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SafeCoin

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Discover SafeCoin's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is SafeCoin?

SafeCoin (SAFE) is a decentralized, community-driven cryptocurrency that prioritizes safety and security. It is built on a modified Solana codebase, utilizing a proof of stake consensus mechanism with a focus on energy efficiency, accessibility, and decentralization. SafeCoin aims to provide fast, secure, and private transactions with low fees, making it an environmentally friendly and accessible alternative to traditional cryptocurrencies.

How is SafeCoin used?

SafeCoin (SAFE) is used as the primary cryptocurrency for the Maidsafe network, a decentralized internet platform. It serves as a gateway to this network, allowing users to access and utilize its decentralized services. Here are some key ways SafeCoin is used:

  1. Access to Maidsafe Network: SafeCoin grants users access to the Maidsafe network, which provides a decentralized platform for various internet services, ensuring privacy, security, and anonymity.

  2. Proof of Resource (POR): Users can earn SafeCoin by contributing resources such as storage, CPU, online time, and bandwidth to the network. This process is known as farming, and the amount of SafeCoin earned is directly related to the resources provided.

  3. Decentralized Applications: Developers can use the SAFE network to publish applications, and they are rewarded in SafeCoin based on the usage of their applications by users.

  1. Transactions and Storage: SafeCoin is used for transactions and data storage within the Maidsafe network, which is designed to be secure, private, and decentralized.

  2. Staking and Validation: SafeCoin holders can participate in the network by running validators, which helps maintain the network's decentralization and security. They are rewarded with additional SafeCoin for their participation.

Overall, SafeCoin plays a central role in facilitating the decentralized services and applications offered by the Maidsafe network.

How do I store SafeCoin?

To store SafeCoin (SAFE) tokens securely, it is recommended to use cold wallets, which are offline and less susceptible to hacking. There are two types of cold wallets:

  1. Paper Wallet: This is a simple, offline wallet where you generate public and private keys using a program and print them on paper. The keys are in the form of QR codes that you can scan for future transactions.

  2. Hardware Cold Wallet: This is a physical device where you can store your cryptocurrency. Your crypto addresses and keys are kept in a USB drive device, and only the person with the USB drive can access the assets. Hardware cold wallets are preferred by many users, especially for storing large numbers of coins or tokens.

Additionally, you can use web-based wallets like the official SafeCoin wallet at https://wallet.safecoin.org/ or the Vidulum App, which allows you to access your SafeCoin wallet from any device and provides 24/7 control over your crypto.

How to buy SafeCoin?

To buy SafeCoin (SAFE) tokens, follow these steps:

  1. Choose an Exchange: You can purchase SafeCoin on decentralized exchanges (DEXs) like SafeTrade, Graviex, and Crex24 ERC-20-Safe.

  2. Create an Account: On the chosen exchange, create a wallet by entering your email address.

  3. Fund Your Account: Send cryptocurrencies like Bitcoin, Ethereum, or Solana from another wallet to your exchange account.

  1. Navigate to the SafeCoin Market: Find the SafeCoin market on the exchange and select it.

  2. Choose a Transaction Amount: Decide how much SafeCoin you want to buy.

  3. Confirm Purchase: Review and confirm your purchase details.

  1. Complete Transaction: Finalize the transaction, and the SafeCoin will be added to your wallet.

Additionally, you can use Coinbase Wallet to purchase SafeCoin by following these steps:

  1. Download Coinbase Wallet: Get the mobile app or browser extension.

  2. Choose a Username: Set up your wallet with a username.

  3. Securely Store Your Recovery Phrase: Keep your recovery phrase safe and secure.

  1. Buy and Transfer ETH to Coinbase Wallet: Purchase Ethereum (ETH) and transfer it to your Coinbase Wallet.

  2. Trade for SAFE Token: Use your ETH to trade for SafeCoin.

Remember to consider Ethereum network fees and plan accordingly.

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History of SafeCoin

SafeCoin (SAFE) was launched in early 2018 with a small pre-mine of four million coins and a maximum supply of 36 million coins. Initially, it used the Equihash algorithm, but the team has been exploring other ASIC resistance options. The project aimed to create a community-driven, decentralized blockchain that prioritizes safety, security, and privacy. It was forked from Solana, leveraging its advanced technology to improve performance and accessibility. SafeCoin has been actively developing new features and improving its ecosystem, focusing on energy efficiency, scalability, and user-friendliness.

