Seele - A Secure, Scalable and Efficient Blockchain
Ever since their inception, Blockchains and Cryptocurrencies have been promising a lot to Businesses and Enterprises. Most of the top-notch, fortune 500 company CEO's have been talking about how disruptive the blockchain is, how excited they all are about using it for building their products. Yet, widespread commercial/enterprise adoption of blockchain networks still remains far-fetched. Why? Because the existing popular blockchains do not do well when it comes to the issue of scaling and they are not flexible enough to handle diverse business use cases. Therefore, it suffices to say that the next generation of blockchain networks will have to address some major issues of existing networks such as Scalability, Flexibility, Governance, and Privacy. In comes Seele, a network dubbed as Blockchain 4.0 with a novel consensus algorithm, advanced communication protocols and superior network infrastructure to handle heterogeneity and infinite scaling.
Derived from the German word that means "Soul", the motto of the Seele group is "to innovate new era of Value Internet". Seele introduces a novel Neural Consensus Algorithm to address the pivotal issue of Scalability. The consensus problem is effectively translated into an asynchronous request, that processes and sorts data in a large-scale environment. This arrangement is based on "micro-real numbers" and the result is an infinitely scalable network with TPS as high as 1 Million TPS (ideal) whose performance increases linearly with the node size.
"One of the most important features of the consensus algorithm is the linear scalability, that is, the performance increases linearly with the node size."
To facilitate naming, discovery and addressing service of Value Internet assets and entities within the ecosystem, Seele will make use of a combination of Value Transport Protocol (VTP) and Value HTTP (VHTTP Protocol). Seele will incorporate a novel Quick Value Internet Connection(QVIC) protocol that is superior to traditional Internet TCP and UDP protocols. The QVIC works well in the blockchain context as it can handling more connections, is secure, has low latency, especially during the transmission of packets of fixed block sizes.
And yet the main attraction of the Seele ecosystem is the proposed Heterogeneous Forest Network that can cater to a wide variety of business requirements while providing the necessary isolation between them. A Heterogeneous forest network consists of different subnets, where each subnet can be seen as a hierarchical partition tree. Why is this relevant? Often when it comes to the real world, different applications require a different design. A particular structure might demand computationally intensive design, while another structure might need to have a chain that values transaction privacy. The Seele architecture per se facilitates the isolation of these subchains while simultaneously accommodating cross-chain value transfer. In this context, the Seele meta chain will act as the parent chain for all child chains in a single forest ecosystem. In this way, businesses and enterprises can create different child chains according to their requirements.
The Seele consensus algorithm assigns node weights based on their respective account balances, thus making collusion (sybil) attacks extremely expensive or pointless. Seele also introduces an innovative governance initiative that will involve the delegation of power from randomly selected token holders to the block builders. These block builders are then assigned limited and subjective privileges to freeze accounts, fix bugs, and make changes to the core protocol. This is a form of on-chain governance that is absent in conventional blockchain networks which have resulted in the concentration of power in the hands of miners, foundation/committee members.
Seele smart contracts are EVM compatible and follow Web Assembly (WASM) like design. This means that the contracts are cross-compatible with networks like Ethereum and EOS. Further, Seele has introduced SeeleIDE, a comprehensive smart contract development environment with visualization, debugging, testing etc. The code is open source and is available on Github. Another highlight of the Seele project is its extremely competent team who have previously worked for Microsoft, Tencent, Baidu etc. With its headquarters in San Francisco, the Seele team led by its CEO Dr. Maolin Zheng has also got a presence in UK, China, and Singapore.
To learn more about Seele visit the website
White paper -
Telegram
Seele on Medium
