171,955,463.49 ERC Saito have been distributed to Seed and Private Round Investors. We are glad to get these tokens to our supporters and thank them for their continued contribution to Saito.

No SAITO have been distributed for other reasons since our previous update.
Some liquidity SAITO have been placed in UNISWAP liquidity.

Circulating Supply

Vesting disbursements resulted in an 28% increase in resulting supply.

Some funds remain outstanding from this vesting period. We would kindly remind anyone who has been sent and has yet to respond to a conversion request or confirmation emails that our Terms and Conditions require active response and that distribution may be delayed. We plan to process late responses on a weekly or bi-weekly basis to prevent late submissions from creating an unnecessary processing burden on our admin.

These tokens will be held in the Saito Holding Token Vault and are included in the Circulating Supply calculations.

An update will be provided on token distribution at the next substantive change.

Treasury Safes:

Saito Private Sale Token Vault

Saito Foundation Token Vault

Saito Contributor Token Vault

Saito Holding Token Vault

The post SAITO Token Distribution Update appeared first on Saito.

EDIT 2023-09-02
Anyswap / Multichain has run into security issues with the apparent arrest of its founder in China, with lost key access potentially compromising the use of the bridge. Do not attempt to use the bridge in either direction between BEP20 and ERC20. The team is monitoring the situation and will most likely setup a process for manual withdrawal of existing BEP20 tokens to Saito mainnet at some point. In the meantime, we recommend that users do not use Anyswap until the situation is clarified. Official announcements from Multichain can be found at https://multichain.org/

At Saito we want SAITO to be tradable on lower-fee chains. We are also working to support more ways for SAITO holders to be rewarded for holding SAITO. An important and obvious next step that achieves both goals is to allow for the buying and selling of SAITO tokens on Binance Smart Chain (BSC).

As a step that makes progress with this, we have worked with AnySwap to create a bridge between ERC20 and BEP20 tokens. This bridge allows anyone to move SAITO ERC20 tokens onto BSC where they are can be freely traded as BEP20 tokens (the BSC equivalent to ERC20).

The process of moving tokens involves visiting the AnySwap interface. The bridge is live on AnySwap and the contract address for the BEP20 SAITO created by the bridge is: 0x3c6dad0475d3a1696b359dc04c99fd401be134da.

Partnering with AnySwap on this cross-chain bridge is a step towards two common requests: cheaper purchasing and transacting fees for SAITO and access to more liquidity pools and options. We are exploring options and sharing this news as we welcome community involvement.

If you are a larger holder or members of the community interested in providing liquidity, please feel welcome to get in touch. We are not currently offering any guarantees as to the reliability of the bridge, but are looking into options and may provide this as part of launching an official BUSD/BNB-SAITO trading-pair.

Status

We have moved quickly to work with AnySwap to make this possible. We are excited to be partnering with the AnySwap team but note that, as with all DeFi infrastructure users should exercise their own judgement and caution.

Take-Away

We have partnered with AnySwap to promote two of our key goals for our community:

• provide cheaper non-custodial ways to obtain SAITO tokens
• create more ways for holders to be rewarded for holding SAITO

We are looking into supporting a liquidity pool on BSC, that can share trading rewards with holders. We are talking to community members and partners gathering input on the best options. We will also pursue wallet integration and other ‘nice to have’ features to help increase the visibility of the brand, and help users transact safely.

Watch our social channels and announcements for updates.

The post Saito on BSC: AnySwap and BEP20 Update appeared first on Saito.

Saito-Lite continues to be the backbone of our current testnet. We’re continuing to build cool new features that will form the building blocks of the Saito DAPP ecosystem.

Saito-Rust has a lot of new code:

• The Keypair class has been added (Secp256k1), this can produce addresses and sign and verify messages, including transactions.
• Runtime data structures for Slips, Transactions, and Blocks have been added to saito-rust along with some basic functionality.
• Burnfee algorithm(Saito Routing Work Difficulty) has been added.
• Mempool(block production) has been added.
• Blockchain class(for managing longest chain, rollbacks, block caching) basic structure has been complete.
• Investigation of various encoding techniques is in progress on the serialization branch. Currently under consideration are serde/bincode, protobufs, and custom encoding.

All the new rust code can be seen on github, of course.

