Unlike most cryptocurrency ratings published online, the Wise Crypto ratings have nothing to do with the current or future price of the currency. Whether or not a crypto is over or undervalued or priced today is completely irrelevant. Our research focuses on the sustainability of each project, the security, the use case, decentralisation, environmental impact, the technology, the scalability and the developers and teams behind the projects.
* Important: We are only going to be giving a preliminary rating for SafeCoin as the network is not live yet and is still running out of the Bitcoin Omni network. If the Safe Network fulfils all its goals we can expect the rating to be far more favourable than if we were to rate it based on the current slow and expensive Bitcoin network effect.
Once the Safe Network goes fully live, all MaidSafeCoins will be swapped for the new native SafeCoin. *
MaidSafeCoin (MAID) & SafeCoin Rating = 330/1000 *
Technology (0 to 300) = 195
- Speed (0 to 50) = 35
Safecoin transactions will be confirmed instantly, usually less than a second. This fast transaction will give other cryptos a challenge. How the network interacts with crypto exchanges however will be interesting to see.
For the moment though MAID runs on the Bitcoin blockchain and is therefore terribly slow and cumbersome.
- Cost (0 to 50) = 35
The SAFE network will be free from transaction fees. Users become farmers by offering a portion of their hard drives as storage for the network. They then get paid in Safecoin when files are retrieved from their computers. What happens with crypto exchanges is a mystery at this point.
- Scalability (0 to 50) = 35
Unlike blockchain-based cryptocurrencies, there is no public ledger; only the current and previous owner of each coin are known to each other. The lack of blockchain allows the network to scale unlimitedly.
- Reliability (0 to 50) = 25
The platform makes up additional hard disk space for users. Users on the network share the disk space, memory, and CPU processing power. Customers can use the network anonymously, and network contains fully encrypted data storage and file sharing. Hence, the SAFE Network should indeed be reliable in theory.
- Environmental Impact (0 to 50) = 40
Unlike Bitcoin, Litecoin and Ethereum, SafeCoin coin can’t be mined. Instead, it’s farmed. The network uses a Proof of Resource algorithm where two characters are involved in the system: clients and farmers. While its impact on the environment cannot be completely ignored, it’s minimal compared to the Bitcoins of this world.
- Decentralization (0 to 50) = 25
The SAFE Network uses Proof of Resource algorithm, which makes it decentralized. Even without a blockchain, the network validates resource providers by attempting to store and retrieve data chunks on/from nodes. The SAFE network architecture is decentralized and provides security as well as privacy. The farming rewards are setup in such a way with diminishing returns on hardware that there will be little incentive to control the entire network so no mining (or farming) centralization can take place.
Security (-250 to 0) = -95
- DDoS Attacks (-100 to 0) = -50
MaidSafeCoin is susceptible to Distributed Denial of Service attacks. Hackers can explore this vulnerability to target a single node on the network, infect it with a Trojan and carry out the attack. This attack can result from access to private files.
- Potential for being banned (-100 to 0) = -25
MaidSafeCoin is a token developed for the SAFE Network, which is aimed to make up the extra hard disk space for customers. Users on the platform share the disk space, memory, and CPU processing power. The project is compliant with the laid down-regulation and therefore faces little possibility of being banned from this viewpoint. It is also not a blockchain, however as the finished product could be compared to the likes of Napster, Bittorrent, iMesh, Gnutella, eMule, eDonkey, etc we will have to see how the network ends up being used as pirated or even illegal pornographic (or worse) material being stored on the network could result in some major legal issues.
- Network Vulnerabilities (-50 to 0) = -20
Some of the network vulnerabilities experienced on the SAFE network include server outages and DDoS attacks. However, the platform does not have a blockchain which makes it immutable to attacks common within the cryptocurrency space.
Use Cases (0 to 500) = 110
- Initial Main Use Case (0 to 100) = 10
MaidSafeCoin was created as a token for Safecoin, a decentralized currency for a decentralized network. Safecoin serves as the currency for the safe network, a network composed of extra hard disk space, processing power, and data connectivity of its users.
- Mainnet (0 to 200) = 100
The MaidSafeCoin ICO presale occurred on April 22, 2014, during which a 10% of the total MAID supply was released to the public, raising $8 million worth of BTC. Each MAID will be exchanged for a Safecoin once the network launches.
- Additional Use Cases (0 to 100) = 0
Apart from being used for the utilization in alpha and beta versions of the SAFE Network, the platform, MAID does not have additional use cases. This significantly limits the growth of the platform.
Crypto casinos are a valid, legitimate and active use case: there are currently no Safecoin casinos or MAID casinos.
- Additional Working Products (0 to 100) = 0
MaidSafeCoin is owned The MaidSafe Company which was founded in 2006. The company is also behind the SAFE Network, which aims to provide a secure peer-to-peer network that is also data-centric and autonomous. The company also developed Safecoin, which is to be used on the network.
Core Development Team and Partnerships (0 to 200) = 120
- Core Development Team (0 to 100) = 60
MaidSafe Company, builders of the SAFE Network where MAID is the current native coin, is led by Scottish engineer David Irvine. The development team is made up of a large team of thinkers, inventors, tinkerers, engineers.
It is noteworthy that despite the coin dropping out of the top 10 where it had resided between 2015 and 2017, the development team seem to be working harder and harder whilst most project which experienced a similar fall from grace have long since exit scammed.
- Partnerships (0 to 100) = 60
Maidsafe Company has partnered with several companies to use this platform. Notable partnerships include Identillect and the Safe Network logo was also featured in the recent Disney movie Wreck It Ralph (Ralph Breaks The Internet).