en.cryptonomist.ch
In the world of crypto, where new projects continuously emerge to meet the needs of scalability, interoperability, and automation, Saga (SAGA) stands out for its unique mission.
The project focuses on a new form of blockchain architecture called Chainlet, designed to enable decentralized applications to have dedicated, scalable, and interoperable chains.
In this article, we will explore everything there is to know about Saga, from the main features to the platforms on which it is listed, its market trend, and the team that has led its creation.
Summary
What is crypto Saga (SAGA) and how does it work?
Saga is a Layer-1 blockchain protocol, launched to offer scalability and automation to developers of decentralized applications (dApp). Instead of operating as a single generalized chain, Saga allows developers to create dedicated chains called “Chainlet”. Each Chainlet can be configured to run specific applications, offering a scalable and customizable infrastructure for different needs. This approach reduces the load on the main network and provides a tailored solution for sectors that require high transaction capacity, such as gaming and entertainment.
The protocol offers infinite horizontal scalability, a goal it achieves through the parallel creation of these Chainlets, each of which maintains the same security model and a set of validators shared with the Saga mainnet. This structure makes Saga particularly suitable for applications that need to handle large amounts of traffic without compromising speed and efficiency.
Main characteristics of the crypto Saga
Saga is designed to be a comprehensive and versatile solution for developers who wish to create decentralized applications on dedicated chains. Here are the main features that make Saga an interesting and innovative project:
- Infinite horizontal scalability: unlike traditional blockchains, which tend to become congested with the increase in the number of users, each Chainlet created on Saga is a parallel instance, validated by a shared set of validators. This allows the Chainlet to scale according to the application’s needs, ensuring high and consistent performance.
- Predictable transaction costs: developers can choose the payment model for users, which includes options such as stablecoin, native tokens, fiat, or tokens from other ecosystems. Transaction fees are determined through a daily reverse auction mechanism among validators, which promotes competitive and predictable prices for users.
- Automation of chain creation: with Saga, the creation of a Chainlet can be managed with a simple click thanks to Saga’s web application. This makes the protocol accessible even to less experienced developers, facilitating onboarding and accelerating the development process of applications on blockchain.
- Interoperability and fast bridges: Saga has been designed to be interoperable with other blockchain ecosystems, allowing the transfer of assets between Chainlet and other networks in a secure and fast manner. Thanks to asynchronous composability, applications on Saga can interact seamlessly with other chains.
The role of SAGA in the ecosystem
The SAGA token is the native crypto of the protocol and plays several roles within the ecosystem. SAGA is used to pay for transactions on the Chainlet, participate in network governance, and purchase services and tools offered by developers. This tokenomics model not only increases the utility of the token but also stimulates an active community of developers and users interested in improving the Saga ecosystem.
On November 7, 2024, the price of Saga (SAGA) was approximately $1.93, with a market capitalization of $200.61 million and a trading volume in the last 24 hours of $53.65 million. This reflects an increase of 4.21% in the last 24 hours, indicating a growing interest in the crypto. The circulating supply of SAGA is currently 105.28 million tokens.
This positive trend can be attributed to the interest in scalability and interoperability solutions offered by the protocol. However, like all emerging cryptos, the price of SAGA can be subject to volatility, influenced by market trends and the progress of the platform’s development.
Saga is available on several centralized crypto exchange platforms (CEX), including some of the most well-known:
- Binance: offers a trading pair SAGA/USDT, and is one of the exchanges with the highest trading volume for this crypto.
- Gate.io: another important platform, which provides the SAGA/USDT pair for trading.
- XT.COM: XT.COM also allows trading of SAGA paired with USDT, making the crypto accessible to a wider user base.
Being listed on popular platforms like Binance guarantees Saga greater visibility and broader liquidity, crucial factors for the growth and adoption of the crypto.
The team behind Saga
The Saga project was launched on April 9, 2024, and has a team of leaders experienced in various sectors:
- Rebecca Liao (CEO): entrepreneur with experience in crypto and artificial intelligence startups, with a background also in political consulting.
- Jin Kwon (CSO): contributor to the Cosmos ecosystem, expert in engineering, marketing, and finance.
- Jacob Mcdorman (CTO): researcher and entrepreneur with over a decade of experience in startups and technology consulting.
- Bogdan Alexandrescu (VP of Engineering): former leader at Apple Inc., specialized in distributed computing, machine learning, and AI.
The team built Saga with the goal of creating a unique Layer-1 platform, which allows horizontal scalability through the launch of parallel Layer-1 chains.
Saga aims to revolutionize the blockchain sector by making scalability a resource accessible to everyone. Unlike blockchains that focus solely on transaction speed or costs, Saga adopts an approach that directly addresses the needs of decentralized application developers.
With its focus on specific sectors such as gaming and entertainment, the project aims to become a key infrastructure for web3 applications and for the multiverse, promoting the expansion of the so-called “Saga Multiverse”.
Final Considerations
Saga represents an interesting solution for developers looking to leverage blockchain technology in a scalable and customized way. With its Chainlet architecture, the Saga protocol is designed to be flexible and adaptable, ensuring high performance even for applications with intensive traffic demands.
The Saga ecosystem is based on the crypto SAGA, which serves both as a means of exchange and as a tool for participating in the governance and sustainability of the network.
For those interested in the future of modular blockchains and the scalability of decentralized applications, Saga could represent an opportunity to consider, while keeping in mind the volatility and risks associated with investments in crypto. With its innovative approach, Saga seems destined to play an important role in the development of web3.