Safecoin is a digital token. It can be thought of as the oil in the engine of the SAFE Network, a built in way of ensuring that all users of the network are compensated for the value they provide. Let’s ﬁnd out how it works.
MaidSafe's aim is to provide privacy, security and freedom to everyone on the planet. This has been our unwavering ambition since we started on this journey in 2006, and it remains our driving force today. Safecoins are given as an incentive to users for providing their resource to the network. This resource is their: storage space, CPU, bandwidth and online time that enable the encrypted chunks of network data to be stored and retrieved from their computer. The process of providing resource and receiving safecoin in return is called ‘Farming’. Each piece of encrypted network data is stored in a Farmer's ‘Vault’, a data storage and management location on the Farmer's computer which they cannot read, or access. The SAFE network is designed to self-manage these resources. Online data has become so insecure and data thefts so commonplace that our trust in companies securing our data is almost entirely eroded. An estimated 1.1 billion personal and sensitive records were stolen during 2014 with 8 incidents reported every single day. A new way of managing data is required, and MaidSafe combines several features that we believe provide a level of security not possible using existing methods. Data security not only allows us to keep our credit card details safe, or our medical records secure, but only with security do we achieve privacy. Privacy is misunderstood by many. Too often people believe that demanding privacy is identical to protecting secrets, or hiding something that we shouldn’t be doing. Some would have us believe that, in some way, by not wanting to share everything with the world, we are involved in an unlawful act.