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November 04, 2021, 06:28:39 AM |
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Saito is a layer-one blockchain. It's an open network that runs cryptocurrency applications in browsers without plugins, private APIs and non-open infrastructure. Saito survives without an owner while funding the nodes that provide user-facing infrastructure for its own network and other public blockchains.
The network is noteworthy for being more secure than Bitcoin while making payments not just to miners and stakers but also the nodes in the network that offer data-services to users in the network. Saito ensures that producing blocks is always expensive. Honest nodes pay those costs with the fees they collect from users. Attackers must pay out-of-pocket and are guaranteed to lose a quantifiable amount of money with each block they produce. There is no point at which this cost-of-attack falls below zero. Unless attackers match the amount of work done by the overall network, they either cannot produce blocks as quickly as honest nodes, or are able to produce blocks but not collect payments. Attackers must either go bankrupt or permit others to add work to their chain, thus solving the 51-percent attack.
Saito uses routing work to secure the blockchain rather than hashing or staking.
In Saito, nodes are paid for routing transaction fees into blocks. The more fees a node collects and shares with the blockchain the more it earns. This creates a high-bandwidth blockchain, as fees pay directly for network infrastructure rather than being “wasted” on mining or staking. This also eliminates the separate fees for “API access nodes” or “transaction processors”.
Routing work is also simpler than mining or staking. Routing is something every network does. Having miners and stakers only adds complexity, but the best thing is that routing work is more secure. Hashpower and stake can be rented or bought. But you cannot rent or buy a transaction fee without losing money. With routing work nodes that collect fifty-one percent of the network’s fees can only fifty-one percent of network revenue at most, and produce fifty-one percent of the blocks on the longest chain. The fifty-one percent attack vanishes like a bad dream.
Together with Routing Work, Saito uses a technique called Automatic Transaction Rebroadcasting. This forces old transactions to compete with new ones for space on the blockchain. In market equilibrium the most profitable strategy for block producers is to ensure the same amount of data is deleted from the chain as is added each block.
Saito is a simple yet elegant solution to economic issues and market failures. Try it out yourself at the Saito Arcade or find out more at the blog.
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