Any technology has to be developed according to user needs. The blockchain is not an exception to this rule. All over the period of the existence of this technology, it has been experienced several stages of development. It all started with Bitcoin, this era is called Blockchain 1.0. Then the Ethereum appeared with the technology of smart contracts to lead the Blockchain 2.0. The logical continuation of that process was the decentralized operating systems or Blockchain 3.0, represented by such networks as EOS, DFINITY and COSMOS.
The Seele project has been conceived and implemented as the next step in the development of existing decentralized technologies. The SEELE introduces a new generation of protocols, which is called by the general term Blockchain 4.0. It has the following features, which we will discuss below and try to find out whether the team is developing a blockchain which is able to take over a top-level protocol or is it just a marketing manipulation?
Problem and Solution
Today’s blockchains have a number of challenges. They are related to the scalability and the lack of connections with each other. In this regard, in large-scale projects, it is not yet possible to use blockchain for all tasks. It is also impossible to use different blockchains in one project so that they exchange information among themselves to achieve a common goal. Now it turns out that different blockchains solve different problems, but they cannot find a common language among themselves. In aggregate, this is an obstacle on the blockchain as a practical technology.
To meet these challenges, the Seele team creates a new blockchain with the following features
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A faster algorithm compared to the Blockchain 3.0 solutions, the cross-chain support, an improved blockchain management tools, etc.
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A fundamental protocols stack for Value Internet and Heterogeneous Forest Network, designed to consolidate and exchange information between its own blockchain and Bitcoin, Ethereum, and other ones. In addition, the Neural Consensus algorithm was proposed, the distinctive feature of which was an increase in the speed of reaching a network consensus with an increase in the number of participants
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The innovative tool for blockchain management. Support of the simultaneous use of various consensus algorithms, different token systems and decentralized token exchange instruments
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An ecosystem of technologies that includes the entire stack from bottom to top, architecture and user-level applications.
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Ability to update the protocol without using hard fork
Thus, the Seele projects is not just a separate solution, but a whole technological ecosystem, which includes public blockchain, development tools, smart contracts and much more.
Tokens and their Use
During the analysis, I did not find a lot of details on how the token mechanics will be implemented. It is known that tokens will be used as rewards for nodes and used for management of the whole system. The main task of the tokens is to attract more participants to expand the network. According to the developers, the mining of Seele tokens shall not be provided.
Possible Token use cases:
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Currency
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The motivation of the owners of the nodes (the greater the number of nodes, the higher the speed of reaching the network consensus)
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Payment of transaction fees
The creators of Seele as a concept of development pointed out quite a lot of areas such as fintech, public sector, gaming industry, IoT and wearable electronics, social networks and messengers, health care. The desire to cover such versatile market segments is good. But the absence of specifics, what methods the team of the project is going to achieve are confusing. There is no answer to the question: “Why should the public sector be interested in using Seele?”
Plans
2018 is a period of testing the consensus algorithm, creating a primary prototype of smart contracts and interface. It is planned to develop several protocols, create a wallet and browser platform, a simple application and security check by an independent audit.
2019 is the time for integration with a large number of crypto exchanges, the development of the Internet Protocol and the launch of millions of nodes for artificial intelligence applications.
Conclusion
The project is very ambitious and promising, provided the team implements the announced plans.
Pros:
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The innovative idea that allows to achieve high speed of transactions performed within the network (1 million per second theoretically), applicability in a variety of fields
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A sophisticated White Paper
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A daily updated public repository at GitHub
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The team: 5 out of 15 team members have PhD in technical sciences, all team members have relevant experience in mathematics and information technology
Cons:
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No workable version
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Lack of clear interpretation of how this would be applied in the declared areas
I suggest to draw conclusions on the basis of presented facts independently. The project is able to exert a great influence on our society, ensuring equal rights and opportunities of the parties during business operations and business cooperation, openness and availability of all processes and necessary information, transparency of movement of funds. SEELE can rightfully be considered one of the most interesting in recent times, it is ahead of the future by one branch, because it offers a unique solution to the existing problems in the blockchain. These are both system errors and insufficient protection of private keys.
Disclaimer: This is not advertising material.The information above is neither legal nor financial advice and presented for informational purposes only. Before considering any investment, make sure you take time to do your own thorough analysis and as with any form of highly speculative financial instrument, you shouldn’t invest more in Crypto than can afford to lose.
Links:
Website: https://seele.pro
White Paper: link
Telegram ENG group: https://t.me/seeletech
Telegram ENG channel: https://t.me/SEELEAnn
Twitter: https://twitter.com/seeletech
Facebook: https://www.facebook.com/seeletech
Author: Steven Heisenberg (TG: @StevenHeisenberg; Email: steven.heisenberg.art@gmail.com)
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