After beta launches, if there is an exploit (and let’s assume there will be) that affects safecoin where a large portion is stolen or generated unfairly, how will this be dealt with?
I think we (and I say “we” as a soon-to-be voting investor) should get out ahead of this and define some conditions.
Should the network be reset, so all balances are set to their initial maidsafecoin balances?
Should the exploited ledger and the original ledger be combined, so that there’s an incentive to find and correct exploits quickly, and late-term investors don’t lose out?
If the network should be reset, what level of loss/unfair generation should trigger it?
Each Safecoin is secured by the owners private key, there is no ledger.
Edit: there is a data map which tells the user where their data/Safecoin is located on the network, but the data map is only known by the user and is encrypted with the users private key.
Yeah, but the initial safecoin distribution is hard-coded into the client, right?
At the very least, it seems like the identities of the safecoins would be hard-coded into the client. Or maybe the identity of the root of the datastructure that held all safecoin identities.
Bootstrapping safecoin into the network will require some hard-coding, and that hard-coding could be changed in the event of a major network exploit.
I want to be clear The SAFE Network does not have the capability to reset/change ownership of Safecoin without the permission of the owner, because each Safecoin is cryptographically secured with the owners private key.
This is incorrect. Safecoin is introduced into the network with an owner assigned to it. The way the network does this is by assigning the users digital signature to the coin. Once assigned to that user it can not be unsigned by the network. The user can tell the network to assign the coin to another user, but the network can not do that until the user grants the network person to do so.
Edit: the user can also use the coin to purchase services on the network. One the coin is spent it is destoryed.
Also there is no initial Safecoin distribution. The only way to acquire Safecoin is either provide resources to the network, exchange maidsafe coin for Safecoin, or convince another user with Safecoin to give you some of their coin.
All of this is explained in the white paper and there are several threads on this forum that talk about it. It took me a while to wrap my head around it. If you have anymore questions please let us know. This community is really good about helping each other out
When I talk about about initial distribution, I’m talking about the maidsafecoins that are currently traded, which will be converted to safecoins when beta launches.
You could send the maidsafecoins back to the addresses where they came from and try again. But you would need to fork the network and lose all the data. Not to mention what about those that spent or sold their Safecoin’s? Should they get all their Safecoin’s back when the network is reset. Because, once maidsafecoins are exchanged for Safecoin’s there is no way to track the Safecoin’s.
