Poll: Do you want ERC20 MAID?

These two exchanges have some security concerns that prevent at least some of us from participating on them or recommending them to others as an alternative to Poloniex this Christmas. Maidsafe could keep wasting time perusing the small minority of exchanges that still support Omni but as Tether has transitioned to ERC20 the list of candidate exchanges could continue to shrink as time goes forward and exchanges jettison Omni and all the extra support time that it requires now that the biggest use case is gone. Case in point: Poloniex.

Once the upfront time cost of setting up Safecoin(ERC20) is done and liquidity is being provided on Uniswap then there is no more time wasted chasing up courting and paying new exchanges for listings - everything flows from that Uniswap liquidity as it is at the centre of the Etherum ERC20 token ecosystem. ERC20 exchanges will and come and go, ebb and flow around that Uniswap liquidity without MaidSafe team having to invest inordinate amounts of time and pay fee’s like the current Omni listings model. In effect Maidsafe would be free of exchange worries for the foreseeable future and free to concentrate on the real work while generating modest fee’s from providing liquidity.

Other concerns:

  • Those that wish to sit on the Omni chain can continue to do so while others that continue to invest our future income streams will have a larger choice of decent exchanges plus the ability to use hardware wallet interfaces that are used by hundreds of thousands of others, increasing security.

  • Deviations in cross chain price difference will be arbitraged out over time

  • Actual time to setup: The issuing ERC20 token side is already done and would need minimal adapting. There are many stories and examples out there of it being setup in a few hours and lots of support available but to do it properly will require decent a security review. The complication in this case is accepting Omni MaidSafeCoin and producing a burn receipt to pipe into that ERC20 minting script. Sounds easy enough but devil might be in the details I do not know of any existing examples.

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