Saito-Lite has shipped cool new features that allow DAPPs to interact with other cryptocurrencies.

The Substrate Crypto Modules have gone through QA and are now live on saito.io and available to be used by DAPP developers.

Poker and Blackjack have been updated to work with Crypto Modules.

The post Saito Tech Team Update #2 appeared first on Saito.

Going forward, the Tech Team will be publishing bi-weekly updates to keep the public aware of our progress and to help orient anyone who wishes to contribute to the project.

With a growing team and a more engaged community, we’ve been thinking hard about how to support a bigger and more decentralized effort. In that spirit, Team Saito would like to formally invite the community to begin contributing by writing to us at dev@saito.tech or by joining one of our new dev channels on Discord.

We’d also like to point the community to our new Rust codebase which we’ve added on GitHub. This project will apply the lessons learned from Saito-lite, our Node.js implementation, to design the consensus and architecture. This codebase will support our next testnet and should eventually produce peta-byte-per-day transaction throughput. We will be redesigning the network APIs and applying best practices to help also support more seamless integration with other projects in the Saito ecosystem.

Milestone 1 for the Rust project will be a stripped-down version that can be used to benchmark the Rust implementation and give us some perspective on the tooling we’ll need to support development. We’re looking forward to sharing more on this next time.

We’ll be practicing Design By Contract and Test-Driven Development, which we believe will enable the team to produce both high-quality code quickly while also keeping the codebase clean and flexible enough to support changes later as we discover bottlenecks and approach the peta-byte-per-day level.

A significant amount of code has already been ported from our old Rust codebase. Architectural targets for our first few milestones are nearly complete and will be shared with the community very soon. Expect to see more Documentation, Roadmap/Milestones, Architectural Diagrams, Code Review Process, Bug Tracking, and Style Guides in the coming weeks.

GitHub link: https://github.com/SaitoTech/saito-rust

The post Saito Tech Team Update #1 appeared first on Saito.

Saito is now live on UNISWAP. If you’re an advanced user and just want the raw information it is here:

• Ticker: SAITO
• Token type: ERC20
• ICO Token Price: 1 SAITO = 0.004 USD
• Uniswap Pairs:
  SAITO/ETH 0xdfcf744c8ae896e8631ba9b9dc717546646f6708
  SAITO/USDT 0x19f83460e387f1b01f94b85c2532ebc15b0b712e
• Token Contract: 0xFa14Fa6958401314851A17d6C5360cA29f74B57B

Please do not search for “SAITO” by keyword as scammers have created fake tokens to target our community. If you have any questions, you can find us online at saito.io or on Twitter at @SaitoOfficial or Telegram @SaitoIO.

How to Buy SAITO

Uniswap is pretty easy to use. To get started install Metamask and fund your Metamask wallet with Ethereum (ETH). Then visit https://app.uniswap.org and pull up the ETH-SAITO pair. To do this provide this token address: 0xFa14Fa6958401314851A17d6C5360cA29f74B57B in the box provided. This will pull up the SAITO-ETH pair and allow you to buy and sell SAITO by spending ETH.

DON’T FORGET: be sure to click on the “gears” controls and set your “Slippage Tolerance” to something higher like 4%. And set your “Transaction Deadline” to 2 minutes at minimum as if you go for lower your transaction could persistently fail. If your transactions seem to be taking a long time or have problems let us know in our group chat.

Info

• Ticker: SAITO
• Token type: ERC20
• ICO Token Price: 1 SAITO = 0.004 USD

Timeline

Saito Tokenomics

The post How to Buy SAITO on Uniswap appeared first on Saito.

We currently have a proof-of-concept network running on Node.js that is supporting tens of thousands of daily transactions. We are looking to expand our development team and move beyond the prototype stage. We are supported by reputable funds such as Spark Digital Capital, DFG and Block Dream Fund by OKex and have launched an ERC20 which is growing our community and brand.

The next step in our roadmap is to build out a performant Reference Implementation of Saito while improving the javascript proof-of-concept into a robust user-facing platform on which it is easy to build and deploy high-throughput peer-to-peer applications. We’ve chosen node.js as our foundation for the user-facing stack. Our goal is to continue to improve this codebase and improve the quality and calibre of the applications running on it to increase network adoption.

