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
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...