Blockchain revolution has taken the world by storm. Disrupting every sector, blockchain technology keeps solving problems that have faced humanity for thousands of years. Just as the internet has been so many helpful in many ways making transactions easier across boundaries, blockchain technology is advancing that trend. With ledger technology and smart contracts made possible by blockachin, transactions are now much more secured and easier. Blockchain technology helps in facilitating transactions by making these transactions easier while maintaining anonymity of this transaction thereby saving you from the prying eyes of hackers. This stellar technology has been described by many as the propellant of future global economy.
Bottlenecks Associated With The Existing Blockchain Technology
Despite all the amazing feats that blockchian has been able to achieve within a short period of time, it still faces some problems that needs urgent attention. Bitcoin has been able to profer solutions to many problems but still come short in terms of security, transaction speed and performance efficiency. After bitcoin, came ethereum based on the use of smart contracts which made transactions much easier and secured. But then again, there are some issues associated with this blockchain network. Basically, ethereum has not been able to provide what we call “Value Internet” i.e, a platform which could provide value exchange in people’s daily life. In all, blockchain is still suffering from the issues of scalability, security, compatibility etc. People needs blockhain technology to profer solutions to some of their daily problems and existing blockchain networks hasn’t been able to do this. These problems are exactly what birthed Seele which is Blockchain 4.0 that provides solutions to the problems that blockchain technoly currently faces. In this post, I’m going to be showing the differences between Seele’s blockchain and the current blockchain systems in the market.
Neural Consensus Algorithm Vs POS, POW, DPOS
Scalability is an issue which affects the efficiency of any blockchain network. Existing blockchain networks uses Proof of Work and Proof of Stake consensus which involves almost all the nodes in the network to carry out a transaction thereby resulting in performance inefficiency and transactions taking longer than expected. In order to solve the problems of scalability, Security, and Efficiency, Seele has come up with a brand new consensus algorithm known as "Neural Consensus Algorithm." This provides a more efficient way of performing transactions on the network because, instead of involving all the participant nodes within the network for a transaction, the consensus algorithm only selects a few nodes that then employ the practical BFT algorithm to select the final node for validation of the transaction. The nodes will also use continuous voting instead of discrete voting which means that all the nodes participate concurrently. One of the most exciting features of this consensus algorithm is Linear Scalability, i.e. the performance of the network increases linearly with the node size. The larger the node size, the faster the convergence which brings about a better performance of the network. This algorithm is based on integer arithmetic, which requires extremely low performance of nodes and thereby reducing social and economic costs rather than selection of head nodes which consumes more energy which the current network uses. During the course of testing the Seele Network, the transaction speed (in TPS) reached 100K in the 100K node environment, which significantly reduced the transaction confirmation delay by several seconds. A direct consequence of neural consensus algorithm is low transmission overheads because only few nodes are needed to participate in the consensus, unlike what obtains in the existing blockchain networks.
Heterogeneous Forest Network Vs Single-Chain Network
Existing blockchain networks like bitcoin, ethereum etc. operates on a single chain structure which means that all transactions take place on a single chain. This has an advantage in that consensus is pretty easy to carry out on a single chain. But blockchain continues to strive towards mainstream adoption and the increase in the market demand for this stellar technology makes it extremely difficult for a single-chain network to handle. Single-chain protocol/architecture can easily overburden the entire system with busy individual businesses. Closed network structure associated with Single-chain network makes cross-chain interaction between different chains impossible thereby not able to meet the needs of business interactions between multiple platforms. In order to overcome these limitations posed by single-chain structure architecture, Heterogeneous Forest Network which is inspired from the traditional DNS (Domain Name System) framework was proposed by Seele to facilitate transfer and transformation of resources and assets on the Value Internet. The magnificent architecture basically has a global service chain, known as the Meta-chain that caters for a large number of subnets underneath which may serve one or more businesses. What people are advocating for is that blockchain technology should be able to solve real business problems. In reality, businesses have different areas and segments and so it is extremely difficult for a single-chain structure to perfectly support these multiple heterogeneous services. This is exactly why Seele proposed Heterogenous forest network whereby each of these services can be carried out on separate chains while being cohesively coordinated by the Global Meta-chain. Seele has come up with a brilliant architecture that is flexible and versatile enough to meet different types of complex business needs in the real world.
