Total safecoin in circulation

Hi, I have a question.

On the Safenetwork you will have to spend safecoins in order to upload information while on the other hand, safecoins will be distributed to farmer.

Will it exist a mean to know at every moment the amount of safecoins in circulation? And so the makercap depending on this amount. :slight_smile:


Yes, although no one will be able to give an exact number at any one time (the supply is quite fluid), it will be possible to work out pretty accurately how many safecoins are in circulation at any one time based on the farming reward algo.


How I would like to know. The algo is based on spare space. So knowing approx spare space is easy, but not safecoin. The “lottery effect” won’t give it to you since you don’t how many attempts are made let alone how many are successful.

To get an estimate of safecoins existing you need to query a good number of safecoin MDs and see if they exist. Then from that work up to the whole range.

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No blockchain to totalise for an easy sum then eh? :stuck_out_tongue: Heheh, sometimes I tickle myself.

Yep, and the SAFEnetwork cannot tell you what coins you have as such. You’ll have to read the messages that will be sent when a coin is transferred to you. Typically this would be a wallet that does this for you.

So if you have no way to query the network for a list of your coins then there is no way for any “authority” or hacker or nosy parker to keep track of your coins.

The only way to get a definite count of coins is to query every coin address and see if the coin exists. But of course if you could do this the number would have changed by the time you tested them all.

I did suggest an APP that allows crowd sourced analysis of the approx number of coins existing. For everyone that runs the APP, the APP would query 10,000 addresses that have not been queried in the last week. Then a MD is updated with that block’s count. At one thousand counts per MD then just over 400 MDs is needed

This way a count can be made and if one knows the number of 10,000 address blocks have been queried and the number of addresses existing in each then an approximation can be derived. If enough people around the world were running this APP (occasionally) then it may even be possible to test every coin address once a week.


If there isn’t tracking on numbers of coins circulating, then how do we know the market cap at any given point in time?

The netwrok doesn’t care and why should it.

Approximations are easy since the coins are allocated in a seemingly random manner, and a query of even one thousand coin addresses will give you a plausible approximation. Obviously 10,000 address check is better.

Market caps are really of marginal value and often manipulated to say things they cannot. For some coins even buying 10 coins at 100x price can change the market cap $$$ amount by millions or billions.

The network doesn’t care, but the public does.

If we’re trying to bolster support amongst miners, farmers, make money online types, early adopters, speculators, media conglomerates, editors, and the 1,000 others we care about to speed adoption, market cap is a vanity metric that can matter.

It makes good headlines, great soundbytes and reads well on the press pages of the project sites.

It matters, because it turns heads.

Did you read what I said? The network doesn’t but you can produce a market cap. . So your negatives evaporate.

The reason the network cannot is that is both a security/anonymous feature and because the way it works. Consensus is done at a group/section level and does not involve the whole network. This is a core feature of its efficiency and security which means there is no network wide count/measure of anything including safecoin.

Checking 10,000 addresses is going to give me an accurate picture of something which potentially has billions in circulation at some point in the future?

There’s more not said, surely.

As to the marginal value. It’s only of marginal value if you don’t use PR as part of your game plan.

The coin is created randomly so a sample of sufficient size will give a surprisingly accurate result.

Heh, thanks Nick. Indeed, I’ll be surprised if 10,000 predicts 4 billion :wink:

I’m Rob anyhow.

Also I suspect that anyone creating a market cap estimate will be using multiple blocks of 10,000 so as to be more accurate. And may even do it in a way I suggested where each person who runs the APP to get a estimate of the coin count will actually also be helping to improve the accuracy of the estimate.

One 10,000 block may result in a 5-10% error. But to me that is surprisingly accurate. Its because of the random nature of the allocation/creation.

Basically the count estimation will be a problem that will be solved by applications running on top of the network since the network core will not and cannot give a accurate figure and to keep security/anonymity at the best levels we don’t want the network to do that.

The network is not worried about what humans place on the price of the coin, but simply on the resources of the network.

Doh, my bad Rob - I thought Nick was neo. Sorry about that one.

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