Yesterday we were informed that Bittrex are going to be delisting MaidSafeCoin. The suddenness of the news, which takes effect on the 9th of March, came as a surprise. The rapidly changing regulatory landscape in the US (where Bittrex are based) is evidenced with the SEC taking a greater interest and more proactive approach in cryptocurrencies. While we can’t say too much about the process that led to the decision (as we had been asked to sign NDAs) the reason provided was MaidSafeCoin’s current lack of utility on the SAFE Network.
We appreciate liquidity is very important to MaidSafeCoin holders and moving forward we are currently having discussions with multiple exchanges and have already put plans in place to list with a large exchange outside the US. We will be working with them on promoting the new listing and we’ll make a joint announcement about this as soon as we can. MaidSafeCoin continues to be traded on Poloniex, HitBTC, Upbit, Cryptopia and CoinSpot.
For those who have coins listed on Bittrex they confirm on their website that they will give users “…up to 14 days to withdraw any delisted tokens, but in certain instances the withdrawal period may be shortened. Users should withdraw any tokens before the posted withdrawal deadline.”
Focus remains on product
This announcement comes at a time when things are going well within the company and the community. Our team has continued to grow with quite a few new recruits being hired in recent weeks. The company is also well funded and there is more than sufficient resources to facilitate Network beta launch and market the network.
We’re also looking forward to hosting SAFE DevCon 2018 on the 23rd of April 2018 in Ayr, Scotland as it represents a fantastic opportunity to spend some time with part of our 7,500 strong community who are actively developing a number of apps that include decentralised content management systems (SAFE CMS), a decentralized music player (JAMS), file storage (SAFE FS), mail applications and many more. Many of these apps are already designed to support the SAFE Networks new bespoke web browser which is currently being community tested.
This continued focus on ‘the product’ is where we believe we provide real value, both to the world at large and to holders of MaidSafeCoin.
So despite this setback, there is much to be optimistic about in the near future. We will update you with additional exchange listings in collaboration with our partners and keep you updated with development updates weekly via the forum.
We are happy to announce the Community Engagement Program (CEP). The purpose of this process is to match developers with immediate and fundamental SAFE Network requirements. This will take the form of a community funded ‘Kickstarter’ like process to encourage teams to bid for projects, accessing part of the 5 million available MAID fund for bounties, community projects…etc…put forward within the MaidSafeCoin announcement.
Each project will be identified up front as being in demand and then teams (or individuals) will propose a costed solution (in MaidSafeCoin) for each small proposal. It is anticipated that these will be mostly small (6 weeks or less) projects and will primarily cover end user applications, but may also include core components.
This proposed process is essentially an experiment to see if this way of working is both effective and scalable moving forward, only by running/cycling through this way of working will we truly understand its feasibility. The CEP will not replace the bounty program, which is more effective for smaller and specific pieces of work.
Applicants will be responding to a set of requirements established initially by MaidSafe and adapted to take into account community feedback. The community themselves will of course complement and expand on this process as it becomes more established, incorporating community based proposals. It is the intention that CEP projects will be 50% funded (in MaidSafeCoin) by MaidSafe and 50% by the community. If projects achieve less than 100% of the projected costs, it is up to them if they proceed. MaidSafe will assign a member of the company, whose skills and experience best suit the project, to oversee and act as the main point of contact. The following forum post explains the process in more detail.
The first project MaidSafe are seeking proposals for is a SAFE Network browser that is able to render standard web content and also enable web applications to invoke the APIs exposed by the Launcher. A mechanism to provide SAFE-only URLs as well as html…etc… is expected. We would love to have your proposals, please submit them to the proposals category within the forum.
It is our pleasure to announce that one of China’s largest asset exchanges, Yuanbao, will soon support the trading of MaidSafeCoin in China. This agreement follows on from MaidSafe developer, Qi Ma, recently introducing MaidSafeCoin and the SAFE Network to Yuanbao’s customers at a recent roadshow in Bejing.
Founded in 2013 and with 250,000 users, Yuanbao is one of China’s largest digital asset exchanges. With a peak trading volume of $100 million USD in a 24 hour period, the exchange facilitates the trading of 27 different currencies on the Yuanbao platform. Yuanbao is MaidSafe’s recommended partner for the Chinese market.
MaidSafe’s CEO, David Irvine, confirmed: “We are delighted to be partnering with a secure and reliable exchange, such as Yuanbao. The Chinese market is one that MaidSafe are particularly interested in supporting and this partnership is a great way to introduce MaidSafeCoin and the SAFE Network to a new and very important audience”.
Jelena Strelnikova, Foreign Cooperation Officer at Yuanbao added: “By opening trading on the Yuanbao Exchange MaidSafeCoin is introduced to the broad Chinese market and to the welcoming Chinese community. It is our pleasure to be part of MaidSafeCoin’s success, and we are looking forward for further strategic and fruitful cooperation with the MaidSafe team.”
MaidSafeCoin deposits and trading will be available from the 24th of June on https://www.yuanbao.com/. To transfer MaidSafeCoin, users should use the Omni Web Wallet, which is available at https://www.omniwallet.org.
It has come to our attention that fraudulent MaidSafeCoins are currently being traded online. This is clearly unfortunate and is not a problem specific to just MaidSafe, we have heard of other organisations that have experienced similar issues. Despite being designed for legitimate use, some platforms, such as Counterparty, enable users to create fraudulent assets, or coins. As many of these networks are decentralised, and to some extent anonymous, it is not possible for the fraudulent issuance of coins to be banned or stopped.
As the following article points out, there are ways to determine if coins are counterfeit. Our recommendation is that that users looking to acquire MaidSafeCoins do so only via recognised exchanges, such as masterxchange or Poloniex.
This will be a temporary issue as once the SAFE network goes into beta, MaidSafeCoins will be traded on a 1:1 basis for safecoins. Within SAFE, only the network is able to generate new coins.