This is a Brainstorm…
Continuing the discussion from Safecoin divisibility
I was thinking about our two currencies (Safecoin) and (SAFE Storage) and tried to see 10 years into the future. The more I thought about it, one question remained. Can the SAFE Network pay vaults with (SAFE Storage)?
Extreme Hypothetical Scenario
The year is 2025 and the SAFE Network is mainstream with 99% of all Safecoins farmed. Safecoin has reached stellar fiat value of $100 due to many killer APPS, as well as mass adoption.
The Network is at target capacity 80%.
It cost 1 Safecoin to buy 100 SAFE GB.
Unfortunately, most people refuse to spend $1 per GB.
The Safecoin farming pool remains dry, yet the GET request activity continue to increase.
10% of the farmers leave because it’s too expensive to run a vault with so little payout.
The SAFE Network wants to increase the payout but there is not enough Safecoins in the farming pool.
The Network hits 90% capacity, and raises the storage price.
It now costs 2 Safecoin to buy 100 SAFE GB… causing even less people to PUT… but draws some new farmers looking to get lucky in the farming lottery.
Death by Success
The above scenario is extreme and over the top, which is the point. The goal of this exercise is to look at what can we do to keep the Network going if this very unlikely situation happens.
How do we enable people to use the Network if…
- Safecoin fiat value becomes very expensive $100.
- Safecoin becomes more valuable than the SAFE storage it buys.
Can the SAFE Network pay the vaults with SAFE Storage?
In other words, if a vault provides 500 GET requests, then it receives 500 PUTS. This enables a mobile phone (tiny vault) to use as much resources as it gives to the Network without Safecoin farming scarcity being an issue.
Then what is the purpose of Safecoin?
I suppose it will become more like a stock for the SAFE Network, that also buys SAFE Storage.
Farmers could convert SAFE storage into fiat on an exchange. They take their fiat profit and add more vaults, thereby increasing total storage capacity.
How does Safecoin get distributed?
It will be farmed alongside SAFE storage, adjusted by supply/demand.
Does this mean everyone (Devs, Apps, Content) gets paid in SAFE storage?
SAFE storage is only paid to vaults, Quid pro quo. Safecoin can be used to fund everyone else as normal.