Seele — Brining the blockchain 4.0 revolution
The blockchain is a powerful technology that gained a lot of traction when it was first utilized in the original Bitcoin project. After several years of its arrival, various improved versions of blockchain implementations appeared in the market, intending to work on the shortcomings faced in the original bitcoin protocol.
Ethereum launched soon after bitcoin which introduced many new ideas such as smart contracts, which are programmed self-executing scripts residing on blockchain and are executed once the condition is met. As innovative as it looked at that time, it was theorized to have nothing-at-stake (NaS) attack vulnerability in its upcoming PoS algorithm.
Just like that, many other projects appeared in blockchain space promising to bring something new but they had a lot of problems, i.e. security, efficiency, etc. and were lacking the power to be adopted at a large scale. Seele is a blockchain platform that promises to solve all of that!
Seele, which means soul in German language, is a blockchain platform promoting the Internet of value technology. It officially launched the Main Net on 3/31/2019.
To work on the issues of the previous blockchain platforms, the project aims to provide easier communication between different blockchains, improve the level of security through a new consensus algorithm, and fulfill requirements of various businesses and help developers to contribute to the project.
Seele at its core would allow a high level of customization and interoperability. The Seele token is used to reward the miners and pay the transaction fees. The Seele introduced four main components that are important for the operation of the Seele blockchain.
1) Neural Consensus Algorithm
The neural consensus algorithm is inspired by the biological working of a human brain. Previous versions of blockchain required every node to generate a block while in this case, Seele is trying to build a new consensus algorithm where random nodes are obtained through which a final node is selected to produce a block.
2) Heterogeneous Forest Network
Almost every version of the previous blockchain projects was incapable to handle the needs of multiple businesses or services but Seele devised a method that could make that happen.
They call it “Heterogeneous Forest Network”. This network has a global meta chain that is further divided into subnets that can handle the requirements of various services and at the same time can interact with each other.
3) Value Transport Protocol (VTP)
The exchange of information is very important in every ecosystem. Take the example of Bitcoin or even Ethereum where Blockchain can exchange data within itself but are unable to do it with the other blockchain platforms. They lack interoperability which can hinder its ability to expand or scale on a much larger scale.
Seele, on the other hand, does not have that problem because of two distinct technologies — VTP (Value Transport Protocol) and VHTTP. These protocols combined allow Seele to perform the following things — the naming of each asset in a systematic manner, discovery and addressing of assets, as well as promote exchanges on and off-chain.
4) Quick Value Internet Connection (QVIC)
Seele has made an advancement in the network to further improve speed across the network and reduce latency faced in previous blockchain projects by introducing Quick Value Internet Connection (QVIC).
This allows the decentralized system to have more packet loss tolerance and enhanced speed.
Maolin Zheng, Dr. Nick Smith, and Wei Bi are the core team members behind the Seele project. They have experience in technical and software fields.
Seele promises to work on Scalability, efficiency, interoperability and a few other problems faced in the blockchain systems of today. They are offering a new, better and effective way to use a decentralized eco-system.
If we look at the market cap it is at USD 33,955,578. The circulating supply is 695,055,692 SEELE while the Total Supply is 1 Billion SEELE.
It’s all-time high price reached USD 0.469941 on Jun 03, 2018. This project is fairly new and has a long way to go if it really wants to surpass the success of its predecessors.