Saito has planned to hold an Initial Decentralized Offering (IDO) on DeFi project accelerator, Polkastarter on April 22nd.
The project had opened its whitelist on April 8th at 15:00 UTC until April 14th at 15:00 UTC.
The IDO’s target would be $400,000 equivalent in ETH. Price of a single token will be $0.004. There’ll be a 100% lock-up of tokens while listing and minimum transaction amount is set at $250 equivalent in ETH.
Selection for the candidates eligible in the IDO will be from four groups:
- Early Saito Network users (40 places)
- Saito Easter Egg Hunt Quiz winners and lucky entrants (60 places)
- Saito community champions and lottery and contest winners (700 places)
- POLS holders (800 places, minimum holding: 3,000 POLS)
To join the offering, participants have to join the @SaitoIO telegram group and use the application bot. The process consists of retweeting Saito and providing contact details of the participant.
Saito is a layer-one blockchain noteworthy for claiming to be better and more secure than Bitcoin. The blockchain provides monetary returns not only to miners and stakers but also the nodes offering data-services to users in the network.
Saito recognizes two threats in the current blockchain model: blockchain bloat and free-rider problem. Both of these problems push up the cost of using the network and with future scaling, they could get taxing for the users.
Saito ensures that producing blocks always remains expensive. This negates the ‘51% percent attack’ since attackers have to pay out-of-pocket resulting in substantial loss of money. Another strategy the product uses is transaction rebroadcasting. This forces old transactions to compete with new ones for space in blockchain.