Richard Parris is a co-founder at Saito - a self-sufficient Layer 1 Blockchain designed for devs that provides the foundation for building open and scalable web applications.

Why you should listen

Saito is a new type of layer-1 blockchain that powers peer-to-peer applications. Saito delivers a new economic model for blockchain. Saito Consensus aligns incentives for all participants, paying nodes for scale while remaining open.

Saito is designed to create a real economy running on this network, that supports an open ecosystem of peer to peer applications, where users are sovereign and own their data, and providers that serve them best are most profitable.

Saito Consensus eliminates the sybil attacks, majoritarian attacks,and several other attack vectors common in proof-of-work and proof-of-stake consensus mechanisms by correcting the collective action problems buried in their incentive structures.

When users send transactions into the network they add cryptographic routing signatures that specify the first-hop node(s) to which they are sending their transaction(s). Receiving nodes add similar routing signatures as they forward these transactions, creating an unforgeable record within transactions of the path they have taken into the network.

These routing paths can be examined to confirm the amount of "routing work" available in a transaction. Transactions without valid routing paths contain no routing work. The amount of routing work in any other transaction is its total fee halved with each hop beyond the first that the transaction has taken into the network.

The blockchain maintains a "difficulty" for block production that is measured in routing work. Nodes produce blocks when they have enough routing work in the transactions in their mempool to meet difficulty criteria. Blocks which do not contain the required amount of routing work are invalid according to consensus rules.

While most of crypto uses a Web 2 model with token integrations or a federated model reliant on volunteer work, Saito applications operate in true, peer-to-peer Web 3 and are self-funding.

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