currencies on SAFE network

Is it feasible for a new cryptocoin to be issued and run on the SAFE network?
This would be a specific-use coin and AFAICS would not conflict or compete with SAFEcoin in any meaningful way.
Unless of course SAFEcoin gains traction outside the network.

Im looking for better security and speed of transaction than is currently possible with Bitcoin clones.

1 Like

Yes that’s possible, if you’re fine with centrally issuing the coins or figuring out some new approach to issuance yourself. Have a look at: https://github.com/maidsafe/rfcs/blob/master/active/0000-Unified-structured-data.md

struct StructuredData {
tag_type : TagType, // 8 Bytes ?
identifier : NameType // 64Bytes (i.e. SHA512 Hash)
data : mut Vec, // in many cases this is encrypted
owner_keys : mut veccrypto::sign::PublicKey // n * 32 Bytes (where n is number of owners)
version : mut u64, // incrementing (deterministic) version number
previous_owner_keys : mut veccrypto::sign::PublicKey // n * 32 Bytes (where n is number of
owners) only required when owners change
signature : mut Vec // signs the mut fields above // 32 bytes (using e25519 sig)
}

This is the base structure of a transferable token. You can use the data field in any way you want. You could use the data field as a signature field to cryptographically sign the name of the token (tag_type + identifier) with your private key. Then anyone can verify using your public key that you issued that token.

5 Likes

Thank you - further questions will follow - you have been warned :slight_smile:

1 Like

One of the big benefits I see is that perhaps with maidSAFE up and running a Bitcoin wallet can be built that is safe enough for grandma to use without her malware stealing coin…

3 Likes

Why grandma would use bitcoin when could use safecoin? :wink:

2 Likes

Because she may want to use a specific-niche coin.
Many reasons, especially in the short to medium term.
Long term as safecoin (hopefully) becomes mainstream, then certainly, your point gains some validity.

In theory, you wouldn’t need to centralised coin minting; you would just need a way to validate whether a user minted coin is valid.

What is valid? Choose a hashing algorithm, make it public, then let people try to find numbers from a published, immutable list. Essentially, mining on safe net - finding the source which hashes to something on the published list (or equation).

Once you have a minted coin, in will already be associated with your private key at mint time. Receivers of the coin could just confirm the hash is valid before accepting it as a valid token.

This would still be anonymous, instant, secure - all the things associated with safe net. There would be no blockchain either.

Ofc, you could have centralised minting instead, with no mining, but you then have trust issues.

Safecoin minted by ‘the network’ is arguably the best of both worlds. However, the above would be an interesting alternative.

Good suggestion, though highly inflationary I think because it has no difficulty adjustment nor an upper limit as in a blockchain.

I am sure it could be improved upon. I just wanted to illustrate how simple it could be to distribute tokens in a decentralised way, with very little about effort, on safe net.

You could have a registry which people had to announce minted coins to, prior to spending them, which would give an approximate mining rate. There could even be a deadline to register after minting, before they became worthless (to prevent a build up of unannounced coins). If the registry was capped to limit supply, it would be first come, first serve.

Making the registry decentralised may be a bit tricky though, at least at the network level. Possible though, maybe?