MAID to Safecoin Transition?

Is there a document somewhere that explains the planned transition? The dates when it will be executed? And how to make the transition?

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There’s nothing that detailed. Search for “burn address” might turn up discussion because once the network is live, MaidSafecoin sent to a burn address with a signed message will cause Safecoin to be credited, one for one, to a wallet address given in the message.

As for dates, that will be when the network launches, whenever that is.

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A 1:1 transition. Therefore MAID should carry the same value as Safecoin?

Are there any deadlines we would need to make the transition by? Or Will MAID always be able to be redeemed for Safecoin, so long as we have the private keys?

Yes, Maid should carry the same price as safecoin.

There are no defined deadlines for the transition, but I think this is something we would be keen to transition over as soon as possible, it removes an added complication. As we move into safecoin implementation (hopefully pretty soon), we will be in a better position to provide more detail. Apologies that I don’t have something more concrete for you right now.

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I’ve been wondering about the transition and if it’s logic to send the Maidsafecoin to a burn address. My reason is: it could take some time for tx’s to be confirmed on the bitcoin network, especially if all SAFE community members want to convert their coins. What if: when the SAFE Network is up and running, you could just import your bitcoin private key containing your Maidsafecoin into your SAFE Network wallet. And upon importing your private key, that private key could NEVER be imported any more (because the SAFE Network would drain all the Maidsafecoins out and convert that to SAFEcoins) into your wallet.

What this would do is three things (take the transition away from the bitcoin network/convert the Maidsafecoin into SAFEcoins/leave you with bitcoin leftovers which maybe could be send over the SAFE Network).

Does this sound logic and time saving?

ofcourse the loop needs to be close (because if you know the private key, you still can access the coins, but what if when you send the private key to someone on the SAFE Network, the password to that privatekey would change on the bitcoin network (changing a password on the bitcoin network costs nothing, except the time to do it)).

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