We should launch safecoin now and capitalize on the momentum

Disclaimer: I invested very heavily into maidsafe and also participated in Ethereum ICO, I hope maidsafe to be as successful as Ethereum.

I know that there are very different opinions regarding the launch of safecoin at the stage, some prefer the team to focus on getting the product right before creating safecoin.

I think otherwise, creating safecoin is really not such a big effort but has huge advantages, we can create genesis safecoin by disabling farming for the time being. Here are the huge advantages for creating safecoin now than doing later:

  1. all top ten crytpos has their operating network, or at least a working coin layers (REP, GNT are all ERC 20 token, part of Ethereum eco etc), Maidsafe is the only coin that don’t have its own coin system (rely on Omini). This is critical, because most exchanges don’t support coin without their own coin network. That’s the main reason we don’t see many exchanges support maidsafe.

  2. Safecoin without farming is ok. I understand the team want to do it in one go and launch safecoin once the network is fully functional. I think we should build it step by step, not to chase too many goals at the same time.

  3. Safecoin creation will certainly help the marketcap, we will as least see safecoin to double its marketcap upon simple safecoin creation.

  4. Higher marketcap will help kickstarting the ecosystem. I know there is controversy whether we should focus on marketcap. I think people definitely underestimate the importance of marketcap for a crypto project. A lot of investors allocate their fund based on marketcap and liquidity of coins, larger marketcap helps bring attention, developers, users and everything. Ethereum almost run out of money back in late 2015 and sudden increase of marketcap kickstart the ecosystem and finally save the project.

Maidsafe Inc only raised $2m from private placement and it took almost one month, I think it was really disappointing. If you look at ICO recently, shitty projects are able to raise 10m plus fund in just half an hour. With safecoin launch, it definitely would change maidsafe’s future and people will have more faith supporting maidsafe ecosystem.

We are not doing solo project but aim at creating the New Internet, but we are competing with capital, attention, developer mind shares with hundreds of crypto projects and we should move fast and more aggressively.

More capital flowing into safecoin ecosystem, we could start launching app ICO (look at Ethereum growth) and the positive feedback loop will further push the project forward.

I really can’t think of any downside for launching safecoin now.


The underlying infrastructure isn’t secure yet. So people could have 1200 Safecoin in an account, and a few days later after some data-loss in the network their account and wallet are gone. So the devs are fixing this first.

And when it comes to adoption of the SAFE technology, the ecosystem with Apps and APIs and more is way more important. External devs are jumping all over the place as they want to build Apps with Mutable Data. And guess what: MD will allow for alt_coins on SAFE. So before test_safecoin we’ll see other coins from devs first. Here’s one example:

So IMO MaidSafe is on the right path. Safecoin is and will be very cool, but other things need to go first now :+1:.


That’s why I suggested to disable farming at the stage, basicly just create safecoin genesis and let people able to move coins around and don’t need to go to Omini (but no farming), at least we should start test-coin now. But it looks that the team is quite hesitant to even start experimenting test-safecoin at the stage.

We cannot do that until the network has the required data structures in place and the data-republish has been PROVEN to work correctly. Before that it is folly to introduce it. To have an insecure (test)coin will do more to destroy the coin’s reputation than help it and it will take a long time to repair.


How will people move coins around without a functional network?


Safecoin is an integral part of the network. It’s like suggesting we create websites before anyone built the internet.


Exactly. Lets focus on perfecting and launching the network first


What you can do now so SafeCoin can capitalize on growing interest into crypto-tech is help build the bridge required for SafeCoin to even be traded when it goes live.

How open do you think an exchange that gets all its centralizing power and control from fiat:bitcoin to seeing it replaced by SafeCoin?

The only exchange IMHO that will allow the trading of SafeCoin as soon as it is physically possible will be the Decentralized Exchange (DEX). So unless you are building something in SAFE right now then consider helping us prepare for the arrival of SafeCoin.

Farming is not the problem really, it’s the fact that vaults aren’t secure and stable yet. They can break easily, and your data gets lost and corrupted and your coins are gone without any way to fix it. After all, it’s still in early alpha.

I wouldn’t call it hesitant, it just doesn’t make a lot of sense to implement testsafecoin before the other stuff is implemented and tested properly to make sure no coin gets lost.