Thread by @CryptoGirlNova

1) In today's market it's increasingly hard to select high quality cryptocurrencies.

Most eventually fade away and as such we need to search for the best fundamentals.

A thread🧵on $SAITO and why you should take a look at this cryptocurrency.

Read on 👇

@SaitoOfficial #Saito

2) Although the cryptocurrency industry has been live for more than a decade already, it's only recently that we've seen huge growth in the creation of decentralized applications.

This is mainly due to the rise of "smart contract platforms" allowing the creation of Dapps.

3) The main selling point of the blockchain industry and appeal of Dapps has mostly been referred to it being a "trustless and secure system".

This hasn't always been completely true due to certain limitations of this new technology.

The main issue so far has been scalability.

4) We have seen lots of "attempts" to provide a solution to this limitation by various blockchain platforms WHICH has worked to some extent...

Although not completely.

The first Consensus algorithm in this industry was the creation of "Proof Of Work".

Short for PoW.

5) This mechanism relies on nodes and minders to do the work (contribute hash power).

Only the miners however get paid for this.

The nodes rely on a charity model which essentially is were the scalability issue comes from due to a "misplaced" economic model.

6) ENTER SAITO.

Saito is a Layer 1 blockchain that aims to provide a permissionless, scalable protocol for Decentralised Applications.

Saito also supports in-browser blockchain applications without needing plugins or private APIs.

7) It's main purpose is to offer a solution (to the earlier problem we mentioned) that plague both "Proof of Work" and "Proof of Stake" blockchains.

Instead of paying miners and stakers for block production, Saito pays the nodes.

8) Saito Consensus pays nodes in the p2p network for serving users in addition to paying for the security layer.

The more a node does for users, the more it gets paid.

9) By enabling the easy use of regular browsers for decentralized projects new and existing Web 3.0 projects can run operations at a low cost.

By linking projects directly to the blockchain through the browser, Saito provides better security and privacy.

10) Saito as a cryptocurrency is the utility token of the network.

All network node payments and transactions use the SAITO token.

11) Saito was founded by David Lancashire and Richard Parris in 2021.

Shirley Shi as the Marketing and Outreach Lead and Clayton Rabenda as the Software Engineering Director.

It raised $3.5 million through several rounds of financing from many notable VCs.

12) There are currently 3 billion tokens in circulation with all tokens already released after their vesting period which you can see in the table below 👇

13) The most asked question from non-community members looking into Saito however has been the concern of the "10 billion" max supply of Saito tokens.

With a current total supply of 3 billion what happens to those other 7 billion waiting to be minted?

14) The additional token supply MAY be made available to:

- A community-controlled foundation (20%).
- Fund core software development (10%).
- Provide liquidity to strategic partners (10%).
- Incentivize consumer usage through an on-chain. Advertising Faucet (10%).

15) There's no specific time frame "when".

A quote from one of the admins:

"At Saito's consensus rate, which is atm undefined how fast those 7b will be mined"

Simply said it depends on the "need" of the blockchain and could take a very long time.

16) It could also not (transparancy).

For a potential investor to see "an undetermined inflation rate on when" is a valid concern.

Even when some of the community sees this as "FUD".

We have to accept what is.

17) This is designed on purpose so from a developers point of view this is likely beneficial for future growth.

A token "investor" however is mainly concerned about the value of his investment and doesn't want to see his value be "diluted".

18) This doesn't take away any of the protocols good features but it is something to take into account on an unbiased level.

The team did announce they have no interest in expanding supply on the short term though.

19) My takeaways.

Saito has offered an easy but smart solution that fixes the economic issues in all PoS and PoW class networks.

This operation mechanism makes Saito unique and different from any other blockchain that has existed since Bitcoin.

20) The fact that developers can directly create Dapps on a browser without the need of any external plugins means Saito is one of the "more unique" projects in this space and might deserve your attention.

21) Know that my threads are always written on "an easy to understand level" and doesn't nearly cover all.

If you are intrigued than I advise you to dig in this BEHEMOTH article by @brickblockcube 👇👇👇

medium.com/@saitosquare/d…

Or visit the website:
saito.tech

22) If you want to keep up to date to most of my content and interesting projects give me a follow @CryptoGirlNova.

I also research the communities top voted cryptocurrency every week so you can keep track of all the most exciting projects.

Your favorite writer Nova ❤️

23) If you had value from this and liked this thread, it would really bring a smile to my face if you could retweet the first post so this can help as many people as possible.

Everyone deserves free knowledge 📘

Love you all ❤️

First post 👇

https://twitter.com/CryptoGirlNova/status/1564633716957364226?t=Tiaw3l6gGsj_Di73RFDjcw&s=19