HI,
I’m a beginner, with the Safe network.
I understand that safecoins will be the token that will be used on the network. I’m interested by the anonymous part. There is no public ledger on the network, there is no public/private keys pair, right ? I want to know how will I know that I possess a certain amount of safecoin ? Is safecoins will have an address or… Is other will be aware how much safecoin I have ?
Thanks
Safecoin will be totally anonymous - no ledger even to analyse.
You will own a wallet or wallets, details to be decided, that are associated with your account(s) and through these you will be able to check your balance, nobody else can see how much coin a given wallet or know who owns a given wallet address unless you chose to prove it to them somehow.
How can the coinbase be verified to ensure no one is exploiting a bug to mint new coins?
What Coinbase?
The ‘coinbase’ of safecoin… how many there are.
The whitepaper might suggest intent. I don’t know exactly how it will be implemented but would expect and number of routes to assurance. One would be to see that each coin is like a file… and with a unique identity and location - that a coin can only exist in one place - one account at one time. If you set the address-space that is understood to represent coinage then it’ll be clearly limited.
But there is no such thing as a ‘coinbase’ in SafeCoin, that concept is unique in blockchain based technology.
Coinbase is the first input and the first transaction when a block is freshly mined. But SafeCoins are BLOCKCHAIN-LESS. Your question is not applicable.
The point is, because the SafeNetwork is a completely different concept you must forget everything you know about cryptocurrencies to fully grasp what is going on here.
It is like attempting to understand a non-carbon based alien lifeform, you can’t ask questions based on our current understanding of organic chemistry.
Firstly you should understand what the SafeNetwork is,
you should read about how the network works in general:
https://safe-network-explained.github.io/safe-for-bitcoiners
Then these discussions expand on certain functionalities such as coin recycling, which is a completely foreign concept in blockchain based cryptocurrencies.
Read this:
https://forum.autonomi.community/t/safecoin-recycling-can-function-as-a-value-stabilization-mechanism/
I think the question boils down to “how many coins are owned and is all of that ownership legitimate”?
https://safenetwork.wiki/en/FAQ#How_are_safecoins_distributed.3F
And for more details read the first link of my previous comment
You own a coin when you can probe, to the group who store this coin, that you are the true owner signing a message with the private key.
And to create a new coin, when your Vault do a Get you win a kind of lottery ticket via Hash calculations. The group, with enough consensus, calculate if this ticket win a reward. If yes, a new coin is minted signed with your public key and saved by the group charged to manage the new coin XOR direction. A message is send to add this new coin to your wallet.
(This is the intended operation, although the final implementation could change a little)