Cryptocurrency is one of the most innovative discoveries ever made in the 20th century since it offers a way for people to transact anonymously, securely and privately. While there are a lot of risks in using crypto as a mode of payment, one network guarantees to offer maximum efficiency and security and that is SafeCoin.
Founded by Jeff Galloway, SafeCoin is a fast and efficient network based on the Solana blockchain. It has a unique Proof of History mechanism, making it more accessible to a larger number of users. The Proof of History uses a synchronized clock to verify the transactions instead of the traditional mining method used in most blockchains. This involves members being assigned with a work unit made up of a specific range of nonces, which is the number that blockchain miners are computing for .
To increase security, the Proof of History mechanism uses a cryptographic code to ensure that the output can’t be predicted from the input. This adds a second layer of defence that protects the network from possible Sybil attacks where hackers create a large number of pseudonymous identities in the network.
As per CoinMarketCap, SAFE’s projected maximum supply is 36 million and more than 27.7 million are currently in circulation. Its all-time high price was on November 02, 2021, reaching $1.20. As of November 12, 2021, the token ranks at #855 with a live market cap of $24.8 million.
Getting started with SafeCoin
If you are interested in staking or becoming a node in the SafeCoin blockchain, here are some of the things you need to know:
How to become a validator node
Being a validator allows you to become more involved in the ecosystem and development of SafeCoin’s network. Validators are a vital part of the blockchain as they are the ones who maintain the stability and security of the network. There are two types of this role in the network. Get to know more about them below:
- Full history validator node: Requires 2TB of SSD storage per year and records a full copy of the SafeCoin ledger
- Pruned validator node: Requires 20GB of SSD storage per year and reduces the size of the SafeCoin ledger once it hits a certain threshold.
Both validator nodes will receive inflationary rewards based on the Stake Weight and Vote Credits. Vote Credits are awarded when validators successfully confirm a block while the Stake Weight is determined by the amount of SAFE delegated to a validator. If you are interested in becoming one, here is a guide to help you set up your node:
- Pick and install your Virtual Private Sender (VPS) provider to let you access resources on a server with multiple users. To be able to log into your VPS, you typically have to get a Secure Socket Shell (SSH) first, which gives you a secure way to access your computer over an unsecured network.
- Once you have downloaded a SSH program, open it then copy and paste your IP Address into the ‘Host Name’ section and click ‘Open’. A Terminal connected to your VPS will open and this is where you will log in.
- Create a new user by entering your desired username and password. There are other fields for user info but you can leave it blank. Once you have created your user account, SafeCoin will add you to the sudo group and update the system from the Ubuntu package repository.
- Once done, reboot your device to make sure all configurations are set. Then, open the SSH program and log in again to your VPS then download all the programs and dependencies you will need. Once the screen displays ‘Proceed with Installation’, simply type ‘1’ then press Enter. The screen will display another window saying ‘Do you want to continue’. If you do, type Y and press ‘Enter’ to start building the SafeCoin program into your device.
- Go to the SafeCoin GitHub and move into the SAFE directory to compile the SafeCoin program. Depending on your device, this process may take 5 to 45 minutes.
- Next, you have to build your ledger and create your Safecoin SPL Token Wallet address and add at least 10 SAFE to it. Make sure to save your PubKey and your 24 Seed Words for the following:
- Validator-vote -account
- Configure your Validator Start-Up account and decide whether you will be running a Full-History or Pruned node. The code for each type of validator can be found on SafeCoin’s website.
How to stake your SAFE
Staking involves delegating SAFE coins to a validator node and getting a portion of the staking rewards that the validator will receive. Keep in mind that you are not giving your coins when you stake, instead, you just put them in a locked account to increase the stake weight and voting weight of the validator.
If you are a validator node, you can stake your own SAFE coins and have others stake theirs to you in exchange for a fee known as commission. The more SAFE you have, the more rewards you can get which will be divided among all the delegators.
There is no minimum amount of SAFE required to stake. However, it is recommended that you spread your tokens across multiple validators. Avoid having all your SAFE coins staked to only one validator since all of them can stop operating at any time.
Staking not just lets you earn passive income but will also help the network run smoothly and increase decentralization. Take note that while you improve the validator’s voting power, you will not receive any block reward if you stake your SAFE and instead receive a commission fee.
Why should you choose SafeCoin?
Take a look at the reasons why SafeCoin is a good network and why you should consider becoming a validator:
Safecoin is fast
Due to the Proof of History protocol, the SafeCoin network guarantees fast processing of more than 65,000 transactions per second. This is a lot faster compared to other cryptocurrencies that process a few thousand transactions per second.
It has an efficient community
Since SafeCoin strives to be completely decentralized, it relies on its community to develop, market and operate the network. It is not funded by an Initial Coin Offering (ICO) or any other 3rd party.
It is environmentally friendly
Due to its Proof of History consensus that processes more than 65,000 transactions per second, the network is one of the most energy-efficient cryptos in the world as it uses only ~0.0000027kW of energy per transaction.
Is SafeCoin cryptocurrency worth trying?
SafeCoin is built with the goal to provide safe, secure and private transactions. The network is still growing by the minute, which can be seen and reflected in its current rank and value in CoinMarketCap. Being a validator or staking your SAFE coins as early as now will give you a greater edge especially, once the crypto climbs the chart further. If you want to read more about the various cryptos you can invest in, read more articles like this at BTC Post!
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