- 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.
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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.
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.
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.
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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.
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