This is spot on. The most valuable projects are are large fundamental systems of payment/transactions/data and similar. Safe has the potential to be much larger than Bitcoin because it is a fundamental data/payment/transaction system and more. It could be larger than BTC/Uniswap/Filecoin and similar combined, it is so much more. This is the story that community should push on social media and other platforms.
Safe should push towards 1 trillion dollar in market cap.
Some that are conservative say Safe is untested and it will take years to gain trust, but remember Ethereum was untrusted and hackad when it launched but still went moon in a year or so.
Cards needs to be played right, closer to launch MAID/SNT has to be a available on several decentralized- and large centralized exchanges with different USD/EURO pairs and similar, to unlock volume and demand. Also combined with different kind of marketing on different media, socials and others. Funds should not be a problem as value of Maid grows and when SNT launch unlock huge amount for the core developers/founder and similar.
Itāll be interesting to see that the transaction rate works out to be.
So for 10,000 nodes itāll be āXā. For 100,000 nodes itāll be āYā
Y most likely will not be 10 * X, but some smaller factor as other delays are there not related to number of nodes. Maybe 9 times (pure guess)
Iāve been in bitcoin since 2011 and have most definitely used it for practical purposes - like purchasing property for myself and family members.
What can be more practical than an uncensorable, decentralised, hard-supply-limited financial network that has proven itself over many years and maintains the highest levels of security and liquidity?
Prognostications about the potential future value of SNT as being worth more than bitcoin sound way over-optimistic to me.
First of all it has to actually launch a working product. But thatās only the beginning. It then has to attract users.
Itās actually very difficult to persuade people to stop using their existing social network, chat app, messaging service, file storage service, email and whatever. Why? Inertia is one reason, but most often itās because what they are using now is where āall the people areā - network effect.
To take a simple example. It will be very difficult to overtake Twitter. Nostr is the most likely candidate at the present time and I think itās terrific. But Iām also aware that most of the people and most of the content is on Twitter. It will take a lot of time for a decentralised social network like Nostr to overtake Twitter - if it ever can.
The Safe Network will face the same issues, convincing people to move to a new platform.
Bitcoin has been going since 2009. Thatās 14 years already and itās still nowhere near mass adoption.
If and when the Safe Network successfully launches, that will just be the beginning of a long process. Patience is most definitely necessary.
What could be more practical? Possibly something that delivers all of that, but with capacity for many more instant, low-cost transactions, and general utility for anyone who wants to store data or communicate privately.
Of course Iām not suggesting itās a highly probable outcome and I agree it is optimistic. But I do expect that any crypto which gains widespread adoption among relatively normal people and businesses because of highly useful utility it offers will have a very good chance of becoming more valuable than Bitcoin in Market Cap. I think SNT has the potential to do this, if the network is realised as envisioned.
I think a Safe Network based Twitter alternative could very easily have a vastly better UX than Nostr, giving it a huge advantage in potentially achieving large scale adoption beyond the fairly tech savvy, but yes, overtaking twitter is not a small task, nor a necessary one to achieve a vastly bigger active user base than Bitcoin.
I think there are more uses than just for social media. Businesses will have use for Safe Network, which I think will outweigh the concern that people donāt care about privacy and only a fraction of the current Internet would make the transition, the whole of which eventually will anyway; hence how the business (along with credit card companies using Safe?) argument makes sense in the shorter term. People will be using Safe for storage and other reasons, as well. Heck, maybe the fact that it has so many uses from being a new paradigm of protocols will just make the world of business etc. force its way into new social media avenues, and you will be seeing subliminal and direct advertisements from businesses etc. to make the leap to new platforms just from the sheer weight of them being forced on board from the very design of Safe Net. I could be missing some major piece of the puzzle (like reality, haha thatās for you the reader to decide), but these are my thoughts at the moment. I mean, maybe thereās the argument that businesses like stealing peopleās data. But maybe they donāt, and thatās just the NSA bleeding into everything.
I think it will take time to have businesses to use Safe Network as a backup storage, for example, since who would trust it for that even after five years or so?
But as a backend for private communications, something like Signal, which is already quite widely adopted, can be much shorter way.
I can also see it gaining wide use, close to mass adoption, with a service like Twitter. The service not replacing Twitter, but being used widely, but maybe not so frequently. And later, maybe Twitter itself would have Safe Network as itās backend.
I can see wide adoption for a youtube type of service where the channel owners actually own their content and no authority can just remove the content. Maybe list makers will curate lists for those wishing no explicit material, or only one type of material, or a good search facility.
Even youtube might decide to use Safe as its backend storage.