Saito is currently a small team and as an early technical hire you’ll wear many hats. However, your primary responsibility will be continuing to develop the current javascript implementation: both improving the software stack (making it easier for others to build atop Saito) as well as improving the existing set of applications that are already running on Saito. The ideal candidate will be able to identify problems faced by users and developers, suggest new features and fixes, and implement those. We want more usable applications running on Saito, a better experience for users and developers alike.

Location: Our team is located in Beijing and Bangkok. Remote work is acceptable. While COVID makes travel impossible now, we prefer to work with candidates who are able to spend at least a month working on-site with us every year.

Roll: Full Stack Javascript Developer

Requirements: Javascript, HTML, CSS, NodeJS

Nice-to-have: Webpack, system administration, Rust, enthusiasm for blockchain technology, Chinese

Salary: Above market rate depending on experience, optionally payable in cryptocurrency

Benefits: standard benefits

If you’re excited by the idea of joining our growing community and working on a project that genuinely matters please send an email, including your resume, to clay@saito.tech.

The post Full Stack Javascript Developer – Blockchain (Multiple) appeared first on Saito.

As Milestone 1 for our grant, we’re building an interface to allow Saito’s DAPP Platform to integrate with Polkadot, which we refer to in the grant as the “Saito Polkadot API Module”. The major feature we’re actually delivering for this milestone is an abstract module called AbstractCryptoModule which could be used to integrate Saito with any other blockchain.

On the horizon, there is also a possibility of extending these modules to support what we call Saito Open Infrastructure. Saito Open Infrastructure would allow DAPP developers and DAPP users to run or interact with arbitrary blockchain endpoints which are serviced by being routed through Saito’s Open Network Layer. The prototype we built for Dorahack’s Substrate Hackathon was an example of this technique. For some details on this technique and the possibility of leveraging this in the future, we’ve recorded a recap of the hackathon presentation.

The benefit of routing your transactions through Saito is that this enables endpoints to be monetized in an open and decentralized way. For example, if someone wanted to run an Ethereum node, service it through a Saito Open Infrastructure scheme, Dockerize it, and open source the entire project, this would help solve the Infura problem.

If you’re in the Polkadot ecosystem and think this technique could be useful for your project, we’re ready to assist you. We hope you enjoy the presentation.

The post Saito Open Infrastructure Proof of Concept appeared first on Saito.

Like Vitalik, I also mistook him for a BSV shill. It’s hard to understand the Saito point-of-view when you’re trapped in the Proof-of-Work or Proof-of-Stake mindset.

At the time, I was stuck on one side of the debate between BTC, BCH, and BSV. The perspective which I now hold is that the fight is a consequence of the broken economic incentives at the core of PoW. It’s not that one side is dumb or corrupted so much as that all sides have problems. We’re all able to see the errors on “the other side” more easily than our own and no one within that debate is taking a step back to ask if we’re all making different flavors of the same mistake.

At first, I thought David was just shilling some weak project. Given the state of the industry, it’s hardly the wrong assumption to make. But, after speaking for few minutes, I could see that he was sincere. However, what he was telling me was “impossible” within my paradigm. Saito can scale to handle world-wide micro-transactions and it is safe from 51% attack? My initial thoughts were definitely skeptical. I assumed that David must not understand “blockchain”, or that Saito had relaxed some fundamental constraint in order to achieve scalability. However, it was some of my assumptions about “blockchain” which were incorrect.

As I dug deeper, it became clear that David understood these issues quite well, his motivations were pure and he had clearly put a lot of thought into everything I wanted to discuss. But, David had a different way of looking at the industry which was difficult for me to understand at first. Whatever topic I wanted to discuss, he would always frame it in terms of Game Theory.

David was claiming that the scaling problems in the industry were caused by bad economics, not just some technical issue. At first it only seemed like some theoretical viewpoint which may not have any practical implications…

When I brought up IP (The Internet Protocol) and BGP, he not only understood my comparison but elucidated how Saito might be able to implement a similar system. Strange… When I mentioned details of my own project, an Ethereum-based platform for app integration, he was able to explain why Ethereum was having trouble delivering scale. My customers would either have to run their own Ethereum node or find someone else willing to offer an API for free, the theoretical started to become quite practical…

“Blockchain”

Satoshi definitely created something brilliant, but is it “Blockchain”? And what is a Blockchain anyway?

