The bullishness that took place earlier this week seems to be losing momentum but that has not stopped SAITO coin from asserting its dominance. It currently holds the crown for the cryptocurrency that has achieved the most gains in the last 24 hours.
SAITO is up by more than 26% in a span of 24 hours and is currently trading at $0.0125. It started trading on the Decoin Exchange on June 2 at $0.0111 but has been on a bearish downturn for the first few weeks of its launch, and seems to have bottomed out on June 26 at $0.0052. It turned bullish after that and has now recovered to new highs.
SAITO’s latest performance affirms a substantial volume increase in the last few days. Its bullishness especially in the last few hours has a lot to do with a recent AMA that Richard Parris, the CEO and co-founder of Saito Networks held with SnapFingers a few hours ago. The CEO used the opportunity to explain the network and how it works.
What Parris revealed during the AMA
The CEO noted that most of the existing decentralized networks such as Polkadot, Ethereum and others use Web2 server models. Saito takes a different approach by introducing Web3 to its clients. However, that is not the only difference between Saito and traditional blockchain networks. It does not feature a proof of work or proof of stake consensus mechanism but instead leverages an entirely new consensus where nodes on the network are paid to collect and route user transactions into blocks.
Parris noted that the new consensus approach gives node providers a profitable business model that is superior to Web2’s “data for access” business model. He also noted that the best nodes on the network will be the ones that can attract a large number of users and transactions while providing the best user experience. This approach incentivizes network participation while encouraging node providers to deploy high-quality business models. The approach benefits everyone from the user to the node provider and the entire network at large.
The Saito CEO revealed that the network has achieved important milestones such as securing partnerships with Elrond, StackOS and Crust. Those partnerships will be a critical part of the project’s growth strategy. The blockchain project is rapidly building towards the deployment of the Rust mainnet node. Parris also revealed that they recently submitted Milestone One of the project’s grant that it received from the Web3 Foundation. The milestone will allow Saito.IO and Saito Arcade to host all the cryptocurrencies that exist within the Polkadot ecosystem.
What this all means for SAITO coin
The CEO revealed that the network is already handling roughly 35,000 transactions per day, which is good news because it indicates strong growth and a good trajectory for the network. Judging by the CEO’s answers, the network has solid developments in the pipeline and clear goals. It looks like the AMA session was enough to encourage a substantial uptick in SAITO buying volume, judging by its price actions a few hours after the AMA.
SAITO currently ranks 745th on Coinmarketcap with a market cap of $11.9 million. Its current circulating supply is 3 billion tokens and has a total supply of 10 billion. The low market cap means it will likely experience robust growth if it breaks into the mainstream. This means it has to gain more popularity in order to attract more investment. If its market cap were to grow to $1 billion, its price would soar to around $0.3, which means it would jump more than 2,600%. It is clearly one of the newer blockchain projects with a lot of potential.