I’ve got a quick question regarding the difficulty of farming Safecoin as the number of vaults/farmers increase.
Firstly is it safe to assume that as the number of farmers increase, the difficulty in receiving Safecoins will subsequently increase (just like with mining difficulty in Bitcoin)?
Secondly, as the network grows does the issuance of Safecoins decrease over time? For example if we compare this to the mining of Bitcoins per year :
Year 1 : 6 Million Bitcoins mined
Year 2 : 2.5 Million Bitcoins mined
Year 3 : 1 Million Bitcoins mined
Year 4 : 0.4 Million Bitcoins mined
Will the same occur for Safecoin? e.g. :
Year 1 : 100 Million Safecoins farmed
Year 2 : 40 Million Safecoins farmed
Year 3 : 15 Million Safecoins farmed
Year 4 : 5 Million Safecoins farmed
Or will it simply be that there is a fixed % of the total Safecoin supply which can be farmed every year?
I think, there is no such thing as difficulty increase in farming, because you basically store other peoples data and receive Safecoins for it. The rate at which you get Safecoins is unknown to me @ the moment, but maybe this will be interesting to read, because @dyamanaka is digging into the foundation of Safecoins.
The rate is determined according to an unpublished formula (discussed on here somewhere! ), as SafeCoin are issued over time, but ultimately being automatically determined based on supply/demand.
Essentially if we need more farmers, farming is made more worthwhile by increasing the rewards, and vice versa.
I appears that there are a lot of things to be iron out. More than I expected. We need to develop a fact sheet down the line
I have a cursory level or knowledge about safecoin/maidsafe and have a lot of questions that might be already answered. Due to my circumstances, I have limited time to go down the rabbit hole. I cannot do binge study again… affects my family time…
Few questions:
How many confirmation is required?
Yes ‘difficulty’ what parameters sets the difficulty? is it a whole different story altogether in safecoins? from my quick reading, it appears safecoins are rewarded to nodes depending on how much data is used in a particular node… please correct me if I’m wrong.
How can safecoin credits fairly distributed.
I assume more coins : (a) CPU speed (b) HD read/write speed (c) available storage space? (d) Internet speed?- Gee Australians will miss out on this, fiber rollout is long way away… maybe cable can suffice?
Security? how will the users secure their coins? same as Bitcoin I suppose? is paper wallets applicable?
Sorry if my questions are dumb. But more dumb questions to come…
The consensus needs to be reached from the four, I think, nodes looking after the node in question (so maybe it is three out of four). If you want to understand how this ends up being more secure than bitcoin you will have to read (or watch David explain it in one hour of video - recommended - search Google technology 2008 David Irvine).
Nodes are rewarded for supplying data - so every time they respond to a GET, they have an opportunity to earn SafeCoin. How that is calculated its understood by @dirvine & co, but not finalized AFAIK.
By logic, in software. No people involved.
Machines will earn according to GET requests they receive and respond to. Machines start with low Rank. This will increase over time if the machine is found to be reliable, trustworthy, fast etc. Machines with higher rank are more likely to be handed data to store. Machines with more storage will be able to accept more data if offered to them. Machines with more data and high rank are more likely to receive GET requests for data, so will earn more.
Coins are stored on the network, just data. They can only be “spent” using your SAFE account, no need for all that bitcoin wallet confusion and lost keys etc. Just don’t forget your SAFE credentials!
Sorry I don’t have precise or final details, but hope that helps.
Time | Number of coins
Day 1 | 800
Week 1 | 1800
Month 1 | 4000
Year 1 | 19000
The size of the seeding network is estimated to be around 2,000 vaults, that being the case it is projected that the first month income will be around 8M coins and 38M in total during the first year
A projection of coin distribution can be illustrated as :
With the proposed mining procedure (and assumptions) it is estimated that half the total volume will issued during the first 5 years, with 95% issued after 10 years. End users will mine coins based on their ability to provide computing resources to the network and, in addition to the other benefits offered by SAFE, this will be their main incentive for contributing storage space.