What is Saito?
Saito is a layer-1 blockchain that aims to power applications on Web 3.0. It allows developers to build and deploy blockchain-based decentralized applications (dApps). They can do that by using popular programming languages such as Rust, JavaScript, Python, C++, and so on. The native token of the network goes by the same name – SAITO. If you're interested in seeing the live SAITO price, make sure to take a look at the Saito price chart above.
Saito employs its own unique consensus mechanism which is called the Saito Consensus. It remains transparent even at a massive scale. In addition to network security, Saito consensus encourages nodes to offer consumers infrastructure, transaction routing, and application support. Saito's peer-to-peer applications run on dispersed infrastructure, letting users keep control of their data.
Who Founded Saito?
Saito was cofounded by Richard Parris and David Lancashire in March 2018 in Hong Kong. Both men are successful entrepreneurs with years of experience in business, cryptocurrencies, and blockchain technology.
SAITO coin, on the other hand, was only launched in early 2021.
Use Cases of SAITO Tokens
SAITO coin is a native utility coin of the Saito blockchain. It has cross-chain capabilities and can easily be migrated between Ethereum and BSC networks, as SAITO tokens are available in both – ERC-20 and BEP-20 token standards. However, the native Layer-One SAITO coins cannot be used on Ethereum and BSC directly as they are meant for on-chain use alone.
Within the network, SAITO tokens are primarily used for compensating network nodes. In order to become a node, a user has to stake SAITO tokens. For staking and operating nodes, users are rewarded with more SAITO tokens. To maintain SAITO price resilience, rewards and fees for unsuccessful node operations are locked up within the network and distributed to node operators.
SAITO Tokenomics
The maximum supply of SAITO tokens is 10 billion. The supply is divided into two portions – ERC-20 wrapped SAITO tokens and Layer-One SAITO tokens.
ERC-20 wrapped tokens make up 25% of the supply. They were dedicated to the seed round, private sale, and public sale. Layer-One SAITO tokens, on the other hand, make up 75% of the supply, out of which 20% has been retained for the foundation, 15% for the core development team, another 15% for the rewards, and a combined total of 25% set aside for contributors and strategic partners.
