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Saito (SAITO) is the 1378th largest cryptocurrency in the world by market cap, valued at $38,699,661. The current price of Saito is $0.012899887, which is 1.769% higher than yesterday. Prices have ranged between $0.01359947 and $0.01276505 over the past 24 hours. All prices are listed in US dollars and accurate as of March 26, 2023 02:03 UTC.
SAITO is the native cryptocurrency token of the Saito layer-1 blockchain. Saito is an open-source blockchain that aims to solve the scalability and centralisation issues that come from building decentralized applications (dApps) on Proof-of-Work and Proof-of-Stake blockchains, such as Bitcoin and Ethereum.
The protocol wants to ensure that blockchain infrastructure remains open and that the connection to decentralized applications (dApps) remains decentralized. These issues are sometimes referred to as “Blockchain Bloat”, which is defined by excessive data load slowing down transaction times, and the “Free Rider Problem”, which is the cost of using the network increasing over time.
Saito plans to combat the centralisation that comes with node operators; this is often referenced as the Infura problem. Infura is a service provider that allows dApp developers to deploy their applications at scale on the Ethereum and IPFS blockchains. To run dApps developers need to run native nodes, which can be a painful and expensive process. As a result, developers rely on service providers such as Infura to help them run and manage nodes on their behalf. Although convenient, this leaves a centralized bottleneck in the infrastructure where problems can occur. According to the project’s website, to solve this problem the Saito blockchain leverages a user-facing peer-to-peer network to complete transactions instead of relying on miners or stakers. This means that Saito can still host dApps and facilitate dApp development, but it removes the pain points that come with hosting a native node. Saito developed apps can run directly within a browser which means there is no need to use centralized plugins. The network currently offers support for the Polkadot ecosystem with plans to expand into other Web 3.0 blockchains. SAITO tokens are the utility token of the ecosystem and are used by accounts within the network to pay for data services.
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