Simple actionable Maid-ERC20 Proposal

David and team are stretched (to say the least), and Wrapped Maid ERC20 may be too much as a time, money and legal sink. Here is a simple proposal that attempts to address time, fees and legal bottlenecks.

Recently David wrote this:

This whole project is carried forward by the pure grit and determination of David and the team he trusts to get the job done, with help from the loyal community that has stood here through thick and thin during many years of development. This project and the MaidSafeCoin token many invested in to be part of comes without any guarantees, no legal documents were signed by Maid holders, none of this comes without risk, Maid is not a security/stock. Everything built here all comes back to trust in David and his original vision, the team he chooses and the decisions made to get the job done, with a little community support along the way.

I bring this up as this exact same process can be leveraged:

Initial Setup:

  1. Single Multisig Bitcoin address is generated and secured by the Omni-Team
  2. Single Multisig Ethereum address is generated and secured by the Minting-Team

Process that a Community member who wishes to swap Maid-Omni for Maid-ERC20:

(A) Sends Maid-Omni to 1) and records transaction ID.
(B) Sends recommended amount of Ethereum to cover transfer fees to 2) and records transaction ID. This also proves that the community member has control over the private key for this address.
(C) Sends both Transaction IDs on telegram channel, email or other communication method that both Teams have access to.

Once a week, or once a Month the minting team get together for 20 minutes or whatever is acceptable and take the top transaction ID pairs on a first come first serve basis, mint the exact same amount of Maid-ERC20 in a tranche and use their multisig to send it to the Ethereum address using the fee that has already been provided by the Community member in Process step (B).

Omni-Team just have to keep their part of the private key secure in this one-way at first operation and make sure Maid-ERC20 matches Maid-Omni after each tranche.

This only requires two things from David, and is based on exactly the same trust that the project, Maid and everything here is built on:

  • David tells the community that he trust the majority of the X of N anonymous holders of the multisig addresses: Omni-Team, and Minting-Team.
  • David says that every effort will be made to provide a ramp to native SN Token (whether that is reversing the process back to Omni or something else).

It would be better if one or two community and/or MaidSafe members also vouch to know the identity of the private key teams just in case the worst happens and something happens to David.


  • Extremely simple. Easily audited after each tranche.
  • A process very like this will have to be setup anyway to handle Omni to native SN Token, this is like a dry run.
  • Limited time outlay for David and the two team as this is done in Weekly/Monthly tranches upto a set time limit.
  • Is a reversible decision (two way door).
  • Does not involve third party entities, lawyers, agreements with banks. Instead gets right down to what this project is based on at its core anyway as highlighted at beginning. If you already do not trust David or the team he trusts to build his vision, then Maid-Omni is at as much risk for you as any new Maid-ERC20.
  • Existing Maid-Omni CEXs may come to us if they are interested in listing the new trading pair alongside the old.

Disadvantage/Possible Problems:

  • David can’t find enough good trustworthy team members to make up the X of N multisig groups.
  • Some other legal problem preventing him from saying to the community “I trust those I know to be holding the multisig keys”.
  • Security of the communication channel to the Minting Team

Thats it, Blast away.


Very good proposal, thank you!

At present, 64% of the community in the forum support a full switch to ERC20 tokens in front of a wrapped token (please do not confuse with mandatory switching for all, it is optional):

Privacy. Security. Freedom


You lost me after the words “simple proposal”. I’m afraid I will have to wait

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It is not mandatory for everyone, you can SAFEly wait if you do not want to provide liquidity in a DEX.

Privacy. Security. Freedom


For this to work, to provide liquidity, you still need people to actively do that. And the problem of providing that is one of the difficulties. Do you think enough folks will jump in to do this? (From the community - I don’t think they will come from elsewhere).

I’d suggest the proposal also needs to address that - with specific commitments at least.


Its not that I dont want to. Its just that I’m a push button and its done type of guy. Everything else is beyond my brain. It is still clogged up with too much income and corporate tax stuff from my working life, that I’m trying hard to forget


How do you interpret that 64% voted for full ERC20 MAID? I interpret it as an “YES” answer to your question.

