Welcome!

News Feed Item

MaidSafe Crowd-Sale Begins on April 22

Groundbreaking Peer-to-Peer System Designed to Decentralize the Entire Internet and Web Will Crowd-Sale Its First $8 Million of Software Tokens, With 10-40 Percent Bonus for Early Participation

TROON, SCOTLAND -- (Marketwired) -- 04/21/14 -- MaidSafe (http://maidsafe.net/), creators of a peer-to-peer encrypted network of tokens that can decentralize nearly every aspect of the Internet, including all Web services, today announced the opening of a 30-day crowd-sale of its enabling software, Project SAFE, taking place at www.safecoin.io. Purchasers will receive additional tokens descending in amount by algorithm as the sale progresses, starting at 40 percent for the first purchases and descending via a smooth linear algorithm to no additional tokens on the final day.

Safecoins are tokens generated and protected by the SAFE network, which facilitate the wide array of applications which can be developed using them, from decentralized cloud storage to secure websites which cannot be attacked. Ten percent of all safecoins (429,496,729) will be made available during the crowd-sale, with a value of 17,000 safecoins per Bitcoin. An additional 15 percent will be reserved for the MaidSafe Foundation, which will use these coins to reward developers and operate the foundation, and 5 percent will be returned to the early investors in MaidSafe.

The crowd-sale begins at 9 a.m. GMT (British Summer Time), Tuesday, April 22, 2014 (1 am PST, 4 am EST). The exact amount of money generated depends upon the price that day of bitcoin (currently around $500) and the time at which the tokens are purchased. A complete sale of all 429,496,729 safecoins would generate roughly $8 million, depending upon how many coins are sold during which weeks and the price of Bitcoin during each transaction, as the price per safecoin will remain fixed throughout the sale at 17,000 safecoins per bitcoin.

Upon the completion of this crowd-sale, the value of existing safecoins will be approximately $24-30 million, with the remaining 70 percent of a capped number (like Bitcoin) of safecoins to be "farmed" (analogous to mining, but created by contributing resources, such as storage space) by anyone who wishes to add value to the network. The initial tokens will utilize a proxy token, the MaidSafeCoin, which will be recorded on the Bitcoin blockchain. When the full SAFE network becomes operational, MaidSafeCoins will be swapped for safecoins on a 1-to-1 ratio.

Project SAFE (Secure Access For Everyone) is a fully distributed platform that rides on top of the Transmission Control Protocol of the Internet Protocol (TCP/IP). It uses key/value storage and Kademlia-based routing to decentralize every aspect of the Internet, including all Web services. "What Bitcoin is doing for decentralizing money, safecoin will do for decentralizing all Internet services, including enterprise data centers," said David Irvine, MaidSafe founder and CEO.

There are two ways of taking part in the safecoin crowd-sale:

1) Send bitcoin to the address provided on the crowd sale site (buysafecoins.com) from a wallet you control (e.g., not Coinbase).
2) Mastercoin holders can send direct to the MSC address provided on the crowd sale site (buysafecoins.com).

For step-by-step instructions, please refer to this presentation link (which will be updated on the day of the sale with additional information): http://bit.ly/1mq2rqj

During the crowd-sale, 10 percent of all safecoins will be made available to buyers from anywhere in the world (429,496,729) through a proxy token, the MaidSafeCoin. Once the MaidSafe network goes live, the MaidSafeCoins will be redeemable for the network's native safecoins at a 1-to-1 ratio.

By decentralizing the Internet, Project SAFE will enable:

  • Private, secure communications, with autonomous handling of structured and unstructured data types.
  • Decentralized solutions that replace HTTP, SMTP, FTP, etc., and are immune to DNS manipulation, (i.e., this network cannot be blocked)
  • Ability for people to self-authenticate onto the network and join anonymously
  • A network that requires no administrators nor human intervention of any kind
  • A highly usable and free API that enables a plethora of developers to create the next wave of secure applications not possible with today's centralized architecture
  • An underlying cryptocurrency (safecoin) that will incentivize all actors in the ecosystem

Project SAFE will operate on an incentivized proof-of-resource model. Once a computer becomes part of the network, its ability to store data chunks (CPU speed, bandwidth, online time, etc.) will be measured and the computer's account will be issued the corresponding amount of safecoins. This software may also be traded or purchased.

About MaidSafe
Founded in February, 2006, with the intent to decentralize the Internet, MaidSafe has been working on Project SAFE for eight years (longer than the Bitcoin blockchain has been in existence). Based in Troon, Scotland, the 14-person team has received a total of $5 million in private investment to date, and it will be using the not-for-profit MaidSafe Foundation (http://www.maidsafefoundation.org) to control issuance and manage the funds generated during the April 2014 crowd-sale.

The MaidSafe platform is designed for third-party application providers to create their own application environment and removes developer risk for startups. Self-authentication allows for everyone to be in complete control of all data, beyond encryption to include physical access. In essence, nobody knows where any data is located, thereby providing completely private and unilateral access by individuals. The network lets users manage any information completely free of any third-party involvement. Users can store, share, chat and publish 100 percent under their own control and knowledge. For more information, visit http://maidsafe.net.

References
MaidSafe white paper: https://github.com/maidsafe/Whitepapers/blob/master/Project-Safe.md

Metaquestions essay: http://metaquestions.me/2014/04/12/safecoin-why-its-safe-and-what-it-means-for-us-all/

Add to Digg Bookmark with del.icio.us Add to Newsvine

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...