The idea of the technology platform has 3 generations. The first, large high speed computers, the second PCs, internet and Local Access Networks, the third allows computing to deployed and used in shared communities. The technology of the blockchain is based on the third generation platform.
Blockchain 1.0 was the first blockchain in existence, introducing us to the the Bitcoin, mining, public ledger and hashing. Ethereum decided to give us a digital economy complete with bank transactions and leasing cars without forms (Remember DocuSign and Visa in 2015), bringing the advent of blockchain 2.0.
Today, we have the blockchain 3.0, which takes the use of the blockchain away from the world of money and commerce to other important aspects of society such as science, art and health. In summary, this blockchain is aiming at creating smart cities.
But there is a dark side to all these developments, all is not as rosy as it seems.
Scalability And The Blockchain Trails.
Blockchain technology has always had the advantage of a security mechanism that depends on widely distributed consensus, but that doesn't make it impenetrable to hackers and fraudsters.
A major threat to blockchain security is the 51% attack which involves miners having control over more than 50% of the network's computing power. The attackers were able to restrict the confirmations of new transactions, making them stop payments between parties concerned. They are also able to double spend coins by reversing already completed transactions. Once considered a theory, attacks on verge, zencash, bitcoin and other cryptocurrencies have brought this nightmare into reality, making them suffer losses running into millions.
You might wonder the reason for such weaknesses in the blockchain's security mechanism, this is because blockchains can only scale transactions at the expense of decentralization and security.
Presently, as with Bitcoin and other first gen blockchain technologies, most present blockchain infrastructure suffer from issues related to restricted block sizes and frequencies (scalability). The presence of protocols such as PoS and Pow results in a compromise between amount and cost of transactions that go through the system, node decentralization and the security of the network.
So, why does scalability elude the blockchain?
The responsibility of nodes validating all incoming transactions presents some issues.
Shorter block times are used by relatively new blockchains to increase the speed of confirmations on the network, thereby making node latency an important factor, decreasing the total consensus amongst them (nodes) as they increase in number. Cases of accidental forks or double spending are quite difficult to guard against in networks plagued by many nodes and low confirmation times.
Increased workload on the nodes as a result of increased participation on the network affects it’s functions.
Latency between nodes increase as the number of nodes on the network increases. This harms the network's scalability. Ideally, whenever the number of nodes decrease or stay constant, the latency should be constant.
Numerous attempts have been made by various blockchains to handle these issues, ranging from having a limited number of centrally controlled nodes (NEO) to sacrificing transaction speed (Ethereum). There is even talk of the decentralization of systems which even if successful will have the same issues with the network's nodes in terms of security and latency.
What is Seele's part in this?
Seele is a potential competitor in the blockchain ecosystem. It has the uphill task of creating a blockchain society on social and economic architecture that makes the blockchain more than a site for commerce but also where other activities related to society such health, government and many more can be carried out.
The "Neural Consensus Algorithm" is Seele's approach to the matters presented by the speed-scalability-security question. This involves the increase in the number of nodes and at the same time, increase scalability of transactions within the network. Seele's approach is quite novel given the fact that most networks (which suffer setbacks when the nodes increase) reduce the amount of nodes on the network needed to justify a transaction.
There are several additional features in the Seele platform which make it worthy of being called Blockchain 4.0:
The presence of value internet, a neural consensus algorithm, and a heterogeneous network makes the Seele platform an upgraded blockchain. Other features include the components of Blockchain 3.0, an ecosystem of technologies and a novel governance mechanism.
Token
The tokens will be awarded to participating nodes as a means of encouraging their participation. More nodes translates to increased efficiency of the system. Fees will also be charged for transactions. The token mechanism will offer more privileges to the owner of the tokens rather than the miners.
Competition
Seele's potential rivals include Wan Chain, Icon, EOS and Neo amongst many. Though they have the ultimate goal of solving the scalability issues of blockchain, they are restricted by the centralization of their nodes. This is where Seele has an advantage.
Seele allows the nodes that are on the network to spike in numbers while allowing a linear scaling of transactions, giving room for the maintenance of the three important components (scalability, speed and security) of a true decentralized system. The advantage is as simple as this, the bigger the network, the higher the levels of security and scalability.
Seele's Team
The startup is headed by Dr Maolin Zheng , Dr Bi Wei, it's chief scientist and Dr Nick Smith, who is the project's medical data analyst. They have combined experiences in blockchain technology, data computing and cloud computing. The team also consists of other members from Europe and Asia. The Seele project was carried out with the University Collect London Center Of Blockchain Technology as a partner.
Roadmap
Final Thoughts
The idea of bringing a scalable and secured Blockchain is quite ambitious but if Seele pulls this off, chances are that it would be one of the greatest achievements in blockchain history. Investing in this project is an idea worth looking into and would be of immense benefit to potential investors, after all we all love the idea of a Blockchain 4.0.
Questions or enquiries regarding seele are welcomed from our esteemed readers.
Be sure to visit the following links listed below for more information on Seele.
SOCIAL LINKS
TELEGRAM
ADDITIONAL LINKS