Richard Parris: Paradigm Shift in Blockchain Consensus Design

2 mins read

Saito is a project, not a company.

Saito is a paradigm shift in blockchain consensus design.

Saito is a layer-one blockchain that solves centralizing incentives found in Proof of Work and Proof of Stake by paying nodes in the P2P network, creating a new economic model for the blockchain.

Tell us about yourself?

I studied mathematics and philosophy at university. That drew me to a career in tech. When bitcoin came along I was massively interested as it seemed to so perfectly embody my interests.

After being involved in the bitcoin and blockchain scene from 2013 we finally sold the startup I had been part of since 2008 and had an opportunity to work more directly in the industry.

During that time I had been helping my friend and now co-founder David Lancashire with design questions for what became Saito.

When he suggested we take on making it real – I jumped at the opportunity.

If you could go back in time a year or two, what piece of advice would you give yourself?

Attend more to team and community building. It was a bear market and these issues were difficult. We built a very solid base during the winter, but could have done more.

What problem does your business solve?

Proof of Work and Proof of Stake blockchains (Bitcoin and Ethereum) struggle to perform as large data networks because they include not payments for the infrastructure needed to support this.

Saito changes the game by combining the challenges of paying for a substantial network and securing that network. (PoW and PoS pay only for security).

This makes Saito the first massively scalable blockchain economy.

What is the inspiration behind your business?

The ‘block size debates’ that caused the bitcoin forks (into BTC, BCH and BSV). We knew a lot of good folks on every side of these debates

What is your magic sauce?

Cryptographic Signatures on the routing layer. That is, nodes in the blockchain network signing the destination they are sending transactions to. This gives Saito the means to measure who contributed what to block creations and enables fair payouts.

No other blockchain has this.

What is the plan for the next 5 years? What do you want to achieve?

Saito is secured by transaction volume, building volume on the network is our number one goal. This involves partnering with other projects and supporting developers to build on Saito. It ia a bootstrapping problem on a massive scale.

What is the biggest challenge you’ve faced so far?

Bringing a fundamental blockchain project into a “Defi World” has been a huge challenge. We have to manage expectations and explain what folks are looking at as the first step when they discover Saito, before we can present it’s benefits.

How do people get involved/buy into your vision?

Fundamentals. Once we cut through the immediate ‘what’s in it for me’ and ‘what are you shilling’ barriers, people who take the time to understand what Saito is, and how it works, become die hard supporters. Our community is amazing and is the engine room of the project.

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