Working on Exchange Listings

Yes, probably true in most cases. When working test-network is live and MAID jump top 50-30 on world ranking, that could open doors and interest.

So far, I’ve been able to ascertain the following about how Safe Network Token will be allocated:

With regards to the MaidSafeCoin crowd sale, I have been able to ascertain the following:

  • Token sale:

    • The crowd sale began at 9 am GMT on April 22, 2014, sold out within 5 hours, and raised $7M.
    • 452,552,412 MaidSafeCoins were sold.
    • Backers received the equivalent of 17,000 MaidSafeCoins per bitcoin sent to the SAFE Network Bitcoin exodus address or 3400 MaidSafeCoins per mastercoin sent to the SAFE Network Mastercoin exodus address.
    • There were ~2K participants
    • The following bonus incentive was offered; however, the sale completed within 5 hours.
      • Week 1: 40%
      • Week 2: 30%
      • Week 3: 20%
      • Week 4: 10%
    • Funds from the crowd sale were used to support development, and to secure the Safe Network through a 1:1 conversion with Safe Network Tokens.
    • The sale was open to global participants without excluded jurisdictions.
  • Equity Funding:

    • MaidSafe also held a Series B Equity Funding Round on BnktoTheFuture on Sept 12, 2016.
    • Shares were priced at £21.28.
    • The funding round was open to accredited US investors.
    • Equity funds were raised to enable MaidSafe to continue recruitment of top developer talent to build out the features and functionality of the network, and to grow awareness amongst application developers and strategic partners.

The above is based on the links that have been shared on this thread as well as the whitepaper. Two questions:

  • Is the above graphic accurate?
  • Were there any specifics on the intended use of the proceeds from the 452,552,412 MAID sold in the crowd sale (e.g. X to dev, Y to marketing, Z to advisors, etc.)?
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The percentages must be different:

Farmers who run the Vaults are paid at 100% of the Farming Rate for all GETs on the Network. I.e. 86.95% (100/115) of all rewards.
Application Developers are paid at 10% of the Farming Rate for all GETs on the Network (that relate to their applications). I.e. 8.695% (10/115) of all rewards.
Maintainer Developers are paid at 5% of the Farming Rate for all GETs on the Network. I.e. 4.348% (5/115) of all rewards.

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Where did you get this information from? I am working with the following from the whitepaper:

To allow distributed ownership of the network, MaidSafe will allocate 30% of the tokens on day 1… This allocation of safecoin will allow two separate entities to be rewarded:

a: Current MaidSafe investors/shareholders. …
b: Crowd Sale Participants …

A crowd sale will enable everyone worldwide to seed and be a part of the SAFE project. This will last until MaidSafeCoin are sold out (circa $8million). If the all coins are not sold the event will end after 30 days. The crowd sale will enable a direct purchase up to ten percent of MaidSafeCoin. It is anticipated that soon after the crowd sale commences, MaidSafeCoin will be listed on exchanges and will be tradable, right up to the release of safecoin.

Developers …

15% of all safecoin earned will be allocated to the developer pool. This will ensure the developer community is highly motivated and rewarded for providing free-to-use applications and improvements to the underlying codebase that utilise safecoin as their revenue model. It is possible that 10% of these coins maybe recycled if a an idea of automated developer awards comes to fruition.

5% of the developer pool coins will be given to the core developement team. …

From the site https://safenetwork.tech/fundamentals/

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Ok, I also searched the forum and found similar numbers here: SAFE Network Fundamentals: Context.

However, the numbers don’t make sense because they don’t take into account the number of Safe Network Token that has already been allocated as MAID. Using the number from the “fundamentals” the total amount of Safe Network Token would exceed 100%.

