MaidSafe Coin (MAID)

MaidSafe Token Profile (PDF)

MaidSafe is a Scotland-based company responsible for developing the SAFE (Secure Access For Everyone) Network, which launched in 2006. The SAFE network enables users of the platform to rent out unused disk space in exchange for Safecoin (MAID). The company performed a token sale in 2014, raising around $6M for the development of its tokenized data storage system. The project hopes to lower storage costs by increasing the pool of storage providers. Once a file is uploaded to the network, it is fully encrypted and duplicated so that two copies of the same file are always available. These files are then split into smaller fractions and distributed across the network. Files can only be decrypted using the private keys that were generated offline by the MaidSafe client, making it difficult for a file to be accessed by attackers. The project pioneered the use of Proof of Storage, which provides cryptographic proof of the existence of a file. Many projects currently exist to expand the compatibility of the SAFE network to include existing internet protocols so that websites can also be stored using the platform.