Although MaidSafeCoin (MAID) might not sound as catchy as Bitcoin, Tron or Ripple, MAID is currently taking the 57th spot on the official list with the market cap of over 112 million dollars and counting.
Moreover, MaidSafeCoin stands for Massive Array of Internet Disks and Secure Access for Everyone, explaining the symbolism of its name and at the same time presenting the main objective behind this blockchain project: to create a blockchain based ecosystem for data storage and file sharing.
After the latest change in the market on September 15th, MaidSafeCoin is going down by over 2%, also losing against OMNI and BTC in accordance with Coin Market Cap.
So, what makes MAID special and how is this project utilizing the potential of blockchain?
MaidSafeCoin and Everything You Wanted to Know about MAID
MaidSafeCoin (MAID) has been around for over a year now and during this time, MAID managed to enter the top 100 list of crypto assets. Although the name of the coin might sound a bit off, the name actually stands for Massive Array of Internet Disks and Secure Access for Everyone.
At the same time, the name is hinting at the main objective behind the project which is to provide MAID users with safe and secure data storage and file sharing ecosystem. MaidSafeCoin has found inspiration in data sharing giants like BitTorrent and Napster, combining these network models with blockchain technology.
MAID is set to create a massive ecosystem that would provide a safe and secure network with utmost privacy as one of the key features. Altogether, MaidSafeCoin is a part of SAFE network which has the ultimate goal of designing autonomous, secure, and data-focused peer-to-peer network in order to provide an alternative to centralized file sharing and data storage options.
What MaidSafeCoin is trying to achieve is mirrored in the fact that some centralized services are taking advantage of personal data of users, like Yahoo, Facebook, Target and numerous other companies have done in the past by using personal data of users without authorization, commonly using this info for more efficient advertising targeting.
SAFE network and MAID are set to remove the factor of vulnerability in data sharing by using blockchain to achieve maximal security and privacy, which means that the network is offering the potential of using a secure and safe ecosystem with censorship-resistant communication, alongside with having access to server-less data storage.
Moreover, MAID is set to be a highly scalable currency with no transaction fees, which additionally makes MaidSafeCoin an attractive investment.
The team has already announced SAFE Fuse network version 0.1, said to be available for Linux operative system as of September 13th.
The team should first release the Alpha version with initial implementations, thus representing the first testing phase that would be available for public testing. Any community member can apply to participate in testing of Alpha 2.
While MaidSafe represents a company behind MAID currency, SAFE should represent the native network that will consist of clients and farmers. While clients can upload and store their data and files, also enabled to send and receive payments in form of MAID, farmers are there to take care of the security of those files, getting rewarded in return.
The network is said to be ultimately scalable, due to the fact that farmers can submit their request for becoming a farmer that way getting a Proof of Resources. Once the PoR approves that the potential farmer has enough strength in CPU, the farmer’s excessive hard disk storage space is being used to support the network, that way creating a scalable ecosystem.
Once the network becomes completely functional and up and running, MaidSafeCoins should be replaced with Safecoins. Currently, MAID is at the Alpha 2 stage of the roadmap, having Alpha 3 and Alpha 4 pending before the SAFE network becomes fully functional.
However, users are able to test Alpha 2 now having the access to the SAFE browser as security implementations are taking place in this stage.
MaidSafeCoin in the Market
With the Friday’s change in the market, MAID had gone up by nearly 9% against the fiat while it was being traded at the price of 0.24$ on September 14th.
With SAFE network and security implementations through the Safecoin ecosystem, MaidSafeCoin (MAID) has a decent potential of becoming one of the top data storage and file sharing blockchain-based projects, which could consequently lead to value increases in the near future.