As I’ve gotten more and more familiar with David and Richard’s ways of thinking, I’ve come to agree that Satoshi’s brilliant discovery was that digital systems can implement economic primitives and that those economic primitives, i.e. coins/tokens, can be used to incentivize clients to run a decentralized system. The tricky bit is only that the one depends on the other, so there’s a catch-22, but now that nearly everyone on the planet has accepted that coins can have real value, that’s hardly a problem anymore.

The fundamental difference between Saito’s way of framing problems in the industry is that we always thinking in terms of Game Theory, not just technically. Of course, once the design has been done within an economic frame-of-mind, the implementation is technical, leveraging hashes, digital signatures, “difficulty”, et cetera. Once you accept this way of thinking, many things in the cryptocurrency space start to make more sense.

Web 3.0

Vitalik often speaks about building systems which can accurately reflect the incentives surrounding a Public Good. Most people will have heard him advocate for Quadratic Payments. I believe this is related to a common dream in the CryptoCurrency space, an intuition we all had in the early days that we’ve lost as we intellectualize the problem and start to believe in things like the Blockchain Scaling Trilemma. Those of us who joined the movement early on and can still remember dreams of Web 3.0, micro-transactions, and a blockchain that could operate at Internet Scale, when “Colored Coins” was still an idea and the only other Blockchains beside Bitcoin were Litecoin and maybe Dogecoin.

A blockchain is a Public Good, so it’s natural to ask, if we want to incentivize the funding of a decentralized network that optimizes for network throughput, how might that be done? The answer, which David and Richard have discovered, is that the fundamental unit of work must be the fees themselves.

It might seem purely academic and irrelevant to have something like a blockchain which is “more correct”, however, the effects which come as asides to solving this problem correctly at the fundamental level are absolutely huge. Not only is Saito secure against 51% attacks, but it is also happy to allow micro-transactions, something which in the early days it was assumed Bitcoin could achieve. Now it seems that for most people in the space this has become a forgotten dream, a dream which underpins any hope of creating Web 3.0 or anything more interesting than a transferable token or Uniswap.

Accepting that Saito can do all these things is difficult for many people in the industry to accept. Saito achieves things which seem impossible to those of us who have been stuck in the Proof-of-Work paradigm for years.

It was unclear to me how bogged down the cryptocurrency space had become before I met David and Richard. I had some intuition from the early days that cryptocurrencies could become so much more. Over seven years the vision became narrower and narrower. It’s only now, standing in the light of Saito that I’m able to see just how dark my path had become. If, like me, you also have some intuition that the cryptocurrency industry could be so much more, or that your favorite project isn’t quite what it could be, take a look at Saito. 

Please feel free to contact us on Twitter, Telegram, or Discord. If you want to try to fork our code and make something awesome, I’ll see it most quickly if you ping me on Telegram. Follow along with our blog.

The post Why I Joined Saito appeared first on Saito.

职责范围

• 执行项目推广和营销计划。
• 与创始人团队规划、参加活动并在活动中发言。
• 在海内外媒体和渠道上进行项目宣传。
• 建立并执行成功的中国社交媒体策略。

目标

• 搭建Saito中国社区。
• 推动Saito网络的使用率。
• 在投资者社区等更多社区中建立项目形象。

备选人要求

• 拥有积极自主开展工作和独立工作的能力。
• 在早期区块链项目中有工作经验。
• 对区块链和加密货币技术有扎实的了解。
• 深度理解Polkadot生态，加分项。
• 母语级的中文读写和演讲能力。能够和英语为主的国际团队协同工作。

岗位信息

办公地：北京总部（优秀人选可考虑上海或杭州）
年薪和绩效奖金可商议。

申请

将您的简历和您的申请信发送至jobs@saito.tech

或：

China Marketing and Operation Director

Responsibilities

• Execute project outreach and marketing program.
• Work with founder team booking, attending and speaking at events.
• Promote the project on domestic and foreign media and channels.
• Build and execute a successful China social media strategy.

Goals

• Build the Saito China community.
• Drive Saito network usage.
• Build project profile among investors and broader community.

Candidate Profile

• Ability to take ownership and work independently.
• Experience in early stage projects.
• Solid understanding of the blockchain and cryptocurrency technology space.
• Understanding of the Polkadot ecosystem especially valuable.
• Native or very close Chinese writer and speaker. Ability to work in an English speaking international team.

