What is Saito?
Saito (SAITO) is an innovative one-layer blockchain that provides financial support to nodes within its peer-to-peer network. Nodes play a crucial role in maintaining the ledger of public transactions within the blockchain infrastructure. With a mission to create a permissionless and scalable Web3 network, Saito aims to offer full support to Polkadot and other leading blockchains. Web3 represents the concept of the World Wide Web built on blockchain technology, and Saito aims to power decentralized versions of data-heavy services such as Twitter and Amazon. The platform envisions creating a free market for the public and addresses the shortcomings of proof-of-work and proof-of-stake algorithms.
Saito offers a range of features and capabilities to its users. Its goal is to support powerful applications like games, communication tools, and social media platforms. Additionally, Saito aims to provide funding for its own network and other networks. The platform includes a P2P Web3 toolkit that facilitates QR generation and scanning for zero-knowledge proof (ZKP)-based gaming functions. It also features an open app store where developers can build and deploy apps without the need to run their own infrastructure. Furthermore, Saito incorporates a scalable PKI network layer designed to handle enterprise-level key exchange and encryption requirements.
The SAITO token exists in two forms: ERC-20 tokens and layer-one SAITO tokens. The ERC-20 tokens can be converted to layer-one SAITO tokens and simplify the process of purchasing and integrating with off-chain applications. Off-chain transactions occur outside of the blockchain. This token type also grants token holders the right to withdraw tokens onto any public Saito fork.
Layer-one SAITO tokens, on the other hand, are used exclusively on-chain and cannot be directly converted to ERC-20 tokens. The majority of the token allocation is in the form of layer-one SAITO tokens. The platform aims to collaborate with the private sector to provide convertibility and liquidity for token holders. Liquidity refers to the ease of converting an asset into traditional currency without adversely affecting its market price.
The token distribution consists of two categories: ERC-20 wrapped tokens and on-chain SAITO coins. In the case of on-chain tokens, 20% is allocated to the Saito foundation for management and oversight, 15% is distributed as compensation to early developers, 15% is dedicated to rewards and incentives programs aimed at fostering a thriving community, 10% is allocated to third-party companies or strategic partners, and the remaining 15% is reserved for network developers and contributors.
For wrapped coins, 10.3% is allocated to the seed round, 13.7% is designated for private sales, and 1% is reserved for public sales. Furthermore, in 2020, an additional 2% of tokens were allocated to developers, and 3% went to the foundation team in the form of wrapped ERC-20 tokens.
The history of Saito (SAITO) dates back to December 24, 2020, when David Lancashire and Richard Parris, the co-founders of Saito, published the whitepaper. Lancashire has been actively involved in the Chinese crypto space since 2012, while Parris brings 15 years of experience leading technology projects and teams in Japan and China. Together, they laid the foundation for Saito's vision and continued development.
In conclusion, Saito (SAITO) stands as a pioneering one-layer blockchain platform that aims to revolutionize the Web3 ecosystem. With its focus on financing nodes in the peer-to-peer network and providing a scalable infrastructure, Saito brings forth a solution that combines the stability of traditional currencies with the potential of cryptocurrencies. By enabling tokenization, supporting powerful applications, and offering a range of features and services, Saito strives to create a free market for the public while addressing the limitations of existing blockchain algorithms. With a dedicated team of founders and a vision for a decentralized future, Saito is poised to make a significant impact in the world of blockchain technology.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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