Token Persistence Update – September 4, 2023
Team is happy to share the news that token persistence went live on Saito Mainnet last week with the activation of server-based code we’ve had under development to manage UTXO stability across network resets. As outlined in our roadmap, our goal with this shift is to move towards the ability for the Saito network to maintain a dynamic token allocation so that users can send and receive on-chain tokens with guarantees of permanence.
From a technical perspective, this shift marks the official point our hardcoded “genesis” issuance files become obsolete, replaced with a dynamic file that is re-generated from our live UTXO hashmap with each network hard-fork. In the interest of public transparency and to ensure that historical data is available for public scrutiny in the future, we have taken the step as part of our network update of ensuring token issuance files are archived and uploaded to our official Github repository with each reset. The team is continuing to monitor and test the network and integrity of these files as part of our ongoing development efforts, but is pleased to report that so far everything seems to be working perfectly.
In terms of changes that users will notice to the in-browser Saito experience, while our ERC20 token withdrawals continue to be handled manually, we are expecting to update a new application / UI-feature to the Saito Application Suite later this week that will speed up withdrawals by allowing for a greater degree of automation in the token migration process. We are hopeful this will assist us in getting withdrawal times down to about 12 hours from the 24 or so that it currently takes.
On a side-note, we should also mention that we are aware of the publicly-discussed issues with the Anyswap/Multichain ERC20 < – > BEP20 token bridge and recommend/request that users do not attempt to use the bridge until the situation is resolved. In the event of continued problems, we will work to update the aforementioned withdrawal tool to allow BEP20 tokens to be directly burnable and withdrawable to mainnet in a fashion similar to ERC20 tokens, thus avoiding need for the Anyswap bridge completely.
Beyond the changes that token persistence brings to the network and the application suite, there are questions of how it should affect tokenomics questions and what changes – if any – we should be making across the our Dawn of Persistence era. In order to address these questions, and present our own thoughts, the team will be having an update on Saito tokenomics at the end of September that will provide more detailed clarity on how we expect the token persistence curve to look, as well as update to the token distribution schedule to help incentivize on-chain migration as the threshold falls.
On a closing note, we remind readers that the entire crypto space is plagued with scams and to assume by default that anyone who contacts you with claims about migration is a scammer. If you’re not sure what is legitimate, please join the community on our Official Telegram Chat at https://t.me/SaitoIo.