We currently have two separate tokens that are live, one on Ethereum and one on Ethereum Classic, and as outlined in our whitepaper there will be many more to come. Lately one of the common questions I see being asked in our community:
Why do you have two tokens? What is the purpose of Saturn Classic?
I felt it was important to address this question directly, as I believe it helps our community understand how we see Saturn Network growing in the future. Once you understand the purpose of Saturn Classic, then you can easily see our vision of creating decentralized token marketplaces across every blockchain.
Why the need for being cross-chain?
Putting aside the grins and excitement we feel of diving into uncharted waters, creating technology that no one else has done before - the need for being cross chain is a simple business decision. For decentralized exchanges to become the standard way to trade cryptocurrency, they need to see a wider adoption and for this to happen they can not be limited to just one blockchain. Essentially current DEXs are backing themselves into a corner, no matter how great & safe their technology is: if your users can only trade tokens that exist on one blockchain then your exchange trading volume is always going to be to a certain extent limited.
And even if we feel centralized platforms and decentralized platforms are serving different purposes in the industry, users will always compare your exchanges trading volume to the big players like Binance or Kraken before judging its success. Also, innovation and change can happen very quickly in the world of blockchain, yes it is true that today Ethereum is home to most crypto projects, and as a result has the biggest token trading marketplace. But can we take the risk of assuming this will always be the case? Of course not.
We do not want to limit ourselves to one chain and be stuck in one lane, therefore we are building our technology in a way that allows it to be cross-chain: our exchange will be deployed on ETH & ETC and Saturn Wallet supports both networks. And when we launch Saturn Protocol, which will enable one transaction trading, it will also be deployed on ETH & ETC.
What is the point of Saturn Classic?
If you read our philosophy, you will see that we have made a commitment to be completely decentralized and at the same time ensure there is no imbalance of power on our platform. Therefore, at the heart of our project, you will find Saturn DAO that will govern our exchange protocol: token holders will have voting power to make decisions and will also be able to control & receive dividends.
Now I hear what you are thinking: you could simply develop your technology to be cross-chain with one SATURN token on Ethereum to govern the protocol across every chain. Granted this may make our project easier to understand, however, for this sort of implementation to work we would no longer be operating 100% on-chain and as result would no longer be completely decentralized.
So to answer the question literally, Saturn Classic tokens are to be used to govern changes to our protocol solely on Ethereum Classic - and Saturn Classic token holders would receive dividends only from trades happening on ETC.
If a blockchain supports smart contracts, rest assured that you will see Saturn Protocol launched on it, with its own Saturn Token to govern the exchange and the DAO. Think Saturn TRON, Saturn EOS, Saturn Cardano and many more!
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