What is Saito blockchain & its crypto?

Follow us on Google News:
 What is Saito blockchain & its crypto?
Image source: pixabay.com

Highlights

  • Saito is a Web3 Foundation grant recipient and runs blockchain applications directly in the browser
  • It is a layer-one blockchain
  • Currently, the SAITO token is available for purchase on Gate.io, LBank, PancakeSwap (V2), BKEX, and BigONE crypto exchanges

Saito (SAITO) was gaining traction on Monday, March 28. Saito is going to share an update with users and the community on Tuesday about what it has been doing and its plans for the next month.

Let us try to understand what Saito is. 

What is Saito (SAITO)? 

Saito is a Web3 Foundation grant recipient and runs blockchain applications directly in the browser. Saito is a layer-one blockchain. It is an open, which means anyone can join it.

The network pays the nodes in the network, which offers data services to the users in the peer-to-peer (P2P) network, allowing Web3 projects to self-fund the network infrastructure. The idea on which Saito was conceptualized was to tackle the incentive problems. 

Also Read: Why is Cardano (ADA) crypto rising?

The incentive problems prevent blockchains from achieving the scale required to support Web3 applications. The tragedy of the commons problem leads to a blockchain bloat, and the free-rider issue pushes up the cost, the project says.

The tragedy of the commons means that individuals can gain by acting in ways that put costs on society. In the tragedy-of-the-commons problem, miners make money by putting data on the blockchain today, which needs to be supported by other network members in the future. This is like the privatization of gain today and the socialization of losses tomorrow, it claims.

Also Read: Why Audius (AUDIO) crypto gained 50% in last 7 days?

The second issue is the free-rider problem, where participants maximize profits by not performing needed but expensive activities such as running peer-to-peer infrastructure. So, the profits are privatized while losses are socialized onto whoever remains on the network to perform the unpaid work.

These two issues impact the scalability and cost of the transactions.

So, the Saito blockchain came into existence intending to solve these challenges. In order to become a truly scalable public blockchain, these two issues need to be taken care of.  

Also Read: Why did Thorchain (RUNE) crypto gain 150% in one month?

Its co-founders are David Lancashire, a tech entrepreneur in the Chinese crypto space since 2012 and Richard Parris, who has 15 years of experience in handling technology projects in Japan and China. 

Saito uses the Automatic Transaction rebroadcasting technique, where old and new transactions compete for space on the blockchain. Under the market equilibrium, the block producers follow the strategy to delete the same amount of data from the chain as it is added in each block.

Also Read: What is Secret (SCRT) crypto?

Saito crypto

Data Source: coinmarketcap.com

Also Read: Why is Meta Ruffy (MR) crypto gaining attention?

SAITO token details:

SAITO jumped 4.24% to US$0.0285 at 11:44 am ET Monday, March 28.

The token is available for purchase on Gate.io, LBank, PancakeSwap (V2), BKEX, and BigONE crypto exchanges.

The token touched an all-time high on January 3 of US$0.110352 and its all-time low in June 2021 was US$0.00469553.

Also Read: What is Milo Inu (MILO) crypto and why is it rising?

Bottom line:

The crypto market is volatile and prone to scams in the absence of adequate regulations. Thus, investors must be careful and exercise due diligence while entering the crypto space.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK