Back to: About the Maidsafe Network

5. Economics

The SAFE Network autonomi will have a native cryptocurrency, for the time being called SafeCoin (SNT), that will provide incentives for people to support the network with storage resources and perhaps in the future applications as well. Users wishing to store information on the network will pay for it in this currency. Unlike virtually all other currencies, however, SafeCoin will scale far better and will become an excellent general medium of exchange.

Before the launch of the network, it is possible to effectively pre-purchase SafeCoin by purchasing MAID (OMNI protocol) or eMAID (ERC protocol) because eMAID and MAID will be exchangeable 1:1 for SafeCoin at launch, by snap-shotting the respective blockchains and allowing owners of MAID and eMAID to prove it and take ownership of SafeCoin. After the snapshot, any newly transacted MAID and eMAID should be practically worthless.

eMAID was intended to facilitate the listing on more exchanges because ERC protocol is far more common in use than OMNI. eMAID continues to be exchangeable for MAID through a one-way burn process that involves KYC and other requirements.

5.1 MAID pre-launch

Source: this, this, this, and this.

  • Total maximum supply (MAID and eMAID combined) at launch: 678 M
  • Pre-launch supply (MAID and eMAID combined) via crowdsale: 452 M (452,552,412)
    (This is slightly over 10% (10.5%) of total supply available at launch; slightly more by a few million, because of an error during initial MAID sale.)
  • Early Investor allocation, direct equity: 226 M

An interesting question is how much MAID is permanently lost because of lost keys, or because MAID never returned by exchanges that have delisted MAID or plainly stolen funds from people.

5.2 After launch SNT

  • Total maximum supply over time: 4.3 B (2^32-1, 4,294,967,295)
    This includes MAID, eMAID exchanged for SNT, investor allocation SNT, and new emission SNT

5.3 Statistics (MAID)

+ Date + Addresses + Balance (MAID) + Source
| 2020-01-12 | 16848 | 452,542,031 | |
| 2021-03-00 | 17301 |
| 2020-08-00 | 16023 | 452,552,412 | |

5.4 SafeCoin Properties

SafeCoin will be based on DBCs, Digital Bearer Certificates. DBCs have a value and an owner. To spend a DBC, the mint, an autonomi network function, will check the present value of a DBC to prevent double-spent, and reissue one or more new DBCs with ownerships and values set to implement a desired transaction.

SafeCoin will be almost infinitely divisible: SNT can be subdivided 10^9 times into SNT Nanos.

DBCs can be used online or offline.

5.5 SafeCoin Value

Since SAFE Coin will regulate availability of (secure and perpetual decentralized) storage, it may be expected to be as stable as that commodity. However, speculation and application for predominantly other uses might change the situation significantly.

=== 5.3.2 SafeCoin creation ===
(following needs confirmation.)

[[|4/2017]], [[|authoritative April 2017]],[[|@neo]]

SafeCoin goes to

  • Farmers – Depending on supply of available but unused storage; the (instantaneous) farming rate.
  • Network maintenance – Every GET on average pays core devs 5% of farming rate
  • App developers – Every GET due to an App pays 10% of farming rate
  • PtP (Pay the Provider – [[|under discussion]]) – Every GET for specific data could pay 10% of farming rate

Farming rate is explained in [[|RFC-0012]].

=== 5.3.3 SafeCoin destruction ===

SafeCoins are destroyed/consumed by the network at:

  • Account creation (address/ID)
  • Domain name purchase
  • PUT of data (immutable data will be much less expensive than mutable data)

updated: 20240419

Leave a Reply

Your email address will not be published. Required fields are marked *