I see how Safecoin gets its value from “Proof of Resource” and it has a value in regards to paying for storage or paying for the usage of an app. And Safecoin has even more value in that it can be exchanged for other altcoins or fiat currency.
But I think the utility of the currency itself is also really important for adding more value to it. With Crypto 2.0 here now, I think people will expect altcoins to have more utility such as smart contracts and asset transfer.
Will Safecoin have features such as smart contracts and asset transfer like Ethereum and NXT has?
I think Safecoin’s value would be greater by reaching to a greater common denominator of altcoin investors by having more financial utility.
Safecoin and the Safe Network is already super cool. But the Safecoin buzz would be just that much cooler if it had more financial utility. I suppose really it would be an increased value of the network/platform. And as a result, Safecoin’s value would be greater.
I would like to say that I am personally more interested in the coolness and utility of the Safe Network itself, such as decentralized apps and distributed computing. But I am just thinking about how the value of Safecoin can be enhanced by having more financial utility.
It’s hard enough to do one thing right.
Very true. Maybe it’s functionality that could be built on the network down the road… Besides, quite frankly, I’d rather see dev efforts on distributed computing at some point, than on more financial features.
Asset transfer is pretty much possible from the start. It’s possible on SAFE to create your own tokens that can be transacted at network speed with a very high level of anonimity. SafeCoin is merely a special type of that type of token. What these custom tokens represent is up to apps and people.
There’s no fundamental reason why smart contracts couldn’t work on SAFE. I’m sure we’ll see them in the future.
This is all in the works… my understanding is that Structured Data is being developed in a way that makes these either possible as is, or can be extended to support after Safecoin is live.
It will probably take a new team of developers to build-in the functionality of NXT and Ethereum into SAFEnet/SAFEcoin. IMO, the existing team has enough work ahead of them to last a lifetime. I’m keen to see such functionality being added as an app into SAFEnet - and I think it is inevitable.
Is it even desirable for SafeCoin to have more value? SafeCoin is a means for facilitating network operation. In my personal view speculation and exchange rate fluctuations are a hinderance rathar than a benefit.
People need a way to contribute resources to the network or pay others to do so on their behalf and to use the network. To me it’s a non-goal to make SafeCoin more or less valuable. To me the goal is to make the network function.
I agree with you catbert. But a lot of people make their entire livelihood from technology and the internet. I am thinking from a developer (aka Builder) perspective. For Safe to thrive to its fullest potential as a new internet, Safecoin has to have value to incentivize development. The Internet of today has a huge economy which sustains and grows it’s development. Ideally speaking, a developer should be able to make a livelihood from the Safe Network just like the traditional internet. Otherwise, app development for the Safe Network will be just side projects. A strong economy based on Safecoin would dramatically help in expanding the Safe Network ecosystem. I think a lot of people take for granted the goods and services they get on the Internet that seems to be “free”. But advertising, sales, internet traffic, and data collection on individuals is largely what fuels our current “free” internet. Safecoin has to have value to put food on the table for developers and content providers, otherwise it’s a Chucky Cheese token. So ultimately, it comes down to users, and are they willing to pay for the goods and services of the Safe Network. It could be that the Safe Network may only appeal to a niche market. It will be interesting to see how things work out. The Safe Network is a cool concept for sure and has a lot of neat potential.