Saito

Saito is a layer-1 blockchain that scales by fixing incentive misalignments in the consensus layers of all other blockchains. The platform enables users to run Web 3.0 applications directly in their internet browser and developers to build Web 3.0 applications.

Saito was originally based on the premise that the proof-of-work (PoW) and proof-of-stake (PoS) blockchain model can be monetized to cover the cost of other scaling necessities besides network security, as per the norm. Therefore, Saito introduced a new economic model for blockchains with a consensus that aligns incentives for all participants, compensating nodes as they scale while remaining open.

According to the company, Saito's intent is to create an economy running on the blockchain that facilitates an open ecosystem of peer-to-peer (p2p) applications. In such a system, users are able to act independently and retain ownership of their data, and the providers with the highest quality of service are the most profitable. Saito's development is supported by various contributors, including members of the Saito community, advisors, investors, founders, and the company's international core team.

Developers have the option to code apps for Saito in any programming language without being forced to use blockchain-specific languages, such as Solidity.

The Saito consensus pays nodes in the p2p network for serving users in addition to paying for the security layer. The more a node does for users, the more it gets paid.

Nodes on the Saito network are responsible for routing traffic and supporting apps. The nodes' economic benefit lies in attracting users through apps, which in turn leads to an increase in routing and transactions. The closer the routing node is to the user in the transaction’s path to the block, the higher the node's reward fee.

In cases where traffic is routed, but the miners do not solve the hash solution, the reward fees are locked up within the network and distributed through a staking mechanism, preventing deflation and helping the blockchain maintain economic stability.

Miners compete on the Saito network to contribute rare solutions to hash problems, resulting in randomness that ensures payments to routing nodes are issued securely and fairly. When a hash problem is solved, payment is split 50/50 between the nodes routing the transaction.

All network node payments and transactions on the Saito blockchain use the SAITO token.

The Saito network is designed for a max token supply of 10bb. As of 2022, there were 3bb SAITO tokens in circulation, consisting mainly of ERC20 and BEP20 tokens that holders can migrate on-chain and that exist for integration with other areas of the cryptocurrency ecosystem, such as exchanges. According to Saito, in the future, additional token supply may be earmarked for the following:

• A community-controlled foundation (20%)
• Core software development (10%)
• Strategic partners who facilitate industrial use cases on the network and provide liquidity (10%)
• On-chain advertising that will distribute small amounts of SAITO to users while the network builds transaction volume (10%)

Saito's on-chain advertising consists of supplying a small flow of tokens to users for making transactions on the network. This is intended to subsidize usage without allowing users to amass excessive reserves. Since in this system tokens are to be issued in exchange for participation in the network, it requires users to actively make fee-paying transactions. The fees associated with these transactions are, in turn, to be collected by the nodes and developers engaged in creating software and maintaining infrastructure for the network.

With the on-chain advertising system, Saito's token distribution strategy is effectively based on a form of mining whereby users decide which applications and developers deserve financing from the network. Tokens that would be distributed to stakers or miners in other mechanisms can thus be introduced into circulation without degrading the network's economy. In addition, the continuous flow of fees supports the network's security.

SAITO is available decentralized on several exchanges, including Uniswap and PancakeSwap. Holders of SAITO can earn interest by providing liquidity on these platforms through the Saito Liquidity Provision Program. SAITO is also supported by some centralized exchanges, including BigOne and Gate.io.