Saito Network — Scalability for Web3.0
Category and background：
Category：
Web 3.0 infrastructure
Background
Each new phase of the Internet (Web 1.0, Web 2.0, Web 3.0) has relied on new digital spaces to attract consumers. From text-based to graphical to interactive to mobile applications, new interfaces bring new applications. Each phase is facilitated by new infrastructure beneath the surface and driven by applications built on top, but each phase also requires a new interface to achieve widespread adoption.
While Web 3.0 applications like NFT, DAO, and DeFi are gaining popularity, we are still interacting with Web 3.0 through Web 2.0 interfaces. We will need new Web 3.0 native interfaces and spaces to bring hundreds of millions of people into this ecosystem.
A common refrain in the Web 3.0 community is that we are in an infrastructure phase, and the right thing to do now is to build that infrastructure: better infrastructure chains, better inter-chain interoperability, better clients, wallets, and browsers. The principle is as follows: First we need tools that make it easy to build and use applications that run on blockchain, and once we have those tools, we can start building these applications (Dani Grant & Nick Grossman, The Myth of The Infrastructure Phase, USV, 2018). Therefore, the emergence of Web 3.0 infrastructure projects like Saito is particularly important.
The Basic Information：
Project Introduction：
What is Saito:
Saito is a user-oriented Web3.0 open network layer. Applications on Saito can run without closed plug-ins, without proprietary APIs, or with an open infrastructure. Saito network is completely decentralized, and at the same time It can fund Saito and other nodes in the public chain that provide routing and user infrastructure. Saito network consensus is highly secure, resistant to sybil attacks, and anti-monopoly and decentralization are integrated to ensure the openness and independence of Web3.0.
Problem to solve:
Saito operates without an owner while funding nodes that provide routing and user infrastructure for its own network and other public blockchains. All of this is supported by Saito Consensus, a new blockchain underlying design.
Proposed solutions:
Saito proposed the POT(Proof of transactions) mechanism, which is not that the node with the largest contribution in a block will undoubtedly get the most rewards. Instead, as long as it makes contributions to the block, it will get a “golden ticket” to get rewards. This is not directly related to a single contribution of computational power. As long as you make a contribution, you will get a golden ticket, and as long as you have a golden ticket, you may win the “grand prize. Then, no one will be able to compare computing power in order to get more rewards, resulting in the risk of block control rights. This is the economic principle of Saito’s solution to 51% attacks.
In addition, Saito also proposed a transient blockchain + automatic transaction rebroadcasting solution. Specifically, the old transaction data can also be stored on the chain, but the handling fee must be the same as the new transaction. In order to store data on the chain, traders must always pay fees.
Financing and Token Sales：
Token Sales：
On March 25, 2021, the Web3 technology infrastructure project Saito announced the completion of $2 million in financing, led by DFG, Candaq, Spark Digital and Block Dream Fund. Participating investors are In Blockchain, NGC, Signum, Delean Capital, PAKA , Kernel Ventures, Tripara Ventures, Infinity Labs, Waterdrip, Angel One, OnePiece Capital, Hotbit, Lotus Capital, PhoenixVC, A195 (Four Seasons), AU21, Master Ventures, Momtemum 6, BlockSync and other investment institutions.
IDO & IEO:
Token Distribution：
Team Background：
There are currently four people on the team.
Saito’s co-founder David Lancashire graduated from the University of Berkeley in economics and computer science. After going to Tsinghua University in 2004, he founded a blockchain start-up company in Beijing.
Another co-founder, Richard Parris, graduated from the University of Melbourne in mathematics and philosophy. After that, he accumulated a lot of experience in the technical field. In 2007, he served as the CTO of a start-up company in Beijing.
In 2019, they launched a testnet and used relevant knowledge to implement the protocol.
In 2020, the “Canary Network” was launched to explore and build software on Saito. It has built social, corporate and gaming functions, and has a growing community. Saito Networks’ transaction volume also exceeded 11 million.
Importantly, as part of building the game, a novel game engine was created. It is proposed to provide the open-source resources of the Web3.0 community to the Web3.0 Foundation and received a grant in November 2020.
Social Media Operation Status：
As of December 31, there are 5967 GitHub comments of Saito, 31,960 followers on Twitter, and 16,038 members on Saito Official Telegram. The overall activity of social media is very high, and the project’s publicity activities and AMA are also very rich.