The Role

Beijing based. (Shanghai and Hangzhou also considered for good candidates.)
Flexible package of fiat and tokens to suit seniority and bonuses for performance.

To Apply:

Forward your resume and a note about you to jobs@saito.tech

or scan:

The post 加入我们 – Join Us appeared first on Saito.

“Saito has a transient chain. How can it be a blockchain when the ledger isn’t permanent?” — Julian

Richard Parris: The ‘genesis block can be moved forward over time so long as the process for doing so is in the consensus layer. People can keep records going back as far as they like – including all the hashes of previous blocks. This lets the chain stay a sustainable size, while important data can be rebroadcast, forever, if desired.

David Lancashire: Permanent ledgers are transient, because they get big and collapse. Look at BCH and BSV — people are already straight-up admitting the network won’t store data and asking people to pay separately for that. Saito guarantees immutability for as long as people have money to pay for it. That is what matters. Anything else is a bait-and-switch. Right now people are paying for “forever” and network nodes are deleting as soon as they can get away with it.

“What are ‘incentive mechanisms’ in blockchain?” — Peter G

Richard Parris: The genius of bitcoin is that it was the first network in human history that could autonomously pay for its own survival. This is only possible because of incentives. If a miner leaves, another will join. Their incentive to do so is the block reward and the transaction fees. At Saito we believe that incentives are critical not just to ensuring people secure the network but also run nodes and do the heavy lifting of moving transactions.

David Lancashire: Blockchains get what they pay for. POW pays for hashing so we get a lot of that. POS pays for staking. But we don’t want hashing or staking. We want the network to deliver value for users. Paying for actual “value” isn’t something that POW or POS can do, which is one reason there are so many debates about how to get “decentralization” or “funding for development”. With the proper incentive mechanisms in place, the network will get everything it needs. Saito does that, because it incentivizes people to collect fees (i.e. deliver value to users)

“How do you define a successful blockchain? What are the most important challenges for becoming a successful blockchain?”— Wang

Richard Parris: To me a successful blockchain is one that maintains open access and is useful. Scaling is critical in this. This is the biggest challenge we take on at Saito, and why we concentrate so hard on paying the network for the work, read value, it brings to users.

“Where is the line where keeping the blockchain network secure costs too much that the efficiencies of centralization are more worthwhile, and how does this calculation differ across the various industries (e.g. energy, finance)?” — Michael

David Lancashire: Two thoughts here.

1. All blockchains are secured by transaction fees. Bitcoin miners will not spend more money on energy that they collect in fees, for instance, which is why we need massive throughput for security. Saito also allocates 100% of fees to securing the network (there is no 51% attack).

2. Also — Saito does not have the problem you describe — paying more for bandwidth can increase decentralization and security and throughput simulateously! The idea that “centralization” is acceptable because it provides “security” is something that people say because they don’t know how to achieve both. It isn’t true.

“With some EU countries banning Libra and rumors about China getting more strict about mining, are you optimistic about the regulatory environment of blockchain businesses? How do all these affect Saito?” — Elyas

Richard Parris: I am optimistic about the regulatory environment. I think governments are tightening up on cryptocurrencies, definitely. This has two important effects. It clarifies the situation for people working on all kinds of blockchain projects. It also makes access to crypto much more important. From our perspective, we are seeing much more enlightened regulation from smaller nation states: Switzerland, Malta, Singapore… as this gives them a commercial advantage, I hope this extends to other countries.

“Is Chinese regulation on crypto making it more complicated to implement Blockchain solutions in China versus other countries?” — Karim

David Lancashire: I’m torn on China. Being in China is a huge liability on the ideas-front if you aren’t in the Chinese establishment or connected to the government. We’ve had people dismiss us because they think everything in China is a scam. So being here makes it harder to get people to take us seriously. On the other hand, we have a lot of leeway in being able to *do* stuff since no-one in China really cares about anything that is flying below the radar.

On the positive side, our networking code got decent pretty quickly just because of having to handle firewall issues.

