Saito Consensus: Technical Overview and Prospects

Blockchain, as we know, is a distributed decentralized network that offers immutability, privacy, security, and transparency. Despite the fact that there is no central authority to authenticate and verify transactions, every transaction in the Blockchain is regarded to be entirely safe and validated.This is only feasible because of the presence of the consensus protocol, which is an essential component of any Blockchain network.

A consensus algorithm is a technique that allows all Blockchain network peers to agree on the current state of the distributed ledger. Consensus algorithms promote dependability in the Blockchain network and build confidence amongst unknown peers in a distributed computing environment in this manner.

Currently, the most widely consensus mechanism are:

-Proof of Stake (PoS)

-Proof of Work (PoW)

But Proof-of-work and Proof-of-Stake networks are plagued by two market failures: a tragedy-of-the-commons problem, which causes blockchain bloat and eventual collapse, and a free-rider problem, which causes an under-provision of user-facing network infrastructure and an over-provision of paid activities such as mining and staking. On a small scale, neither problem is catastrophic,but both Proof of Work and Proof of Stake are forced to compromise on scale because they only pay for one thing: the security provided by mining or staking.

This is where Saito comes in with its innovative layer-1 blockchain that drives web 3.0 applications, and the Saito Consensus ensures openness even at a huge scale, allowing developers to create fantastic web 3.0 products for everyone.

How Saito Works

For its consensus process, Saito rejects the “Proof of” convention. It is known as a Proof of Routing Work algorithm. The effort of moving user transactions throughout the network, rather than computing work or staked tokens, is rewarded in Saito consensus. The Saito blockchain likewise relies on a rental charge to keep transactions on the blockchain. This helps to clear the network of old blocks, leaving just the header-hash to establish the chain’s integrity.

When the number of blocks in the chain surpasses a specific limit, old blocks or unspent transaction outputs (UTXOs) are pruned off the chain. However, the consensus method demands that UTXOs have enough value to cover the rental cost (rebroadcast fee) before they may be rebroadcasted.

The working can be further discussed on the following basis

Mechanism of Saito Mechanism

On the surface, Saito Consensus compensates nodes in the peer-to-peer network for servicing consumers as well as paying for the security layer. The more a node performs for users, the more money it earns.

Understanding Node

Nodes may route traffic and provide app support. This is significant because successful apps attract users, and more users means more routing and transactions. The closer the routing node is to the user in the transaction’s path to the block, the more the node is compensated with Saito Consensus.

Staking

In all circumstances where traffic was routed but miners failed to find the hash solution, the reward fees are locked up within the network and dispersed through the staking mechanism. This, in turn, avoids widespread deflation while simultaneously enhancing economic stability.

Mining

Miners compete in Saito to generate unusual solutions to hash issues, resulting in randomization that assures payments to routing nodes are secure and fair. Payment is shared 50/50 with the nodes routing the transaction when a solution is found.

In Conclusion

Saito has the following advantages, which bode well for the future:

• Saito’s powerful blockchain architecture makes it suited for high-data-usage apps like as social networking and gaming.
• Web 3.0 compliant
• Simple to get started — Saito employs DApp, which is popular among developers because of its ease of use.
• Democratic — Anyone may establish a node and earn money using the decentralized and open-source stack.

Saito Social Channels

Website- https://saito.tech
Telegram- https://t.me/SaitoIO
Twitter- https://twitter.com/SaitoOfficial
Reddit- https://www.reddit.com/r/saito/
Discord- https://discord.gg/HjTFh9Tfec