I know that Ethereum uses a blockchain and SAFE Net doesn’t, but what are some other differences? Is SAFE Net open to certain kinds of attacks that Ethereum isn’t?
Thank you.
- Ethereum is meant to be a computer where everybody that pays ether can run a script.
- SAFE is a P2P-Storage system where everybody that pays Safecoin can store information.
2 Likes
SAFE uses a different mechanism to arrive at concensus (close groups). Many advantages over blockchain (scalability, energy efficency, security, decentralisation of nodes) compared to blockchain concensus, which is vulnerable to mining, geographical and jurisdiction centralisation as we see has happened to bitcoin.
The applications of SAFE are not limited to storage, but this is at its core and its unique built in non-blockchain cryptocurrency has utility because it is issued by the network in exchange for resources (farming) and accepted by the network as payment for storage (and later computation) on top of instant no fee transactions, scalability, and complete anonymity (no ledger - each SafeCoin is a piece of data with no history).
With an API it also supports applications desktop/mobile/web, all in an entirely decentralised Internet like infrastructure. So while Ethereum has adopted some of the same goals, it is firstly a blockchain adapted to computation whereas SAFEnetwork is decentralised anonymous Internet (storage, comunications, apps, computation) from the ground up, with its own built in cryptocurrency (low friction, scalable, inherent value etc).
SAFEnetwork should be more secure rather than less secure to many attacks (eg 80% of bids rather than 51%). Security, anonymity and privacy are core design goals, and considered at every level.
5 Likes
Definitely not an expert here, but I’ve been doing some projects both in Ethereum and now in SAFE. IMO, Ethereum, or even to the whole blockchain, is all about the reputation system (for nodes), while SAFE focuses more on data (communication, storage etc).
@maxweng not sure what you mean by reputation system, but SAFEnetwork ensures the reliability of vaults through a mixture of means that include incentive (under perform and you will be kicked off, so can’t earn) and monitoring over time (node aging) which I think of as a reputation system.
These are important in order to ensure the security of those data and communications.
Yes, a reputation system is essential to to make the whole decentralized network to work. So, yes, SAFE has to have that built-in.
But for the blockchain, I think it’s just all about the reputation system, which is a trust network built on top of trustless nodes. The Economist magazine even had a cover story about that I think.
I agree, but reading your comment implied to me that SAFEnetwork did one but not the other, while it has both reputation system, and on top of that communications, storage, database, apps etc 