Saito raises 2 million USD in seed round
Key institutional investors excited to back new blockchain capable of processing terabytes of data every day
Note: this is a cross-post from our announcement on Medium.
Saito is a generational shift in blockchain technology. At its heart is a simple yet elegant solution that fixes the economic problems in all proof-of-work and proof-of-stake class networks. This makes Saito unlike any blockchain that exists to date. For most of our development, Saito has been distinct from other projects in having working code, an operating network and a genuinely revolutionary approach to scaling.
In the Saito network, the nodes which move the most data into the blockchain are the most profitable. Saito’s key innovations — transient blockchain, proof-of-transactions (PoT), cascading-signed fees, and golden ticket — provide a way to accomplish this securely while preserving the openness of the network. The result is a mass-data blockchain that can run bandwidth-intensive applications, ranging from social networks and gaming to payment channels and more, all without the complex architecture of a virtual-machine layer.
We are pleased to announce that we have now closed a 2 million USD raise, and proud that the participants in our seed round — a closed offering and not an ICO — also constitute a shortlist of the most sophisticated blockchain investors in Asia, including INBlockchain, Neo Global Capital, Fengshui Capital, Fission Capital, BCH Angel Fund, among others.
“Saito’s innovative design addresses key challenges faced by other blockchains, and opens up the possibility of decentralized applications and value transfer at scale. We’re excited to support the team and community as they develop this new network.”
— Li Xiaolai, Founder, INBlockchain
We’re extremely thankful to all our investors, community members and followers for their help and enthusiasm. With this seed funding we will be able to develop Saito further and faster, build out the project’s core team and supporting roles, deepen our engagement with the community, and ensure we deliver on the promise of Saito’s ideas and fundamentals.
“NEO Global Capital is defined in part by the success of the projects we work alongside and, as a result, we are very particular about the caliber of projects we work with. Saito has a remarkable team that has inspired us with its determination to bring much-needed scalability solutions to the market. The impact of truly sophisticated and elegant scaling mechanisms will be a game changer for the blockchain industry, and we look forward to ultimately helping Saito make that possible.”
— Roger Lim, Founding Partner, NEO Global Capital
We’re currently working on a refactor of the core code as we move towards making the Saito TESTNET fully operational. Join our Telegram group for future announcements on this — a place for all and any discussions about the project, and where our team is always on hand to answer your questions.
“We value passionate teams that can get things done, disruptive technologies that push the industry forward, and most importantly, solutions to actual existing problems, and the team at Saito has clearly demonstrated all of these values. We’re excited, proud and honoured to be alongside Saito on this journey.”
— Fengshui Capital
Developers can check out our dedicated channel here.
We’re also hiring so please do reach out to us via info@saito.tech if interested (especially if you’re a network engineer looking to join the project of a lifetime as we move on to the next phase).
We’re excited to build a blockchain that achieves a previously unimaginable level of mass scaling — all while maintaining openness and security.
We hope you are too.
“Fission Capital believes in pushing boundaries, elegant design and simple solutions. Saito’s revolutionary blockchain provides a solution to scale and power to create a better protocol for the future. We have a vision of the future and Saito makes this vision exciting.”
— Fission Capital