70% of the ALL tokens are reserved for farming. These 70% are distributed as follows:

  • 86.95% Farmers
  • 8.695% Application Developers
  • 4.348% Maintainer Developers

Okay, so then the math works out like this:

Share of Rewards Share of Total Safe Network Tokens
Farmers 86.96% 61%
dApp Developers 8.70% 6%
Core Developers 4.35% 3%

However, this is only the initial distribution and we will probably never see these numbers because of recycling…

Alright, I’ll add the following disclaimer to the apps: This is the planned initial distribution at launch. The rewards will in fact be dynamically adjusted according to the Farming Rate determined by the Network

Here’s the retooled chart:

Thanks for your help on this, @dimitar! Does the rest of the information regarding the Token Sale & Equity Funding look correct to you?

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I think it was open to people from all over the world. That was the amount collected:

Screenshot_2021-02-08_00-38-49

If someone writes a summary of the latest news, I will post it in their forum:

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Thanks for the extra details!

I focused on the “US accredited investors” because this is what US-based exchanges seem to care the most about right now. I’ll add the following as a bullet point, however: The sale was open to global participants

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That 20% is only 5%

The situation at launch of the real token is now currently

  • approx 10% to those holding MAID
  • 5% put in reserve for investors

That is it now

The 5% for core devs is an ongoing thing where farmers are receiving 100% of the farming reward and 5% of the farming reward is sent for core dev rewards. This is 105% of farming reward (numerical value) is rewarded at the time of the GET.

Then add in the APP dev reward (if the app has the feature turned on - not all APPs will turn it on) of 10% of GET reward value for the APP gets. This represents <10% of GET reward value overall. This figure maybe as low as 0.05% overall or may approach the 10% if every GET is done for APPs with the reward feature turned on.

Thus it now becomes Total reward payout is between 105% and 115% of the farming reward value

Remember that the ongoing rewards given out will end up being 20 or 50 or 100 or … times the max supply of SNT.

It is not sensible to think of SNT as being limited by the max supply. The coin is recycled and effectively each coin can be given out 1000’s of time. The limitation is that there has to be less than the max supply at any one time.

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Wrong. This can be 7000% or 70000% or more. The figure is an unknown quantity.

Even the 10% for MAID holders will eventually find its way to be recycled many times. So it too will be available for rewards at the rate of 105% of reward amount for each GET. (Well most of the 10% as some will hoard or lose)

This is wrong too

It is
Farmers get 100% of farming reward
Core Devs get 5% of farming reward value
APP Devs can get 10% of any one farming reward value (This reward only occurs if the APP has feature turned on and the GET is for the APP)

And the share of “all” tokens is meaningless and I do mean meaningless for the running system. The total rewards to be given out is unknown, it is infinite for a healthy network. The total amount given out will far exceed the max supply since there is a steady stream of coins returned to the Network “till” in a healthy network. It is possible in the first year that 6 billion coins are given out in rewards and 5.5 billion spend on buying resources.

So that means saying a specific % of token is used for this or that is misleading at least and deceitful at worse

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If this is true then it needs to be communicated through official channels (I.e. safenetwork.tech, this forum (posted by @maidsafe), and the white paper that’s currently on MsidSafe’s GitHub).

For now, exchanges will believe what is published. I can’t tell a story that deviates from that unless the official websites and the white paper change.

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The system is unique in the crypto world and fiat world.

It is really just one entity that buys and sells resources and it gives tokens for work done and receives coins for buying resources.

There is a max supply of tokens and that is either held by entities or it is held by the network. The only time we can refer to any amount of token as a %age of max supply is at launch of the token. After that it will turn into smaller and smaller %age of coins given out by the network. \

SNT is basically a infinite resource for calculating %ages

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As far as I can tell the info is for launch. If not then it needs to be modified.

Because of the uniqueness, people find it very difficult to get the thinking right.

The papers talk of the %ages as launch %ages OR as %age of reward amount. Too many people equate the %age of reward amount with %age total supply overall, and this is the issue.

There was huge discussions a couple years ago because people did not understand that %age of reward value does not equate to %age of total supply overall.

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Exactly. Which is why I specify initial distribution at launch. Also, you’re coming off as pretty belligerent. No one’s your enemy here. We’re just trying to help out.

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Forgive me for that and I realise it just before you said it. Its due to past experiences. I am not trying to be or have that as a concious thought

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Here is a quick diagram showing the rewards, is it any good for understanding

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