Investors and Partners：
A total of 25 investment institutions and exchanges have invested in Saito Network (see picture below). The quality of investors in the Saito project is very high, and has reached cooperation with many well-known exchanges in China.
Why Saito Network Is Worth Investing？
Highlights of Project Content：
Incentive Measures and ISP:
We believe that Saito is different. This is the first blockchain that pays everything needed from the consensus mechanism. It focuses on doing what the network needs, collecting transaction information from users and transferring it into blocks. Saito will create a very creative economic system to incentivize ISPs (Internet Service Providers) and Web3.0 projects, thereby changing the outside world’s perception of the blockchain field. Saito consensus mechanism will subsidize the revenue of the entire network to every node and user participating in the network construction. At the same time, the fee will gradually decrease during the node consensus process, allowing users to spontaneously participate in the construction of the network. In this way, the operation and maintenance cost of the network infrastructure is solved. This means that you can run these nodes in Saito to do the most profitable things and attract as many users as possible. By doing so, this will be the first network that can truly scale and remain open without a lot of gas fees. This is because the resources（the user’s revenue）all enter the network and are not burned in mining, and there is no need to tax users to pay stakeholders.
Good Application Experience:
Saito has built a support layer that allows developers to freely build blockchain applications, and the imagination of such applications is much larger than smart contracts. As a result, Saito-based app experiences are expected to be comparable to those offered by today’s centralized technology companies.
Saito has demonstrated sufficient rapid response capabilities in the face of intensive DApps. Based on its good on-chain ecological foundation, the Web3.0 Foundation formally approved Saito’s proposal in Q4 of 2020, and Saito has also successfully obtained the grant granted by it. This is also an important step in the development of the Saito project
Realization of True Decentralization:
At the economic level, Saito can be understood as a solution that guides the free market to provide common underlying technology. Saito corrected the inherent collective behavioral problems of PoW and PoS. Therefore, profit-seeking participants competed to bring funds into the network, so that the scale reached to the extent that the underlying network hardware, rather than economic constraints, forces blockchain growth.
Compared with the optimized consensus of sharding technology to improve the block rate and accelerate the confirmation time to achieve fast chain up, or Layer 2, such as Plasma, ZKRollup, Optimistic Rollup and Validium, puts part of the calculation down the chain and then uses cryptography to ensure the accuracy of the calculation down the chain and then packages it up the chain. None of these schemes can completely end the problem of scalability. Saito, on the other hand, is a truly fundamental solution to the centralization problem. It can achieve pure decentralization
Solved 51% Attack:
As a development infrastructure project, Saito combines technical operations with economic ingenuity to solve the long-standing “impossible triangle” problem through “transient blockchain + transaction data proof”. Faced with the monopoly of public chain networks by individual operators, Saito continues to pay basic nodes to encourage nodes to participate in data processing. At the same time, through the automatic tailoring mechanism, the system will regularly eliminate unnecessary data to reduce the burden on nodes, avoid the unlimited increase in the cost of the blockchain network, and ensure the decentralization of the network while meeting the security requirements. Saito encourages nodes to participate in a large number of data processing by paying basic nodes, and eliminates 51% attacks fundamentally by setting the distribution mechanism of node incentive as security defense. It not only avoids infrastructure falling into centralization and security protection, but also meets the demand of network scalability.
Investment Value：
From the perspective of institutional investors, we believe that Web3.0 is the future development trend of the Internet, and it is becoming a hot topic of industry discussion. The core innovation of Web3.0 lies in the distributed consensus brought about by blockchain technology. This means that users can reach binding agreements with strangers without relying on any intermediary or centralized organization.
In Web3.0, everyone is an architect and can participate in the construction of it. Smart contracts and blockchain provide us with a good foundation. Therefore, the promotion of Web3.0 infrastructure projects such as Saito to the development of the Web3.0 ecology is particularly important. Only the complete construction of Web3.0 related infrastructure can promote the rapid development of the ecosystem.
We believe that Saito is one of the most important projects in the Web3.0 track, and its development is of great significance to the formation of a good Web3.0 ecology.
Project Link：
Official website：https://saito.io
Twitter：https://twitter.com/SaitoOfficial
Telegram：https://t.me/SaitoIO
Discord：https://discord.com/invite/HjTFh9Tfec
*This article is based on various public information and data of the Saito project and Dealean Capital’s investment observations on this project. This article does not constitute any investment advice. Investment in blockchain projects is risky, please invest carefully.
