Safecoin, like every other crypto coin, works on a decentralized network and mining of blocks. Safecoin is a digital token that is found on a network called the SAFE network. Though as new it may sound in the cryptocurrency market, it is currently gaining grounds in the area of secured network and its entire operation.
History of Safecoin
Just as the name implies SAFE means Secure Access For Everyone. It was formerly owned by a Scottish engineer who was the designer of MaidSafe network. This safe network was built to be autonomous and decentralized data of the network. The Safecoin team was built around talented and diverse individuals which were led by Safecoin founder, Jeff Galloway with a host of others namely Alexander Shatovskiy, Oleksandr, Beshoy Girgis, Luc Vasseur, Ryan and David Bentler who were also the developmental brain behind safecoin.
Safecoin and its market cap
When safecoin was launched into the public, there was a total supply of 36 million of the coins in the circulation with 4 million as pre-mined. The platform gives a block reward of 13 Safecoins with a block time of 60 seconds. As at when this article was published, Safecoin has a market cap of $953.01k and its total supply of 23.95 million.
Safecoin act as a gateway into Maidsafe peer-to-peer decentralized network. This Maidsafe network offers an open sourced system of the network for developers and back-end users. This maidsafe network that supports Safecoin was created to ensure a high level of security of its platform and all fraudulent activities. The Maidsafe network was established to eliminate the necessity of a third party and all form password transmission.
The Technology built on the Maidsafe network for Safecoin
Maidsafe is a company that is designed to implement the SAFE Network. This network is based in the UK. It is built to provide privacy and security. As at when it was launched at 2006, it remains the only autonomous that uses a new technology called the ‘Proof of Resources’. The safe network provides a secured data management by sharing the unused computer resources of the individual participants.
The network is built to support the use of Safecoin for its mining. As quoted by the brain behind Maidsafe, David Irvine- ‘That it is a data and communications network which can help build the infrastructure for each type of web service that exists on the internet. This quote was centred on the control of power on data by just a few tech companies. But with the coming on board of Maidsafe, this controlling power by tech companies will be challenged and make the system secure and decentralized giving the controlling power to the end users.
How does the MaidSafe network work?
With a unique system like Maidsafe system, it will be quite beneficial to look at the function of the Maidsafe network.
- Self-encryption to secure all data; when data are uploaded, it undergoes a self-encryption to ensure that all data and file are protected from third parties and all form any form of hacks.
- A decentralised data caching technology; The Maidsafe network provides a decentralised system whereby files are stored on devices across the world.
How to buy Safecoin
Buying of safecoin is like every other cryptocurrency. Some ways by which you can buy safecoin are;
- Coinbase; Coinbase is a platform that allows you to buy Safecoin when you register in their network platform. When registered, your account is set up, and it enables you to fund your account through debit or credit card. After funding your Coinbase account, it gives you the right to buy/sell some crypto like bitcoin or Ethereum. Buying either bitcoin or Ethereum can finally give you access for some crypto exchange with Safecoin by using Binance. Other crypto exchanges like Binance that currently accept exchange services are Cryptopia and Bithump.
- CoinSwitch; This platform allows you to fund your exchange account with credit card. It allows funding of over 250 cryptocurrencies.
- Changelly; Changelly is well known because of its funding access through the use of both credit card and debit card. And also allows crypto-to-crypto exchange rate for more than 35 cryptocurrencies in this global exchange.
Safecoin gives users the privilege of buying other coins like bitcoin, Litecoin, and Zencash and also gives users the right for perfect exchange with other cryptocurrencies. The Safecoin community is so robust that every week new coins are voted into the community for exchange.
How to own a safe wallet?
Safecoin was able to develop their wallet to fit into different usability platform. They are;
- Paper wallet; This can be set up by first generating a new address, clicking the paper wallet tab and print the page. The generated address can be shared with other cryptocurrency users to receive money. The printed wallet can be stored by using BIP38 to secure your paper wallet and a password.
- Android wallet; This wallet was built by Safecoin with the mind of the widespread of Android platform around the world. This android app wallet was released on the 10th of July, 2018. It offers a high tech safety and security network to ensure that coins are safe. You can pay by scanning a QR-code or by sending to a contact.
- Desktop wallet; More work are still being done on the desktop wallet to see that their features are compatible with all form of the desktop operating system.
- Web wallet; Safecoin can also be stored in the web wallet where all transaction can be done. It gives users free access to their coins where ever they are.
How to mine Safecoin?
The mining of Safecoin uses the Zhash algorithm. This mining of Safecoin is made possible by using a Proof of Work consensus which allows miners to complete the transaction and produce a new block. This gives miners the right to use machines with high computing powers to solve a mathematical puzzle.
Also, Safecoin allows a selection of mining pool for mining activities. Examples of pools are Supernova, Equipool, Catspool, Equigems, and mining speed. Safecoin also encourages to spread the hash rate around pools to prevent a 51% attack