What is Saito?
Saito is a cryptocurrency that operates blockchain applications directly in your browser. It is a recipient of the Web3 Foundation grant, which signifies its contribution to the blockchain ecosystem. Unlike traditional cryptocurrencies that reward miners or stakers, Saito compensates Internet Service Providers (ISPs). This approach allows Web3 projects to self-fund infrastructure, reducing reliance on monopolistic entities. Saito's consensus mechanism strives to address the collective action problems that hinder scalability in proof-of-work and proof-of-stake blockchains. It does this by coupling a circular ledger to a consensus mechanism that encourages the collection and sharing of transaction fees.
How does Saito work?
Saito operates by incentivizing the processing of large amounts of data, which can be used to build decentralized versions of data-heavy services. It does this by compensating user-facing infrastructure nodes out of an open consensus mechanism. This approach scales naturally, allowing for the processing of large amounts of data. Saito's consensus mechanism works by allowing nodes in the network to delete the oldest blocks in the ledger at predictable intervals, known as "epochs". This mechanism, known as "automatic transaction rebroadcasting" (ATR), ensures that the blockchain doesn't grow too large for network nodes to store. It also ensures that space on the blockchain can be priced accurately, even as storage times approach infinity.
What are the potential use cases for Saito?
Saito aims to be a solution for inducing a free market to deliver a public service. It seeks to correct the collective action problems inherent in the proof-of-work and proof-of-stake mechanisms. This allows participants to compete to bring resources into the network, permitting scalability to the point that underlying network hardware rather than economic constraints impose limits on blockchain growth. Saito can be used to build decentralized versions of many data-heavy services, such as un-astroturfable data exchanges, authentication and monetization applications, distributed key registries that are secure from MITM attacks, payment channels, and much more.
What is the history of Saito?
Saito was conceptualized and developed by David Lancashire and Richard Parris. The project was launched with the aim of addressing the collective action problems that impede scaling in proof-of-work and proof-of-stake blockchains. The Saito network was designed to pay not just for mining and staking, but for all activities that contribute economic value to the network. The project has since evolved, with the team working on improving the network's scalability and security. Saito's approach to blockchain technology has earned it recognition and support from the Web3 Foundation.