Privacy. Security. Freedom

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That’s not about providing liquidity. I suspect that includes a few people who think this will boost the price.

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Why do they want a higher price if not to sell the token? The movement of money is one of the processes for creating liquidity.

Privacy. Security. Freedom

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There’s no point arguing this, but I don’t think a bunch of people wanting the price to go up dramatically before they sell is what’s meant by liquidity.

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I don’t think it is a resounding yes, which is probably what we need.


Liquidity is not the only thing being pursued here. The division ERC20 token will allow us to easily double the holders of MAID before the start. Don’t we want a safe for everyone?

Privacy. Security. Freedom

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You’re ignoring my point, which is fine, but that’s all I’m talking about. I’m not arguing against this proposal but commenting on it as requested.

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You explicitly stated that you do not want to argue about liquidity, so I chose another angle.

I can give you statistics on switched to ERC20 tokens of other projects and how this has increased their liquidity.

The ETH network has over 100 million users. Tens of thousands of them are looking for the next thing to throw money at.

Privacy. Security. Freedom

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I asked you where liquidity will come from, you said that people wanting the price to rocket before they sell will provide that liquidity. I don’t think that works. If you know where liquidity will come from, I’d be interested to hear, but I’m not arguing about the need for liquidity. And wherever it comes from, I’m suggesting it be included in the proposal.

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I like it!


Possibly a dumb question but can someone tell me if all those who have lent their coins in these liquidity pools (don’t fully understand these) can get their coins back quickly if a market rout happens and they need to sell?

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Now I understand your question, thanks for the clarification.

So UniSwap is AMM:

Uniswap is an automated liquidity protocol powered by a constant product formula and implemented in a system of non-upgradeable smart contracts on the Ethereum blockchain. It obviates the need for trusted intermediaries, prioritizing decentralization, censorship resistance, and security. Uniswap is open-source software licensed under the GPL.

Each Uniswap smart contract, or pair, manages a liquidity pool made up of reserves of two ERC-20 tokens.

Anyone can become a liquidity provider (LP) for a pool by depositing an equivalent value of each underlying token in return for pool tokens.

This means that unlike exchanges, when someone adds liquidity, this liquidity does not disappear when someone buys or sells. In the standard exchange, if I sell 1 MAID for $ 1, I take the dollar and the other person takes my MAID and nothing is left.

At UniSwap, if someone buys my MAID for $ 1, that 1 dollar stays at UniSwap for someone who wants to sell MAID.

This is a very powerful mechanism for generating liquidity and the fact that UniSwap literally caught up with CoinBase in 1 year shows it.

I will personally add liquidity in several pairs - for example, MAID / Storj. This means that anyone who trades Storj will go through my pair if the price is better - it’s automatic. I hope this helps.

Privacy. Security. Freedom

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Fwiw, im almost in range long term gains cutoff (1 year in US), and 10x my cost basis, so I plan on providing a little liquidity, but certainly not enough to be very significant.

Edit: ew, just saw Biden’s tax proposal…long term gains might not make a difference…

Edit2: oh, nevermind, I won’t be trading anything close to $1M. Lol.

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Thanks for the question @happybeing. I assume by “providing liquidity” you are talking about the amount people transitioning their Maid-Omni to Maid-ERC20, and whether it will be enough to be worth it? If I interpreted your question correctly then there are a variety of incentives that may encourage people to make the leap to Maid-ERC20 (over an above the two poll results supporting the idea):

  • Much wider array of secure storage methods and wallets, better hardware wallet support. It is a more convenient way to store your Maid.
  • Ability to use those Maid.ERC20 on a DEX such as Uniswap and earn fees passively.

The second point cannot be underestimated as an inventive ti encourage liquidity. It is why Uniswap does over $10 billion a month trading volume, so it certainly appears to be working as an effective incentive.

That is the beauty. New users and developers in decentralised tech that will be most interested in this project are already on the outside, and mostly on Ethereum. Whatever Maid.ERC20 is created and put to work earning fees will also be a bridge bringing that liquidity, user and developer mind share to this project.