safecoin.txt · Last modified: 2019/10/31 14:39 by drirmbda | Approved (version: 13)
Dealing with MAID and SAFE Network tokens is much more complicated than dealing with cash. This should be a guide to make things easier.

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MAID is a “property” or token that exists in the OMNI layer on top of the Bitcoin Blockchain. MAID has token ID #3 of 750+ on following the OMNI token and Test OMNI token.

MAID can be moved between bitcoin addresses, using BTC to pay for such transactions on the BTC blockchain.

The OMNI layer is open-source and fully de-centralized.

  • OMNI Wallet on-line web-wallet
  • OMNI Core node with wallet (MaxOS X, Windows, Linux)
  • OMNI Explorer to view transactions.

Properties

  • MAID on the OMNI layer is not divisible so that transfers should be whole numbers.

SafeCoin will be the native medium of exchange within SAFE Network.

At the time of the launch of the SAFE Network, MAID OMNI tokens will be converted one-for-one for SafeCoin.

Warning: SafeCoin is NOT this.

As a general rule, do not leave large amount of MAID (or any other coins) on an exchange.

Exchanges listing MAID

  • Poloniex: MAID/BTC
    • This exchange is not available to US citizens starting 11/1/'19
    • Decentralized platform
    • The volume of MAID transactions may be low
  • HitBTC: MAID/BTC.
    • Consider the high level of complaints on social media about suddenly losing access to funds.
    • MaidSafe does seem to have some leverage over HitBTC though and could help get issues resolved.
    • This exchange does not allow US citizens to use the platform (since 2019)

MAID Exchange Graveyard

Storing large amounts on exchanges is not a good idea. Store MAID on an OMNI web wallet, or even better on a hardware wallet or a paper wallet.

Moving MAID from an exchange onto a paper wallet BTC address securely is relatively easy.

Moving MAID from wallet to an exchange is complex with some risk, and with the need to transfer the entire MAID balance, or very complex without risks except for risks associated with human error.

6.4.1 On a Tresor hardware wallet

Tresor supports MAID, see |here for details.

6.4.2 On a BTC paper wallet

Before you create a paper BTC wallet and send MAID to it, read through the steps needed to send the MAID back from the paper wallet to an exchange and decide if is worth the trouble and the risks of making mistakes and of reduced liquidity.

Ref: Feb 2018 post

Know what you are doing. Follow the procedure at your own risk, including the risk of loss of all your MAID. Depending on the value you need to store you may want to do better (or worse) than this.

[ ] Obtain BIP39 Bitcoin address generator and store on USB stick A
[ ] Create a bootable secure OS (e.g. Tails) on USB stick B
[ ] Boot into the secure OS while keeping the host off-line and out of sight
[ ] From USB stick A execute the generator to generate addresses, keys, and mnemonic
[ ] Write down the information on paper in duplicate
[ ] Terminate the safe OS and overwrite and reformat USB sticks A and B
[ ] Store the information in a safe, and duplicate in a safe located elsewhere
[ ] Note the BTC public address you want to use to store OMNI
[ ] Verify validity of the BTC address by typing it into a block explorer (e.g. https://omniexplorer.info, https://btc-explorer.com)
[ ] Verify that the address starts with a '1', otherwise create a "classical" address
[ ] Send MAID from exchange to the new address
[ ] Verify MAID balance using the OMNI explorer

The transaction will include of an OMNI protocol instruction and 0.05USD worth of BTC left on the destination BTC address per transaction from Poloniex.

The unconfirmed BTC transaction will be visible within minutes on both BTC explorer and OMNI explorer. At that time the unconfirmed MAID transaction will also be visible under the “Unconfirmed” transactions tab on OMNI explorer. Once the BTC transaction is confirmed, the MAID balance will be reflected on OMNI explorer, and transaction will be complete.