“Besides finance, what other industries do you see the most potential for blockchain in the short term?” — Ana Deveza

Richard Parris: The obvious candidates for Blockchain are Fintech, Logistics/Transport, Ticketing and Collectibles. These are all great areas. But the big uses for blockchain will be as a general use public key infrastructure. This will be useful in decentralizing, and creating level playing fields in areas like IoT and Social Media.

“Blockchain has the potential to solve problems such as trust — what are some less obvious/well-known problems that blockchain has created, or you foresee blockchain to create in the future?” — Yuqian

David Lancashire: Great question. Most blockchains just want to be money and everyone thinks “applications” need smart contracts to run. But I think this will be maybe 5% of all blockchain applications in the future. Let me give some examples of what is coming:

1. With Saito everyone can communicate without Man-In-The-Middle Attacks. This is a huge deal because we can use the blockchain to do things like “diffie-hellman key exchanges” and eliminate all of these centralized chat applications. So wechat and telegram and instagram are endangered because — screw that — we can just send a message on the blockchain saying, “this is my IP address” and our friends can connect to us that way.

2. Centralized web applications like Facebook, Yelp, and Twitter are also threatened because their entire business model is locking down content and forcing people to watch advertising. On Saito advertisers give you tokens directly and applications are decentralized. So there is no Facebook.

3. In Saito-class networks routers in the network make money. So people will compete to offer you Internet access if you use them to route Saito transactions. There are entirely new business models coming. The ISP model will go away once we get massive scale.

“In what ways can Blockchain be implemented alongside other deep-tech like AI and deep-learning?” — Yong Jie

Richard Parris: We have a great example of this in the Cortex project (friends of both TIBA and Saito). What they are doing is using blockchain to provide trust and verifiability around AI assessments, which is really important because it allows for the owner of the data that was analysed to own the result of the analysis. This can overcome a lot of privacy issues, and mean that we, as patients don’t have to give up ownership of our medical data to get treatment. This is a small example, but I think we are only starting to see the start of this kind of thing.

“Given your concerns about the unsustainability of permanent ledgers, what are your predictions for the future of bitcoin? Is its collapse inevitable or can you envisage a way that its scalability problems are overcome?” — Peter Y

David Lancashire: BSV is already saying miners won’t save blockchain data. BCH is putting in “UTXO commitments” (so no-one needs to sync older blocks at all). ETH is already so big it takes 1 full day to sync about 8 days worth of blocks. And BTC is holding the fort, but won’t have the fee volume to pay for security at scale.

Bitcoin could implement the transient chain and that would help. But there are other (worse) economic problems. For me to be optimistic, I’d need a sense that the devs didn’t have their heads in the sand. But everyone is in denial about the problem. In the long-run it won’t matter if bitcoin doesn’t get its act together since alternatives will. And this is at least a 5-year issue, so it isn’t a critical issue making these bad investments today.

“Can you elaborate on what you mean by ‘at scale’?” — Peter Y

David Lancashire: I mean at the limit of what is economically and technically feasible to pay for given the fees collected by the network. In terms of specifics, the nice thing about paying for bandwidth instead of hashing is that you approach technical limits properly. 100 GBPS is reasonably available to large ISP-level actors today. We’re expecting this to increase by an order of magnitude in the next decade. Latency and block-propagation issues aside, that puts the upper limit on a blockchain somewhere around 100 TB today and maybe a petabyte in a decade.

“Context for above question: Couldn’t one argue that bitcoin doesn’t need to ‘scale’ if it functions as a secure settlement network (like the real time gross settlement system used by central banks) rather than an everyday payments system (like Visa and MasterCard)? The former requires a much lower number of transactions making scalability less of an issue.” — Peter Y

David Lancashire: you’re assuming that a small network can be secure… why? Miners won’t burn more in energy than they’re collecting in fees. If the average block contains 50k USD in fees, that means the cost of attack is something like 25k. Who wants to run an international settlements system on a network secured by 2.5k every minute?

This is the single biggest issue we run into with people who are hardcore BTC maximalists. They assume that blockchains are secured by “hashing” or “cryptography” instead of money. So they don’t think about the economics of the network or realize that the block reward that’s buying them security is going to vanish.

Thanks for the follow-up question. hopefully my answer was coherent.

