Saito is a layer-one blockchain. The network is noteworthy for being more secure than Bitcoin while making payments not just to miners and stakers but also the nodes in the network that offer data-services to users in the network. #

Two market failures affect every non-Saito blockchain: a tragedy of the commons problem that encourages blockchain bloat and a free-rider problem that pushes up the cost of using the network. These problems get worse and worse as networks scale and costs rise. To have a truly-scalable public blockchain, we need to fix these problems. #

What was interesting about Satoshi's invention of Bitcoin was that it was open and self-sufficient. This open and self-funding network eliminated trusted third parties, enabling a competitive system that anybody could participate in.

Openness is a property usually confused with decentralization. Decentralization is simply a description of network topology. By contrast, a network is open when anyone can join, and no one can determine who can and cannot participate. A network being decentralized does not necessarily mean it is open. Without openness, the topology of the network is meaningless, and the real innovation of Satoshi's solution is lost. #

The reason Bitcoin had the 3 forks (BTC, BCH, BSV) is because the stakeholders of the system (users, businesses and miners) were not properly incentivized. So while Bitcoin did solve a complex collective action problem, it didn’t balance the incentives properly, and the system is ripping itself apart. Solving this isn’t easy; every blockchain has this problem. #