What Is Saito (SAITO)?
Saito is a one-layer blockchain that finances nodes in the peer-to-peer network. A node is a part of the blockchain infrastructure that maintains the ledger of public transactions. Saito seeks to deliver a permissionless and scalable Web3 network with full support to Polkadot and other leading blockchains. Web3 is an idea of the World Wide Web on blockchain technology. And Saito can aim to power decentralized versions of many data-heavy services such as Twitter, Amazon, etc. In other words, as the whitepaper claims, Saito is a solution for developing a free market for the public. It focuses on correcting the problems in proof-of-work and proof-of-stake algorithms.
Saito seeks to offer a variety of features to its users. The platform aims to support powerful applications such as games, communication tools, and social media applications. Moreover, Saito aims to fund itself as well as other networks. It has a P2P Web3 toolkit that supports QR-generation and scanning to ZKP-based gaming functions. Also, the platform seeks to offer an open app store where developers can build and deploy apps without the need to run any infrastructure. It has a scalable PKI network layer designed to handle the enterprise-level key exchange and encryption requirements.
Moreover, a portion of the SAITO token is available in ERC-20 form, and the rest are layer-one SAITO tokens. The ERC-20 form of the token can be convertible to layer-one SAITO tokens. This token type exists to seek to simplify the purchase and permissionless integration in off-chain applications. Off-chain refers to transactions that occur outside of the blockchain. In addition to that, it enables the right for token withdrawal onto any public Saito fork to token holders.
On the other hand, layer-one SAITO tokens are used on-chain and can’t be converted directly to the ERC-20 Saito token. Most of the token allocation is for this form of Saito coins. The platform seeks support from the private sector to provide convertibility and liquidity to token owners. Liquidity is the easy conversion of an asset into traditional currency without impacting the market price.
The token distribution is of two categories—ERC20 wrapped tokens and on-chain Saito coins. For the allocations of on-chain tokens, 20% is allocated to the Saito foundation for its management and oversight, and 15% is distributed as compensation with early developers. Moreover, 15% is utilized in the rewards and incentives program to help build a better community, 10% is allocated among third-party companies or strategic partners, and the remaining 15% is allocated to network developers/contributors.
Similarly, in the case of wrapped coins, 10.3% is used as a seed round, 13.7% is utilized in private sales, and 1% in public sales. However, 2% of developers and 3% of the foundation team were again added in wrapped ERC20 tokens in 2020.
History of Saito (SAITO)
David Lancashire and Richard Parris published the whitepaper on December 24, 2020. Both of them are the cofounders of Saito. Since 2012, Lancashire has been involved in the Chinese crypto space. Parris has experience of 15 years in leading technology projects and teams in Japan and China.
