INNOVATION IN BLOCKCHAIN TECHNOLOGY, SEELE

I have written an earlier article on Seele and their contribution to blockchain. You can get acquainted with it from here.

Preamble

I feature Huobi Pro heavily as you may have noticed from my earlier article. My attention was drawn to Seele recently in the voting process for HADAX listing. HADAX is an autonomous cryptocurrency exchange that is a subsidiary of Huobi Pro. Investors and Super Nodes get to vote for listing of promising projects still in their infancy. Translation, high risk high reward projects. More on the HADAX voting process can be found here. Qualifying for HADAX listing is not an easy feat, and as I hoped Seele has sprinted off the blocks rising to as much as 10x in its short period since listing. And still not on coinmarketcap yet. For a project that was bombarded with some fud around February, this rebound has been nothing short of remarkable. The best projects perform excellently despite the overall market sentiments, and with Wanchain, Zilliqa, Ncash, Ontology among others Seele is in good company.

Scalability has been one of the innate limitations of today's blockchain technology. For an industry whose construction is ongoing it is understandable and healthy for the problem to be tackled from different approaches. Some of the solutions put forth to solve this revolve around reducing the consensus network nodes. Proof-of-Work boast some of the most decentralized and permissionless blockchains to date, namely Bitcoin and Ethereum. The cost is slow transaction speeds. The introduction of Proof-of-Stake consensus algorithm around 2012 has been adopted by various medium term age cryptocurrencies. Here a number of nodes are selected by the participants of the network, and mining rewards are commensurately distributed to the leasers. Notable projects in this space include Ark, Waves and EOS. There are two strong criticisms against Proof-of-Stake. Politicization of blockchain networks is one, whereby powerful organizations become the nodes using underhand methods such as promising generous incentives to people to vote for them, giving them an edge over less powerful interested parties. This trend has been taking shape gaining the attention and criticism from notable people in the space such as Vitalik Buterin. The other criticism against Proof-of-Stake is that it discourages network activity. Users would rather hold and not participate in the network because rewards arrive from holding the coins in your wallet. Despite not being mentioned we cannot ignore that an active network is more robust and creates more utility for the tokens. Solutions to solve this have been developed in Graphene based blockchains such as Gravity protocol. But still retaining the perennial limitation of Proof-of-Stake.

Seele's solution is a novel idea that seeks the best of both worlds. Ensuring that the network is decentralized while at the same time ensuring transaction speeds are at their peak. In fact, Seele goes one better improving what it refers to as upwards scalability, where the network performance improves with increase in use. Mindblowing. We have come so far in this path and it is interesting to have such brilliant solutions as these. Indeed, the first understanding of a technology is not indicative of all its potential. According to the official medium, testnet performances of a network of about 100, 000 nodes stand at 100k TPS and delay in confirmation in seconds.

Seele will stand out as blockchain 4.0 because of the following features:
-A heterogenous forest network. This will allow for the cross platform exchanges that Seele envisions.

-A neural consensus algorithm. Current fault tolerance for blockchain platforms utilizing the Byzantine algorithm is 33%. The neural consensus algorithm will raise this by 7% to 40% therefore increasing the scalability of their blockchain.

-A different chain set up with multiple chains each with specific functions that will also help in the scalability of the Seele blockchain. Seele hopes to make it possible for parallel transactions to be processed at the same time

-And of course, their ambitious transfer speeds of up to one million TPS.

Business collaboration
Another core issue of current blockchain technologies is interoperability. Currently, the different blockchain platforms are heterogenous, each unique and unable to communicate to the next limiting advantages of network effects. And they hinder adoption due to the expense of connecting for the purpose of building robust cross platform applications.
The world is becoming more connected and blockchain is the missing piece of that puzzle. The logical step for the blockchain ecosystem right now would probably be the platform Seele is proposing. It cannot be understated the importance of a universal blockchain ecosystem. Seele would be like the dollar, the way it can be used to measure the value of anything universally, Seele can connect all blockchain universally. In a way, Seele would have succeeded in becoming the soul of blockchain if its proposals are realized.
Seele's solution for this is the aforementioned Heterogeneous Forest Network (HFN). An end-to-end solution that will not only connect between blockchains but also the real world and the digital world. This architecture will restrict unique services to run on side chains while cohesive services are shared on predetermined chains. Advantages of this include resource optimization, security isolation and of course value transfer between heterogenous networks.

Conclusion
Seele's 5-Open principles for the new internet of value :
Open Science,
Open Access,
Open Source,
Open Data and
Open application