5. Other Blockchains
While there is a number of decentralized exchanges on Ethereum blockchain, other blockchains with smart contract technology are currently lacking in this department. This leads to a chicken-and-egg problem, where lack of tokens does not motivate people to develop decentralized exchanges, and lack of decentralized exchanges does not motivate people to create tokens for these platforms. As such, while Ethereum token economy is flourishing, Ethereum Classic and Qtum, the two biggest contenders, currently have very small amount of tokens running on them.
The code for Radex, Saturn DAO and Saturn Protocol can be executed on any EVM compatible blockchain. Examples include:
- Ethereum Classic
- IBM HyperLedger
- Rootstock, a sidechain smart-contract protocol for bitcoin-like blockchains, such as:
All the products mentioned on this page will be primarily targeted at Ethereum blockchain. However, we will develop them with blockchain portability in mind. With minimal modifications, we will replicate Radex, Saturn Protocol and Saturn DAO on Ethereum Classic, Callisto and Qtum blockchains. Other blockchains will be considered if there is demand from our community. Each of these blockchains will get its own SATURN token to govern its own order books and its own DAO.
SATURN tokens on other blockchains will be distributed via a launch sale, an airdrop formula, a HODL dApp and a decentralized loyalty program. This approach allows us to showcase Saturn Network’s technology and capabilities of developing across multiple blockchains, while bringing tools and infrastructure that will promote development growth on the chosen chain:
Saturn Wallet - Providing a blockchain browser allows developers and users an easy way to interact with dApps. For example, on Ethereum Classic, we have seen the development of new ETC dApps that would not have been possible without Saturn Wallet.
HODL dApp - Launching our HODL dApp onto a new chain before our protocol’s initial deployment, is a way to show that our technology can be deployed onto different blockchains. It also gives users an immediate dApp they can interact with and shows the new blockchains capabilities to potential developers. We feel this is an important step, as not every chain will be as established as the next therefore we can immediately demonstrate the possibilities.
Radex - A decentralized exchange is not only a necessary component for a thriving trading token marketplace to exist, it can even be the deciding factor when businesses and developers chose which chain to work on as they know their users will want to trade their tokens even if their project is not centered around crypto trading.
5.1 Algorithm For New Chain's Token Distribution
Protocol Launch Sale: Initially, 15% of the new token’s allocation will be sold in a launch sale. For example, please see our protocol launch sale for SATURN Classic.
Airdrop ICO Investors: Our ICO participants will be airdropped the new token on a 1 to 1 basis. For example, for Ethereum Classic, you buy 1000 SATURN on ICO then you will receive 1000 SATURN Classic.
Decentralized Loyalty Program: Once ICO participants have been airdropped, the remaining tokens from this allocation will be distributed via Radex’s decentralized loyalty program, which is an incentive to use the newly deployed protocol.
Airdrop Strategic Investors: Our strategic investors are also eligible to be airdropped the new token on a 1 to 1 basis, as long as you participate before the ETH chain snapshot date.
HODL dApp: Once our strategic investors have been airdropped, the remaining tokens from this allocation will be distributed via a HODL dApp on the new chain.
The snapshot of the ETH chain, used for our airdrop formula every time we scale onto new blockchains, will take place on October 1st, 2018, 00:01 UTC.
5.2 Saturn Wallet
Saturn Wallet is an important product we have developed to ensure our vision can continue to expand, enter new worlds and have no difficulties when deploying onto new chains. In its current form, it is a fully functional cryptocurrency wallet that supports Ethereum & Ethereum Classic, it allows users to interact with dApps across both blockchains. For example, on Radex, users can use Saturn Wallet to trade on an ETH orderbook and then in one click swap networks and continue trading on an ETC orderbook.
When we choose to expand into a new blockchain, it is important that Saturn Network is not blocked or handicapped by a lack of infrastructure or tools in the chosen chain. As ultimately our goal is to create an ecosystem of cross chain decentralized trading, we need to ensure users will always have a way to interact with each blockchain we support.
When Radex was deployed onto ETC, no web3 blockchain browser was currently working for ETC this meant without Saturn Wallet users would not have been able to use Radex. Saturn Wallet provides us with a way to ensure we are not relying on third-party solutions for users to interact and make use of our technology.
Saturn Wallet is an independent fork of MetaMask, which means users can migrate over their existing MetaMask or ClassicMask account. Currently, our extension is supported on Chrome, Chromium, and Vivaldi. In the future, we will work towards supporting the following browsers:
Alternatively, we may choose to release a standalone client, as this removes the overhead of continually updating multiple extensions. In terms of future features, we see the following features as big milestones we are working towards:
Full Custom Token Support - Saturn Wallet is primarily being developed to support Radex traders, this means that you can add custom token contracts and check your token’s balance. We would like to enable full custom token support by adding the ability to also send custom tokens.
Further Radex Integration - With Radex API server will come the ability to display the current price of Radex listed tokens inside the wallet & allow instant trading from inside the wallet.
dApp List - We would like to encourage developers to create new and interesting dApps on the blockchains we support, this can be achieved by including a curated list of dApps inside our wallet that our users can easily access.
Friends List - We always want to encourage ways to make life and adoption of crypto easier, if you are regularly sending transactions to the same wallet address then we believe it would be beneficial for our users to be able to save that wallet address for future transactions.
Portable Transaction History - Transaction history is currently stored locally, which means it is lost if you reinstall or move to another device. You can always check a blockexplorer manually, but it would be a better user experience if Saturn Wallet did this for you.
5.3 Cross-blockchain trading
The holy grail of decentralized cryptocurrency trading is a system that allows for trustless exchange of value between multiple blockchains. In practical terms, this is still largely an unsolved problem due to the exorbitant fees of submitting multiple heavy on-chain transactions and a complicated user experiences.
A number of technologies currently compete for enabling decentralized cross-blockchain exchanges, such as atomic swaps and sidechains with 2-way pegs. Since this is an active area of research for cryptocurrency scholars worldwide we are not going to commit to choosing one methodology over another today in this ever changing environment. As technology matures and creating a consumer product out of it becomes feasible, we will pick the best option and create a decentralized order book for cross chain trading.
What we can say with certainty today is that trading tokens on one blockchain will always be cheaper and easier than trading tokens across multiple blockchains. As such, having decentralized liquidity pools available on each participating blockchain will be of tremendous help for building the ultimate cross-chain solution.
Our requirements for picking the technology to power our cross-blockchain trading system is that it should be possible to create a DAO that allows network participants to govern the rules of this trading system. We envision two following architectures that we are going to pursue: the hub and spoke architecture and the mesh architecture.
5.3.1 Hub and Spoke
The primary token economy that Saturn Protocol seeks to add liquidity to is Ethereum. This is also the platform on which SATURN token will be distributed during ICO.
Unsold SATURN tokens will be distributed via exchange mining in the form of our decentralized loyalty program on Radex.
Every blockchain capable of running smart contracts and that has a token economy worth pursuing will have its own SATURN DAO, with its own token governing its own order books.
SATURN tokens on other blockchains will be airdropped to ICO participants and eligible Strategic Investors, using our airdrop formula.
When blockchain technology matures we will connect token markets on each individual blockchain into a cross-chain market that will be governed by a DAO of its own.
- Ethereum Virtual Machine, the low-level assembly language of smart contract blockchain.