PraSaga™️ Foundation SagaChain™️ Frequently Asked Questions (FAQ)

What is the SagaChain?

SagaChain is a new design for a blockchain from the “ground up”. It incorporates components of the following concepts: proof-of-work, proof-of-stake, parallel chain/sharding, byzantine fault tolerance, verifiable random functions, staking, open permissionless design, open source code.

Its design goal is to enable secure low latency, high throughput transaction rates, scalable with increased resource availability.

SagaChain is designed to be a general purpose blockchain enabling a cryptocurrency and both simple and complex business relationships, with global scale.

What SagaChain is not?

SagaChain is not a smart contract implemented on top of any other blockchain technology in existence. SagaChain is not designed for a specific vertical use-case, but is designed as a “horizontal technology” suitable for a virtually unlimited number of applications worldwide.

What type of coin is SagaCoin?

SagaChain uses the SagaCoin™️ ($PSC) as its “native” coin. $PSC is a mined coin that functions similarly to the Ethereum coin. That is, transactions consume $PSC similarly to Ethereum “GAS”. New $PSC is created as incentive rewards for block production by miners similar to both Ethereum and Bitcoin. $PSC monetary policy is a unique new approach to coin supply management (i.e. tokenomics) to improve the stability of $PSC based on economic activity as opposed to static algorithmic minting (e.g. Ethereum and Bitcoin), or tethering (e.g. Tether), enabled by SagaChain and SagaOS.

How is $PSC different from a token smart contract (e.g. ERC20/223)?

$PSC is the native coin operating SagaChain. It is not a token in a smart contract such as an Ethereum ERC 20 contract or similar. SagaChain can support the concept of a token smart contract. However, given the technology advances that SagaChain provides it is believed that the token smart contract as it is currently implemented will become obsolete.

What is the Extensible Blockchain Object Model?

PraSaga Patent US-11726810-B2 “Systemic Extensible Blockchain Object Model” (SagaOS™️) uses a “first-class” object model to instantiate classes on SagaChain, loading the code for the classes. The SagaOS then enables inheritance of the code by subclasses and instantiation of object instances of the classes. Since SagaOS explicitly uses code already loaded on SagaChain, the opportunity for individual coding errors is significantly reduced, increasing the reliability of business logic almost exponentially. SagaOS objects are stored explicitly in each user’s account state.

How is SagaOS different than the Smart Contract concept?

SagaOS is different from Smart Contract concept. SagaOS enables direct support for an object-oriented model where the objects are instances of classes containing code that was previously instantiated on SagaChain. This means that creating a new SagaOS object does not require loading any code by the user. Since SagaOS is object-centric as opposed to account-centric, a transaction sent to an object executes the code for the class of that object, regardless of which account state the object is resident in.

What language are SagaOS objects written in?

SagaOS uses a language agnostic message-passing paradigm. It is possible to mix programming languages even within the inheritance hierarchy of a single class. However, PraSaga will implement an SagaOS language that is based loosely on python, and will support just-in-time compiling for local node execution performance.

What are some of the advantages of SagaOS over the Smart Contract model?

This is an evolutionary change in the concept of blockchain code execution and the concept of the blockchain as a world computer. As examples: the SagaOS concept leads directly to “title of ownership” support for each account; automated KYC enforcement accounting for the various jurisdictions involved; and non-custodial decentralized market places.

Further, SagaOS enables a new concept, SagaOS Programmable Smart Asset (SagaPSA™️). SagaPSA can represent a digital security, title of ownership of a physical asset, or any other “static data” element. SagaPSA can also implement a buyer and seller relationship of other SagaPSA objects, priced in $PSC. Further SagaPSA can inherit code to automate enforcement of KYC/AML regulations and other jurisdictional requirements without any direct actions by a buyer or seller.

SagaPSA concept enables multiple new decentralized and distributed architectures such as a non-custodial decentralized multisided marketplace, where KYC/AML rules are enforced automatically, by SagaPSA objects independent of the marketplace. This transfer the liability of enforcement from the decentralized marketplace to the individual accounts.

What are some of the uses for the SagaChain?

Although SagaChain is envisioned as a general purpose blockchain, a “horizontal” infrastructure technology, we believe that its first use-cases are Internet-of-Things applications and “Fintech” applications. In both cases, the ability to create and track complex business relationships and business logic in an open, but secure manner are fundamental requirements. SagaChain with SagaOS provides the underlying technology, while $PSC provides the means for innovative monetization strategies. We believe that this combination will enable new applications and unleash entirely new market segments.

What is the Monetary Policy of the $PSC?

$PSC monetary policy uses an economy driven approach to managing the supply of coins. To accomplish this, the monetary policy algorithm includes the ability to mint new coins via block production to increase the coin supply, as well as to implicitly burn coins as part of the mining node staking bonus scheme. The monetary policy algorithm adjusts these two values to increase or decrease the coin supply over time.

The monetary policy algorithm determines a current coin supply goal and a rate of change of the coin supply to move towards that goal based on economic parameters derived from the use of the SagaChain. This approach takes into account the velocity of $PSC, and its internal current rate of inflation/deflation. The monetary policy algorithm acts to reduce price volatility increasing the usability of $PSC as a digital payment coin.

What are some of the technical issues SagaChain is intended to address?

The SagaChain tackles the blockchain trilemma problems as well as Dapp problems from a different viewpoint from the smart contract account model and from the UTXO script model. We believe this is an approach that has not been tried yet. We are also coming at the cryptocurrency question from a different viewpoint, which is also an approach that has not been tried yet. The problems we are trying to address are listed as follows:

· a transaction latency that is suitable for most forms of commerce including retail Point of Sale;

· transaction capacity that scales up with the amount of new resources added (i.e. new miner nodes);

· maintaining security with scale;

· maintaining security with latency;

· implemented as an open permissionless blockchain;

· robustness in the presence of network partitions;

· support for direct code reuse, previously loaded on the blockchain;

· flexible monetary policy approach;

· decentralization of all aspects of management of the blockchain;

· solutions for the “train and hotel” problem of application layer arbitrary synchronization;

· support for multiple signature schemes and new ones as they are invented;

· independence of implementation (no single official code base required);

· means for enforcing external rules such as KYC;

· and (optionally) transparent multi-language support.