Value Transport Protocol (VTP) Vs Independent Transport Protocol
The value transmission mechanism being employed by the existing blockchain networks makes it almost impossible for different blockchain networks to communicate conveniently with each other. This stems from the naming mechanism in these networks which gives different data, codes, links to assets thereby making these networks completely independent and incompatible with each other. In order to find a lasting solution to this major impediment of mainstream blockchain adoption, the Value Transport Protocol (VTP) based on the heterogeneous forest network architecture was proposed by Seele so as to facilitate discovery, transfer and conversion of assets between different blockchain networks. In terms of naming mechanism, Seele provides a means of uniform identification of assets on the chain. This naming mechanism is the Uniform Asset Identifier (UAI). With diverse assets and chains characterizing the blockchain space, it is expedient to design a protocol that facilitates the systematic naming, discovery and transmission of the underlying assets and the chains, therefore, paving the way for an efficient value transmission between different blockchain networks. This is exactly what Seele’s UAI does. Seele also provides a routing cache mechanism which provides a means of improving data availability thereby bringing about efficient utilization of the network. In order to solve the problem of cross chain access, Seele introduces the VHTTP protocol which provides value exchange between and across chains. This means that users outside the chain can access the assets and data in the chain directly through the HTTP protocol.
At a point where Blockchain 3.0 is just coming into the market while some are yet to hit the market, Seele is already advancing blockchain further by building a platform that outperforms all the blockchain networks in the market at the moment. Seele platform incorporate so many value propositions that are sure to bring about mainstream adoption of blockchain technology. With Seele’s solutions to scalability issues, flexibility, security and interoperability, blockchain has been simplified so as to provide real-time solutions to different kinds of complex business needs in the world today. Seele’s achievement is not only for Seele community but the whole blockchain community and the world at large.
For more information on Seele’s Blockchain 4.0, visit the following useful links:
Website: https://seele.pro/
Whitepaper: https://s3.ap-northeast-2.amazonaws.com/wp.s3.seele.pro/Seele_tech_whitepaper_EN_v2.0.pdf
Telegram: https://t.me/seeletech
Twitter: https://twitter.com/SeeleTech
Facebook: https://facebook.com/seeletech
This is nice written
Great project indeed. Already Listed in coinmarketcap
After reading this, i have no doubt Seele is truly the 4th generation Blockchain project
You can say that again brother. Seele is truly blockchain 4.0
Thanks for this article. Seele is truly an innovation
You're welcome sir
Blockchain technology is about to be revolutionalized. Lovely read! I can't wait to see these innovations.
Me too I can't wait to use this amazing platform
This Post is about the 10th Seele Post I am stumbling to online.I see greatness in the Seele project. More individuals seeing the Potential in Seele's vision
Seele's innovative platform has taking the crypto space by storm and everybody is getting involved. Don't be left out sir
Well written article , seele will solve all scalability issues facing blockchain technology .
Thank you. Scalability problem is in the past with seele stellar technology
It is evident that Seele innovations and improvements will surely drive mass adoption of blockchain technology in the real business world. The platform has to much value propositions and is truly Blockchain 4.0
Well said brother
Interesting and informative, I actually do find the concept of the neural consensus algo a little alien and really do hope to learn more as to how the BFT nodes are randomly selected for the eventual selection of the validating nodes. It's a pretty much thoughtful approach and I do hope to get the best of understanding on this. Thanks for sharing and shedding some light on this unique feature of Seele, I really do find it a well-placed project for global adoption
Yes you're right about that. The neural consensus algorithm is a novel protocol by Seele that aims to make the nodes in the platform independent of the whole network as much as possible thereby enhancing performance of the platform. It's a pretty cool feature of the Seele platform
Seele is really blockchain 4.0.
No doubts about that.
It truly is. It's a revolutionary technology
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Just getting to know more about this project and i find it quite interesting. Seele is the real deal in Blockchain technology. Watching out for more innovations in the Seele platform.
Yes dear Seele is positioning itself as the industry leader when it comes to blockchain technology
Good job once again! You've nicely highlighted Seele's core technologies.
Check out my post describing why Seele may do well in the IoT segment - https://steemit.com/seele/@magpielover/why-internet-of-things-iot-needs-a-blockchain-like-seele
Definitely I'll do that