Saturn Network is creating the essential tools and opening the doors for new and existing businesses to join the decentralized ecosystem and continue to grow, reach multiple blockchains and a wider audience.
Blockchain technology and smart contracts were fabled as a new era of innovation and entrepreneurship, one where businesses could spring free from the grips of middlemen. Yet in reality all we have seen is new information monopolies that stifle innovation for lining their own pockets.
You don't need to go far to find examples of such monopolies. Centralized cryptocurrency exchanges, such as Coinbase and Binance, have all but usurped the whole market. For most users, these two names are synonymous with crypto. The two main contributing factors to that are:
- Exchanges act as the entry point for new consumers. New users are essentially forced to use one of those exchanges to get started.
- Convenience. As it stands, different blockchains instead of collaborating with each other are essentially in a state of war. Finding a convenient wallet that supports multiple cryptocurrencies is a tall order, and most people use the exchanges as a multi-blockchain wallet.
Yet the cryptocurrency ecosystem cannot grow if most of the funds are simply locked up on exchanges. Crypto is meant to be used in dApps. You are all familiar with the first dApp that has made blockchain popular - the currency dApp. Blockchain tokens are the most convenient and secure form of internet money. However, the growth of the cryptocurrency market is predicated on more dApps becoming widespread and useful, such a distributed storage, uncensorable social media, distributed computing, prediction markets and other dApps, including those that have not been invented yet.
These dApps typically come with a caveat. If lots of people are using them, they are incredibly useful, cheap to operate, transparent and secure. But if there aren't enough users on the platform the dApp is virtually useless.
Instead of fighting over which blockchain is better (while you hold your tokens on Binance), we should all join forces and work towards bringing dApps to the next billion people. And this is what our mission is about - to educate new users and to provide the best tools for all blockchains.
Let's go over Saturn's toolkit, which we will replicate on every blockchain we support:
- Decentralized exchange - Not only does a one-transaction DEX help a chain attract more users, it also gives a piece of mind to developers that they will always be able to self-list a token without paying extraordinary listing fees.
- dApp browser - Saturn Wallet ensures that no matter which blockchain Saturn Protocol is deployed on, traders will be able to access it. It is also a convenient and secure multi-chain wallet that is free to use and allows businesses to pick the right chain for their project without having to worry about providing access to their users.
- dApp list - Providing an integrated dApps list inside the wallet allows users to discover new projects. This allows developers to safely focus on developing a prototype without having to make substantial marketing expenses before they are ready to scale, which will greatly stimulate innovation.
- Decentralized loyalty program - The upcoming exchange mining Saturn token distribution will vastly improve trading activity and volume across all chains. Not only will this attract more traders to our decentralized exchange, but it will also help developers and businesses grow as it is no secret that tokens that see higher trade volume are generally favored and are used more.
- Learning center - In addition to posting high-quality learning info and in-depth project reviews on this blog, we also have a forum where our community can publish guides, announce their projects, find a team or simply ask a question. In the future we will integrate tipping into the forum, turning it into a token curated registry of cryptocurrency learning materials and let experts monetize their knowledge.
Shared infrastructure ownership
As you all know, a software product is never complete. Facebook famously says that no matter how far they've come as a company, they are always 1% done. Thus, it is impossible to develop a set of tools once and call it a day. As the blockchain ecosystem improves and new platforms and techniques emerge, the tools need to adapt to take advantage of the new opportunities.
Any continuous effort requires funding. Our solution to funding the team to keep working on the best free tools for the community revolves around the DAO for our decentralized exchange.
Saturn DAO tokens will govern the rules of the decentralized exchanges, and will represent shared ownership of fundamental financial infrastructure of the new economy. Owners of SATURN tokens will be eligible to receive dividends from collected trading fees, and will be able to vote to modify the fee structure and upgrade the protocol itself. The dividends will be paid out in both native cryptocurrencies of the blockchains (such as ETH, ETC, BTC, etc.) as well as the tokens that are being traded on the exchange. To put it simply, investing in SATURN tokens is investing in a flourishing dApp ecosystem.
Our goal from day one has been to become cross chain. In our eyes, this is the only way for decentralized exchanges to truly succeed, to see wider adoption and regular use. As it stands, even the most popular DEXs are limited to Ethereum, which results in them being a very niche product because they will never achieve the trade volumes that you see in centralized exchanges like Binance.
This is where the toolkit we outlined earlier really comes into play. As we scale onto new blockchains, we enable developers and businesses to enter the chosen chain with us and attract new users to their platforms. Most importantly, the whole toolkit is free to use even if you do not have any SATURN tokens.
As a result, on every platform we support, we are creating the environment needed for a healthy decentralized ecosystem.