Those who’ve read more than one post on this blog know that I’ve been saying for a while that the best the MaidSafe project can hope for is to create a more private version of BitTorrent. Part of their plan that is extremely unlikely to materialize is Safecoin and that is becoming more obvious with every version of their test network.
If you missed the recent drama it all started in late March when somebody decided to keep filling up network vaults to full capacity which brought down Test Network 15.
Should the investors worry? No. Long story short, after the first permissioned test MaidSafe claims the software is known to work perfectly when it’s not attacked so theoretically speaking it’s all great.
Test 16 did not show any bugs and, barring the attacker’s participation, was fine and would be Alpha 2.
But unfortunately the Internet isn’t a friendly place, so the previous delayed roadmap has been delayed again. From the same post:
We have done the donkey work here, mostly, but need to spend a few short weeks at least soak testing and finalising the mutable data integration to a point where we are happy to release the next testnet.
Few short weeks, eh? According to Irvine, here’s what needs to be done:
In terms of what is really required to sort this completely, then it’s node age, secure name, full sig checks, safecoin, data chains etc.
This “wee bit of work” (as Irvine put it in another comment) could take months. If they get this done by July I’ll be surprised. It’s already been close to 2 weeks since they introduced permissioned alpha testing.
Previously I wrote about some of these measures before and concluded it won’t work.
In the meantime, here‘s how SAFE testnet works now:
This testnet makes use of the invitation-based accounts feature we explained in last week’s update. This is a temporary solution that aims to prevent account-spam creation.
But sadly that’s not good enough.
My website/service has disappeared: safe://tpirate.4tee2
Oops! That’s very interesting because according to the SAFE developers that was supposed to be “unpossible”.
We completed invitation-based account creation3, so that test and alpha networks cannot be spammed by creating thousands of fake accounts, even before the introduction of Safecoin.
Clearly the first round of lame “security measures” devised by the MaidSafe developers don’t work and if you haven’t begin to wonder just how incompetent those people are, you should reconsider.
Under a new permissioned test regime now all testers’ personally identifiable information (email address) is available to the MaidSafe “community” forum owners while IP’s are logged by MaidSafe (the company). And despite all that they still can’t find who’s screwing with the network!
Like a piece of government-crafted legislation, the actual effect has been diametrically opposite from the proclaimed goal and one can safely say the “SAFE Network” is currently the least safe network on the planet.
Having said that, I wouldn’t exclude the possibility that the shitcoin itself (MAID) doesn’t hit new higher highs before even the stupidest of the “investors” realize it’s not worth shit.
P2P Storage Across the Pond
Storj is another crypto-storage startup based across the pond but the story is the same: after years of various “tests” it’s obvious they’ve no clue what they’re doing.
Who or what is to blame? Why of course Bitcoin. The cost of transactions is too damn high! Never mind that they have nothing to transact with.
Storj is now moving to Ethereum which gives the project a new lease on life. They now have 2-3 quarters to “migrate” their vaporware to Ethereum so just like MaidSafe, they’re good until 2018.
I used to think they weren’t as bad as MaidSafe, but I think I made a mistake. They’re more humble so heads-up for that, but the tech is just as bad.
More on their recent move to Vitalicoin:
These moves by the two projects are nothing but temporary delays of the final reckoning that awaits them. Both of these have minimal chances to accomplish anything, and their valuations definitively don’t reflect that.
As far as MaidSafe is concerned I predict new “security” measures that should be completed “within few short weeks” won’t work and they’ll either further restrict access to testnets (they’ve already started switching to MaidSafe company-run vaults!) or decide to take a few additional “short weeks” to sort new problems. But as they make progress on non-essential features that could push the price up so I wouldn’t short MAID at this point.
Unless you’re a day-trader with plenty of time on your hands, you may want to use this opportunity to exchange these crapcoins for Bitcoin and sit tight till until BU gives up and BTC reaches the previous all-time high.