I ask this question because I have several Russian friends who want to use crypto-currencies and/or use crypto-integrated apps, but they are concerned about the legal ramifications of doing so (Hopefully obvious to anyone following Russian dialog on Bitcoin).
When SAFEcoin goes live, how do I describe it to my Russian friends using the terms their government already use?
Here is a reference article that gives more light into the topic:
SAFEcoin does not use a ledger.
I understand that it doesn’t use a ledger and each coin is just a piece of data in the network (Structured data). Would you say it is closer to a blockchain or ledger? If equally neither, than what is the identifiable words we should be using when describing it to the SC novice?
I would call it digital cash. Bitcoin/Block-chain is like using a checking account. SAFEcoin is like using cash.
Well then we just cut out a massive population of internet users that live in countries with ridiculous governmental approaches to digital cash; Russia being one of them.
I would say SAFEcoin could be argued a distributed ledger since the the network is responsible for keeping a ledger (hash table, owner of that stutured data) of ownership?
It depends upon how you define ledger.
All clients will have the ability to look up the (encoded?) public keys of every single safecoin. But AFAIK, there will be no way to show how many safecoins an entity owns. From the perspective of a user, every safecoin is completely detached from all others.
Symantics ;)…
A web-of-trust, without the trust?
Safecoin is a network-wide mechanism awarding units of account for the
contribution of all kind of resources useful to the network and its users …
It does not keep a ledger of past transactions and relies on a consensus
mechanism with additional algorithms checking for supply and demand .
Units of account can be tokenised for all kind of purposes users require .
I agree. “Tokens” would be the most plausible term - don’t know how that translates though.
From the article:
Distributed ledger is a technology of data or value exchange not necessarily based on blockchain.
Ok - proper english grammar aside, this sounds like data chains. But the value of the currency isn’t dependent on this like typical blockchain-based cryptocurrencies, it’s just an addon.
So yeah, totally different. They won’t even know what hit them.
Well the more I think about it Regimes that make their survival based on their ability to control people will fail when they are faced with the SAFEnetwork. I think my Russian friends will likely not be the first to adopt the technology, but at some point they will be people who later will value it the most.
My conclusion is it will not matter what terminology we use for people in Russia because the rule book just gets changed daily to fit the government’s goals. I agree tokens is a good common term and relating it too something earned that can be redeemed for data later is a good place to start.
Thanks for your thoughts and consideration.
You can’t please everyone mate and to expect to do so is setting you up for failure.
To answer your question though I would say that safe coins will be synonymous with resource based tokens.