Do current blockchains only use Proof of Work or Proof of Stake consensus mechanism? The answer is not entirely that, there are still blockchains that use their own consensus mechanism, but quite a few successful projects in this area so it is not well known. Today, you and I will learn together about a project that uses a separate consensus mechanism, the Saito Network project.
To better understand Saito Network, people can refer to some of the articles below:
- What is Blockchain Layer 1? The Importance of Layer 1 in the Crypto Market
Overview of Saito Network
What is Saito Network?
Saito Network is a Layer 1 Blockchain, aiming to solve the impossible trinity that has existed in Blockchain from the past to present: Decentralization, scalability and security. When focusing on developing two certain factors, the remaining factor must be sacrificed.
Saito Network creates its own consensus mechanism and Rountin Network mechanism. These two mechanisms help Saito Network solve the Trilemma trilemma.
Mechanism of action
Saito consensus mechanism
Unlike other consensus mechanisms, like in Proof of Work nodes will receive rewards when confirming blocks, with Proof of stake nodes will receive rewards when participating in consensus. With the Saito consensus mechanism, all nodes will receive rewards according to the amount of work they resolve in the network. The greater the workload, the higher the reward. So the question is, how does Saito Network determine which node provides better service to reward?
Saito Network does this by designing applications developed on Saito to run directly on the user’s device and connect directly to the Blockchain without going through the Data Layer. Which node provides better service will be clearly shown.
Routing Network mechanism
Routing Network can be simply understood as dividing the workload in descending order, the first node will be divided with the most workload, to the second block the workload will be halved, continuing to the next block. remaining block. This will cause nodes to compete with each other in order to get priority in processing work. This will help reduce the concentration of power in certain nodes. In addition, new nodes with more developed technology will increasingly have the opportunity to compete with other nodes. These two factors help the Routing network mechanism ensure fairness, safety and decentralization of the network.
In addition, Saito Network also develops Saito Arcade, which is a set of tools to help developers develop their own games easily.
Development Roadmap
Update…
Investors
In 2021, the project raised $2M Presale round from famous investment funds such as: Spark Digital Capital, DFG and Block Dream Fund by OKex.
In addition, the project also announced that they are partners of many projects such as: Candaq, In Blockchain, NGC, Signum, Delean, PAKA, Kernel Ventures, Tripara Ventures, Infinity Labs, Waterdrip, Angel One, OnePiece Capital, Hot Labs, Lotus Capital, PhoenixVC, A195 — Four Seasons, Master Ventures, Momtemum 6 and BlockSync.
Core Team
- David Lancashire Co-Founder: He has been involved in cryptocurrency since 2012. He graduated from Berkeley University majoring in economics.
- Richard Parris Co-Founder: He has 15 years of experience leading projects and technology teams in Japan and China. After leaving his previous startup, Richard helped design Saito Consensus and was a co-founder of the project. He holds degrees in Mathematics and Philosophy from the University of Melbourne.
- Shirley Shi: In charge of marketing and outreach activities, responsible for community building, user/network development, strategic partnerships and project messaging. Shirley has extensive experience in the blockchain industry with projects and exchanges.
Tokenomics
Information about Saito Network tokens
- Token name: Saito
- Ticker: SAITO
- Total supply: 3,000,000,000
Token Allocation
- Seed/Private Sales: 54.9%
- Treasury: 24.8%
- Foundation: 10%
- Contributors/Developers: 6.7%
- Liquidity: 3.6%
Token Release
Update…
Token Use Case
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Information Channel About Saito Network Project
- Website: https://saito.tech/
- Twitter: https://twitter.com/SaitoOfficial
- Telegram: http://t.me/SaitoIO
- Discord:
Summary
Saito Network is a very different and unique layer 1 project. Established in 2021, the project is still active and updates its status continuously. It can be said that the project’s core team members are all real builders in the market. If you are interested in the project, please follow me to update the latest news.