“You say: ‘You’re assuming that a small scale network can be secure… why?’ Because at the current scale at which it operates the bitcoin network is secure, never been subject to a successful 51% attack. The argument is that the current scale of the bitcoin network is sufficient to run a secure real time gross settlement system, with low value transactions taking place on centralised platforms (e.g. a WeChat Pay solution denominated in bitcoin) or second layer solutions like lightning.

“The point about what happens when the block reward runs out is an important one. Correct that transaction fees would have to rise in order to account for the energy expended to mine. However there is real value in secure settlement and this is a service people would be willing to pay for (as they have done historically with gold settlement)” — Peter Y

David Lancashire: Why is your model for how BTC will work in 2029 based on how it has worked when it is printing free money for miners? How is this reasonable?

And tons of POW chains have had 51% attacks. If you think Bitcoin is going to be so secure without the block reward, why aren’t you using those networks? What is the difference between those networks and bitcoin? If the difference is that Bitcoin has more price speculation, that means your entire security model is based on ponzi economics. And that isn’t sustainable.

The BTC crowd talks about Lightning Network a lot, but payment channels like LN will run on all blockchains that are large, scalable and secure. At a minimum, in order to be secure, a small-scale Bitcoin would need to eliminate the 51% attack so that it is protected by 100% of fee volume. If you know a single BTC dev that is working on that… who?

“With incentives, stakeholders often secure decentralized networks, how do you make sure that groups that start with an advantage (by accumulating large stakes at low costs in the beginning or have access to cheap computing power) don’t use it to become dominant players in the network and get more and more rewards and squeeze out small players? How to make sure the network stays decentralized?” — Tristan

Richard Parris: Thanks Tristan. The solution is to not have a monolithic security mechanim like POW and POS. Saito does this by making gathering transaction fees the work that is needed to create blocks. This turns 51% attacks into 100% attacks, because you need to match all the outstanding work as it accumulates. We are actually doing some exciting work at the moment that ensures that attackers have to bleed money under all situations. So if a dominant player attacks that actually leads to more decentralization.

“What are the major merging aspects of quantum computing and blockchain as of today?” — Sun

Richard Parris: The big risk around quantum computing is that earlier cryptography becomes transparent. It does not break or cryptographic techniques. The disparity in the time it takes to create a keypair, and to crack it remains with quantum computing.  So we have to increase keysize. Which means we need more scalable networks.

“If you already have Dapps running on your network: (1) What kind of Dapps do you have? (2) How different is the traditional coding vs coding for Dapps (3) What would be a Dapp you’d love to have on Saito but never had the chance or time to develop?” — Cris

David Lancashire:

#1 — Most of our users are spending time in the arcade (//apps.saito.network/arcade). We have a lot of Twilight Struggle players.

#2 — The modules are pretty easy to write. The biggest challenge is getting your mind around the fact that they’re all peer-to-peer (not client-server). So applications run in the browser and updates happen when you receive messages from the blockchain.

#3 – I want a decentralized WeChat that uses group Diffie-Hellman key exchanges to completely avoid the need for centralized server logins. We haven’t coded this ourselves because we’re trying to focus on applications that don’t have chicken-and-egg problems. But I think decentralized, encrypted chat is probably the most important social tool that will come mainstream in the next five years.

We will happily support people building apps on Saito — we’ve got some people in Venezuela who are already building stuff. We have a list of existing modules here and they are pretty easy to code and can show how it is done: //github.com/SaitoTech/saito/tree/master/mods 

The weirdest app is probably a hospital login / appointment system for a South American country that has corruption issues and wants blockchain to provide transparency into how normal people get medical care and prevent hospitals from cheating the national payment system.

“You guys have a blockchain-based gaming platform. Could you please tell us about this? Why are so many blockchain companies focusing on gaming?” — Peter H

Richard Parris: Games are a great proving ground. Our reasons for putting games on testnet are probably quite different from other projects. We are really keen to demonstrate Saito’s ‘industrial strength’ and simplicity of development. Games like Twilight Struggle are incredibly complex and require interactions that would melt the vm on smart contract systems. It also contains every kind of interaction that might be needed in enterprise software. Coding games like that let us build a community with something they really value and is fun, test our testnet, and demonstrate just how powerful Saito is.

