Could you please explain me little bit why we need safecoin to join safe network? Thanks
It isn’t clear whether Safecoin will be needed to create an account - but if it is this will be to prevent people from creating lots of accounts and using this to the detriment of other users of the network. It would not be done just to generate revenue.
But, note that you don’t need an account, so no Safecoin to pay just to browse the network. In this sense it is like the current web - you pay your ISP fees but nothing to browse.
I’d hate to sound stupid, but I’m not a developer and I also don’t understand why this specific coin is needed. I love the idea of Safenet, but could e.g. Bitcoin be used for paying for storage at least in theory?
I think that’s a different question - but the answer is that bitcoin is vastly inferior to Safecoin (won’t scale, has transaction fees, is energy inefficient, can’t be used for microtransactions etc.)
I understand that Bitcoin has limitations that need to be solved regardless of Safenet. But what is it about Safenet specifically that requires Safecoin specifically?
In short, it entice people to share their hard drive and limit others from filling the network with invaluable data.
Well, the net itself needs a way to reward those who add storage space to the net so it can function. Therefore to store somtehing on the net, for example a mp3 file or a webpage that everyone can browse, the net charges a small fee. This fee is kept by the net and later it is used to pay out reward to those that dedicate storage space to the net. All this would not be possible with bitcoin. That is because bitcoin is not technically made for this.
The reason why SAFEcoin is needed rather than another crypto is that the network needs full control over the issuance and recycling of the coins.
No other crypto at the time could provide any of these requirements.
Also if you use another crypto then the network could be held to ransom if that crypto(s) failed or were forked.
Thank you for your all comments. I will buy some maid and waiting for the network. It maybe a revolution!
From some readings I have done of old posts, my understanding is that Safecoin will not be divisible. It is either all or nothing. For example, if you want to charge 1.50 this is not possible because you cant split a safecoin to get .50 . Is this still true? Also, any thoughts of creating other safecoins that would be lesser amounts. In the USA, we have quarters, dimes, nickels, etc…
Could SAFE take some of the SAFEcoins away and split them into fractional amounts?
No it’s not true! It has always been envisaged it will be made divisible when needed and there are quite a few ideas on how to do it, search for divisibility to find the topics.
Awesome, thanks for clarifying