$Saito's biggest challenge yet
🧵 I'll explain what Saito's main challenge is at the moment.
TL;DR: the biggest challenge yet to Saito's success is getting transaction volume on chain.
🧵 I'll explain what Saito's main challenge is at the moment.
TL;DR: the biggest challenge yet to Saito's success is getting transaction volume on chain.
1. To understand why we need transaction volume, it's important to understand 1) where we want to be 2) where we are now 3) what the difference is between the first and second state.
2. Far away in the future Web3 would be evolved to the point where most of the backend of the internet's applications will have moved to the blockchain. We would be enjoying the freedoms of an open and self-sufficient network that is secure.
3. $Saito will have become a vibrant ecosystem of applications that users use daily without even noticing visually. The only thing they would notice is the lack of censorship and an increase in user experience.
4. Apps similar to Youtube would emerge, all with different and customizable options for filtering videos, comments, likes, and more.
5. Features not imaginable to us yet. It's similar to asking the computer scientists who created ARPANET to name all the applications we currently have. Anyway... that's for a different thread.
6. Due to its economic model, Saito would have a high network revenue, available bandwidth and actual throughput. This is the future we imagine to happen.
7. Currently Saito is not what we conventionally consider to be mainnet. Saito has a working network that works on it's own nodes (servers).
8. Other than that people are free to connect their own computer to the network and run a volunteer node.
9. Saito has 2 main apps that are responsible for the bulk of the transaction volume. The Arcade and RedSquare have been responsible for about half of the roughly 50k transactions daily.
10. There is no persistence of Saito tokens on the network. There is also no staking. You can get tokens on the network but the network gets reset often so there is no guarantee those will be persisted.
11. To get from A to B the network needs to be deployed on decentralised nodes, who will have a financial incentive to participate in the infrastructure of the network. Saito can do that once the network has a high enough cost of attack.
12. Saito's consensus mechanism secures the network when lots of valuable transactions are being sent over the network.
13. We're not sure how much each transaction would be on average or median so we cant be sure how many transaction we need to secure the network. @dlancashi's current best guess is a transaction volume in the millions.
14. A lot of hard work is being done by the team and community members to improve the user experience of applications through web4 login (a web3 interface wrapped around a private key backup and restore mechanism), web4 crypto, and app specific improvements.
15. Once the network is deployed on nodes, the network will be dog-fed. This is done to kickstart the economy.
16. To summarize: transaction volume would give the network a high cost of attack --> this enables the Saito team to deploy the network on decentralised nodes --> now the dog feeding can begin --> more tools and apps are being added (developer SDK, virtual machine) --> profit.
17. Please consider liking and sharing to increase the reach of this thread. @SaitoOfficial , @richard_parris , @NNovaDefi , @brickblockcube , @PawelPawlak15 , @VajraTalon , @JackJWard , @MukkingAbout , @_Kekya , @TuchoThe .
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