Seele: The Value Network Of Blockchain 4.0

The 4th generation of blockchain is with us now and it promises to bring us closer to mass adoption of Blockchain technology and its distruptive applications than ever before. But before I go into that, let me quickly expansiate on three evolutionary phases of Blockchain technology that has been in existence since 2008.

The first generation of Blockchain was designed by Satoshi Nakamoto and resulted in the first ever cryptocurrency Bitcoin.The unique of first-generation Blockchains is that they use Proof of Work (PoW) algorithm to validate transactions and produce new blocks to the chain. With PoW, miners compete against each other to complete transactions on the network and get rewarded. Bitcoin pioneer this genereation and a many others like Litcoin, Dogecoin and others.

The second generation was led by Ethereum and introduced smart contracts and made possible the easy tokenization of assets. It became hugely popular with developers and a platform of choice for the vast majority of ICOs. Other projects in that category are NEO and WAVES.

The third generation are less accessible blockchain 3.0 comprises of EOS, Cosmos, and DFINITY. 

This classification represents the different generation of the Blockchain technology. But it does not end there. There is now a fourth generation of Blockchain that is working to take the centre stage which many crypto enthusiasts and developers are yet to hear or know about.

Seele is powered by an up-scalable Neural Consensus protocol for high throughput concurrency among large scale heterogeneous nodes and is able to form a unique heterogeneous forest multi-chain ecosystem.

The major challenges Seele is working on are scalability- inability to run multiple transactions per seconds, the inability of Blockchain technology to support diverse businesses and the inability to exchange information and share assets across different Blockchain networks like Bitcoin sharing information with Ethereum Blockchain which is not possible with previous Blockchain generations.

As pioneers and practitioners of the next generation of Blockchain, Seele working together with partners to create value system and ecosystem by combining heterogeneous forests, neural network consensus algorithms, computational power sharing between inside and outside chain, and scalable TPS.

Features of Seele Blockchain 4.0

1. Neural Consensus Algorithm- Seele synthesizes the advantages and disadvantages of current mainstream consensus algorithms, and proposes a new ε-differential agreement (EDA) based on "micro-real numbers", which transform the consensus problem into an asynchronous request processing and sorting of data in large-scale environment, and has a very strong robustness for the overall connectivity of the network, for non-fully connected networks, and even each network connection is less than 50% of the proportion of the system can operate normally. One of the most important features of the consensus algorithm is the linear scalability, that is, the performance increases linearly with the node size. The larger the node size, the faster convergence and the better performance. In the 100K node network environment, TPS reached 100K, the transaction confirmation delay decreased to several seconds.

2. Heterogenous Forest Networks- Bitcoin, Ethereum and many other Blockchain are singlechain structure and all transactions take place on one chain. The advantages of single-chain structure are that the transaction and consensus process is relatively simple, early in the development of blockchain can well meet user requirements.

In order to overcome the limitations of single-chain structure, multi-chain structure was proposed. The main forms are multiple parallel chains, main/side chains and so on, which partially meet the diversified needs of the business. However, there are still some shortcomings in terms of flexibility and customization.

Heterogeneous forest network consists of different subnets, each subnet can be seen as a hierarchical partition tree, the top of the tree chain is a global service chain, called "Meta chain", which provides global configuration and scheduling service. From top to bottom, it is a chain of various business forms. It is divided according to business scenarios, isolation mechanisms, and performance costs. The upper layer provides addressing and scheduling services to the lower layers. Each layer can be set independent governance mechanisms, such as access rights, flow control, security mechanisms, each layer formed a plurality of independent small ecology. The combination of the various small ecologies constitutes a complete large ecosystem. 

3. Value Transport Protocol- Seele proposes the Value Transport Protocol (VTP) based on the heterogeneous forest network architecture. 

Based on the VTP protocol, Seele define the Uniform Asset Identifier (UAI). Hierarchical structured naming of assets is helpful for people's cognition and memory, and has the uniqueness, availability, scalability and other characteristics .

4. Quick Value Internet Connection- Compared to the traditional Internet TCP and UDP protocols used by current Blockchain networks, Seele propose the Quick Value Internet Connection(QVIC) protocol that better adapts to and meets the various needs that blockchain value networks face at the transport and application layers. In dealing with more connections, security, low latency has obvious advantages, especially for the specific block size (1M, 2M) on the transmission of a special optimization, transmission efficiency increased by nearly 1 order of magnitude.

5. Computing Integration- Computing resource integration based on Seele defines a new type of technology that integrates off-chain storage and computational resources over blockchain and smart contracts. 

 Seele Token Economics

Consensus algorithm has a good feature that the more nodes involve in, the higher the consensus efficiency is and the shorter the transaction confirmation time is. Giving that, we shall encourage more nodes to join in the network to improve network performance and its security.

It will be mainly used in two aspects: the first is to reward participated nodes with tokens, which is also a way of final currency issuance; the second is to charge transaction fees. 

Seele will give more privileges to token owners and less — to miners. The network will be randomly selecting top nodes and give them the governing functions within a certain time frame.

The token sale ended in April and the early backers of the project have made tremedous gain, the team are tirelessly working acccording to the roadmap of the project towards making Blockchain 4.0 a reality.

The core team of the project are made up of Scientists from reputable intitutions and Blockchain Experts, the details of the core team members can be found on the official website of the project.

Conclusion

Seele is working on fourth generation Blockchain in order to make Blockchain more attractive for daily and industrial applications, their proposal is outstanding and impressive couple with a team of Scientist and Blockchain experts.  The team is first-rate thanks to their extensive experience and relevant PhD experience.

Useful Links

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