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How SafeCoin works

SafeCoin (SAFE) is a decentralized, community-driven cryptocurrency that leverages advanced safety and privacy technology. It operates on a Proof of Stake (PoS) consensus mechanism, which means that users can earn SafeCoins by staking their existing coins or by running a network validator. This approach is more energy-efficient compared to traditional Proof of Work (PoW) systems like Bitcoin, which rely on mining.

Key Features
  1. Speed and Scalability: SafeCoin's network can process over 65,000 transactions per second, making it significantly faster than other popular cryptocurrencies. This is achieved through Solana's unique multithreaded architecture and Proof of History protocol.

  2. Energy Efficiency: SafeCoin is environmentally friendly, using only approximately 0.00000025 kWh per transaction. This is a significant improvement over other cryptocurrencies, which often consume large amounts of energy for mining and validation.

  3. Accessibility: Unlike some other blockchains, SafeCoin allows nearly anyone to run their own validator and participate in the network, promoting decentralization and community involvement.

  1. Affordability: Transaction fees on SafeCoin are minimal, set at 0.0001 SAFE per transaction, and do not fluctuate with network activity. This makes it a cost-effective option for users.

  2. Privacy: SafeCoin prioritizes user privacy, not requiring any personal details and not having undergone an Initial Coin Offering (ICO) or Initial Exchange Offering (IEO).

Technology and Security

SafeCoin's technology is built upon the Solana codebase, which provides advanced security features. The network uses a Proof of History timing mechanism, ensuring reliable and efficient transactions. Additionally, SafeCoin's smart contracts are built using modern WebAssembly and Rust programming languages, enhancing security and performance.

Community and Development

SafeCoin is driven by a community of passionate individuals who contribute to its development and growth. The project has a roadmap for continuous improvement, including updates to its multi-coin wallet and integration with other blockchains. The community is active on various social media platforms and encourages collaboration and participation.

Overall, SafeCoin is designed to provide a fast, secure, and environmentally friendly cryptocurrency experience, with a strong focus on community involvement and decentralization.

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SafeCoin's strengths

SafeCoin (SAFE) has several strengths that set it apart from other cryptocurrencies:

  1. Security and Performance: SafeCoin leverages the advanced security features of Solana, including its unique Proof of History timing mechanism, which allows for sub-second finality and high transaction speeds of over 65,000 transactions per second.

  2. Energy Efficiency: SafeCoin is highly energy-efficient, using only a fraction of the power required by other blockchains. This is achieved through its multi-threaded architecture and Proof of History protocol, making it environmentally friendly.

  3. Accessibility and Decentralization: Unlike Solana, SafeCoin allows nearly anyone to run their own validator and participate in the network, promoting greater decentralization and community involvement.

  1. Affordability: Transaction fees on SafeCoin are significantly lower than those on other blockchains, with a fixed fee of 0.0001 SAFE per transaction.

  2. Privacy: SafeCoin prioritizes privacy, having no ICO or IEO and not requiring personal details from users. This ensures a high level of anonymity and security for its users.

  3. Community Focus: SafeCoin is built and maintained by a dedicated community of developers and users who are passionate about creating a secure, efficient, and accessible cryptocurrency ecosystem.

SafeCoin's risks

SafeCoin (SAFE) carries several risks that investors should be aware of. One significant risk is its high risk gauge score, which indicates that it is currently a high-risk investment. This is particularly concerning for portfolio managers who prioritize risk assessment.

Another risk is the potential impact of regulatory actions. As the arm of US regulators is long, there are risks associated with regulatory changes that could affect SafeCoin and other cryptocurrencies. For example, Tether's shift from OMNI to Ethereum ERC20 tokens could have implications for SafeCoin.

Additionally, the cryptocurrency market is inherently volatile, and SafeCoin is not immune to these fluctuations. Its value can drop significantly, making it a risky investment for those who are not prepared for such changes.

Overall, while SafeCoin prioritizes safety and security, it is still a high-risk investment that requires careful consideration before investing.

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SafeCoin's ecosystem

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SafeCoin’s team

Here is the team behind SafeCoin (SAFE):

  • The SafeCoin Team: The core team includes Big Tweek, Chris Moffat, Cya, Colin (Mr. Coins), Rob Bannerman, SC, and Daniel Fau.
  • Developers: psionic, v4rjo, and jonnyboi are part of the development team.
  • Communication: Bluebird, DCAL4, Docrec, and extramedium contribute to communication efforts.

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