Bitcoin is very difficult to get your head around for people. Itās a guess, but I really do suspect that the vast majority of people who have heard of it, or even read an article or watched a video or two, conceptualise it as: magic internet money.
Private keys, public keys, cryptography, public ledgers, wallets that store keys but not coins, keys that arenāt the same as the entry on the blockchain but if you lose it your money is gone, because of some mathematics or something, 1s and 0s that have monetary value in the first place, I mean, what?
Imagining MAID getting to Bitcoinās level feels a bit mad, I agree, but then Bitcoin has a higher market cap than Tesla (some days) and is really not easy to use whatsoever, people lose funds and exchanges disappear and etc etc all the time. The fact that money kept pumping in all these years is a testament to the fact that so many people are tired of banks and governments meddling with their finances, amongst other thingsā¦
What happens when something easy to use comes along, where you have to jump through very few hoops to get involved, where privacy and security are basically automaticā¦? Itās really a juicy, juicy question. Weāll get to see the answer relatively soon anyway, if these recent design changes prove fruitful.
BTC will be hard to beat, but possible. Although I think it has become an asset of value storage, so its different to what SNT may become, and thus it will most likely always be important.
But, I donāt know anyone who uses BTC for anything practical. Of course some do, but this is a niche.
I do know, however, that when I tell people that access to any and all services and apps on the Safe Network potentially requires just one password, their eyes light up, and ask when they can sign up.
Combine that with just one, or maybe two, killer apps, and quick adoption will follow.
From there I see a lot of practicality to SN, snd SNT.
Iām not sure the thing that will enable SNT to kill bitcoin will be the advantages of SNT, but that lots of people using Safe Network for other things will become familiar with and hold SNT just to do those other things.
Whether running nodes, storing data, sending safe-mail, chatting on Decorum, posting videosā¦ (the list is endless) all these folks will have SNT in a simple to use wallet.
Those just browsing wonāt need SNT but everywhere they go will be opportunities to do stuff they might want that will require them to get SNT.
Add to this usability improvements such as a single āloginā for everything, ease of adoption whether running a node or just wanting to browse, and things can move very fast. Because once you have SNT and understand how to use it youāve just jumped the biggest hurdle to bitcoin and every other cryptocurrency - and you have lots of things you can use it for as developers start making apps. Boom
Agreed on all fronts. Iām not sure if I said something that sounds like I believe something different to all this to be the case, but I certainly didnāt intend to.
I would even say itāll be fundamental to Safeās success to get loads of people involved who are absolutely not in it to speculate. If you only get speculators, then itās only about profit, and no-one will care about the network. Another investment comes along, and they jump off. Luckily there are various reasons to imagine people might get more organically and wholeheartedly involved.
Take just one example from your list there, storing data securely - imagine everything goes as smoothly as could be hoped, weāre a few years into the future, and a functional Safe Network has been going for ~6 months, and no massive data hacks or breaches have occurred. The stack is proving itself in battle.
At the moment, governments and businesses are absolutely haemmorhaging money to nefarious actors cracking their systems. Not to mention the damage to their reputation and the embarrassment involved. It gets worse every yearā¦ because the internet wasnāt built for security, it was plastered on after, bit by bit, over the years.
What happens if a thing comes along that promises to largely solve that problem? Low cost, easy to use, no third party involved, no forms to fill out, just try it and see. And that thing has proved itself for 6 months, a year? As the months tick by, governments and businesses that donāt at least try it out will be laughed at.
So yeah, itās a very big IF until we see it in the wild. Weāre all here because we think thereās a chance they might pull it off though, rightā¦
Having a live testnet did not immediately have a distinct, significant positive impact on MAID price. There is a bug somewhereā¦ Iām going to check my expectations first.
Does anyone know about the progress yet? Except our small group liking every weekly update. Any outreach on example Twitter, Mastodon or whatever the cool kids are using?
But either way it probably will have to be a lot more stable before increased results of demand can be seen if outreach is being done.
A. Well done for including Mastodon, youāre coming on leaps and bounds
B. Iād say itāll be soon enough that weāll see action on that front. I suggest a teeny bit of patience. The outreach will be far more solid if theyāre saying āWeāve done it! Come join us, today!ā, rather than āLook, we really think we probably have done it, come join us very soon, weāll let you know!ā. Anyway, weeks, months, not more, is what it feels like. @JimCollinson has been awful quiet these days for example - who knows what he could be cooking up.
C. If you canāt wait, start blogging/video-making/posting/audiocasting/walking around with flyers/whatever youāre into itās the perfect time to get started, now that there probably wonāt be any major technical changes.
Iām going to check my expectations first.
itās the perfect time to get started, now that there probably wonāt be any major technical changes.