“Consensus mechanisms: proof of work/stake/authority/time etc. Which ones do you think are most promising and which do you think will not be relevant in the future and why?” — Tristan

Richard Parris: There is a lot of work going into new consensus. Unfortunately, I have not seen any that are grappling with the fundamental issue for blockchain — paying everyone in the network for the value they provide. Some Proof of Space protocols are concentrating on paying for storage, but they fail to pay for bandwidth for access. Most ignore the problems entirely and concentrate on optimizing smaller problems.

“You are involved with both Chinese and overseas blockchain communities (industry, academia, investors, users). What are the main differences? — Peter G

Richard Parris: My blockchain life started in China, and it was amazing when I started traveling for Saito to conferences in the US and Europe how different things were. To caricature things: the US is ‘land of ETH’ certainly of POS. Everything is a development problem waiting to be solved and blockchain will take over the world. Concerns are around privacy and social goods. Asia, and particularly China, is very pragmatic. Finance-driven, but interested in how blockchain works, and exploiting that. Ever since my first Beijing Bitcoin meetups in 2013/14 when visitors from the US were stunned at the number of attendees that actually worked in bitcoin, I have felt that the rest of the world is catching up.

“In your opinion, what will it take for blockchain to gain widespread acceptance & implementation?” — Yuqian

David Lancashire: I think Saito will make blockchain mainstream. First because we are seeing actual adoption from people who want to use the applications we have (mostly the games) and who don’t know that we are even a blockchain, or care. Second because “smart contracts” are not suitable for most apps and these other networks require people to buy tokens to use them. Not only are the regulatory issues massive here, but you can’t get someone to buy tokens to use your service unless you have a really compelling service, and most business cases that can do that already exist off-chain.

In Saito, the token distribution happens through use — people will earn tokens JUST USING the network. So we have an economic model that will pull in users and pay them for adoption. The fact that the network also pays for routing means there is a great business model for developers too — people who build applications that people want to use can get paid with the tokens they are getting issued. 

“How to prevent a large group of people/bots with similar intentions controlling block chain branches and change/erase/edit the chain?” — 张心旭

Richard Parris: In POW it is possible for attackers to orphan other people’s work. In Saito, transactions that are not included in a block can be included in the next, so censoring transactions becomes harder. Re-writing the chain is also more difficult, since rewriting history means creating a chain with more value than the chain you are replacing. And any transaction that is excluded is still valid, and can be added to the end of the new chain.

David Lancashire: I’d suggest thinking about why this problem exists, because it goes to the heart of one of the most important things that makes Saito different from any other blockchain:

1. POW and POS chains make it “difficult” to produce blocks, and then give all of the money to whoever can produce 51% of the blocks. So the networks incentivize collusion. People are more profitable if they team up.

2. Saito recognizes that, “all forms of difficulty can be reduced to spending money, so what we do is just make sure it is ALWAYS EXPENSIVE” to attack the network. Attackers need to spend their own money to attack the chain. BUT this property holds above the 50% mark.

Attackers will always lose money through the payment lottery. So if a node or group of nodes does 80% of the routing work, it will still cost them 20% of the network’s transaction fee volume with every block they produce.

That guaranteed loss is what creates the “cost” of re-writing the chain — but is also means that there are no incentives for collusion like in POW or POS, where a big enough group can attack the network for profit.

Essentially, by solving a different problem than POW and POS, Saito provides the same guarantees without the 51% attack. We can calculate the cost of attacking the chain, and wait the appropriate number of confirmations. The network is way more secure though, since it doesn’t fall apart once you have 50% of block production capability.“I’m gonna have ey cannot fake.

Last question: where does the name Saito come from? ?— Peter G

Richard Parris: Saito is one of the leads in Christopher Nolan’s masterpiece Inception.

Here we see an example of how Mr Saito solves a problem at a deeper level. That’s what we are all about.

David Lancashire: There are a lot of interesting parallels too, not least the plans for global airline acquisition. One of the things I really like about the film is that it teaches us that you have to solve problems on the deepest level. And that is what Saito does. Most blockchains don’t try to fix the economics. People just give money to block producers, tweak that process, maybe add some volunteers somewhere (validators! masternodes!) and call it a day. Saito looks at the economics and says, “the problems are that we’re not incentivizing the right things.” And then it fixes those issues. It’s like fixing things on the lowest dream level, and watching the “higher up” problems like the 51% attack just melt away.

Also, Inception is a great film.

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