Blockchain technology has been seen by many, whether correctly or not, as the most disruptive technology in recent decades. It's already revolutionizing internet applications, online smart contracts, and even E-commerce. Governments and big companies have caught the blockchain bug and are signing off big contracts to find a way of being part of the latest stage in the Digital Revolution.
For instance cryptocurrency, which relies on blockchain technology, is a global movement against central banks and fiat money. It all started after the global economy was severely hit by the global financial crisis of 2008. Today, a sizable percentage of online transactions are made with smart tokens and this is bound to increase as the technology develops.
Without mincing words, the internet is where the impact of blockchains have been felt most and thousands of websites spring up everyday offering one token or the other for a product or service.
However, in the early days of blockchain development, all the focus was on the Bitcoin cryptocurrency rather than on the technology that birthed it. Of course, rapid gains on a new investment platform tend to obscure the real force behind it, as seen in case of the internet and other technological breakthroughs. In addition, shortcomings of the blockchain ecosystem have somehow narrowed the realization of its full potential.
Let's examine some of the inherent weaknesses of old blockchain platforms and a new attempt at overcoming them.
From Single-Chain to Multiple-Chain
The internet grew from the standalone era to the present Internet of Things (IoT). Similarly, blockchain started with a single structure to the present multiple structures.
In fact, 1st and 2nd-generation cryptocurrencies, such as Bitcoin and Ethereum, are single-chain structures in which all transactions are performed on a chain. Though such platforms encourage simple transactions, yet the structures failed as user demands increased, time was wasted on transaction confirmation; busy businesses like the Crypto Kitties hot game disrupted the entire system; and business interactions between multiple platforms stalled.
Multi-chain structure was conceived to surmount the problems mentioned earlier. With main/side chain concepts and multiple parallel chains, the diversified needs of the business world are still only partially met. Customization and flexibility remain big challenges.
Problems of Integration
Blockchain technology is based on consensus agreement which enables more data to be shared across chains better than what obtains with traditional computer networks. Even at that, challenges exist with information security, storage cost, and accuracy of calculations and outputs.
Also, traditional internet uses Internet Protocol (IP) and Uniform Resource Identifier or URI to make information sharing more convenient. Existing block chain networks, such as Bitcoin, EOS, and Ethereum, rather use different protocols. The blockchain platforms cannot share data across different systems and are fraught with poor efficiency in value transmission.
Impaired Consensus Algorithms
The truth is that old consensus algorithms suffer from combinations of Non-scalability, Insecurity, and Inefficiency. None of them meets the requirements of a modern system.
Shortcomings Associated with Ecology and Governance
Another big concern about blockchain ecosystem has to do with developing a robust, open-source and smart-contract driven community of developers where everyone gets a fair reward for investments. Lack of universal frameworks and guidelines, messy documentations, and imperfect SDKs are some of the observed imperfections in earlier blockchain platforms.
For instance, these shortcomings were responsible for the protracted disagreements between miners and Bitcoin's developers which eventually led to divisions and the emergence of diverse fork coins.
Nevertheless, visionary tech gurus know the potential of blockchain technology and have collaborated to create a new platform capable of taking the ecosystem to the highest level. A result of such team efforts is the trendsetting Seele Project.
What is Seele?
Seele means soul in the German language. The Seele platform is likewise invented to serve as the soul of a new value-sharing network.
In a nutshell, Seele developers intend to advance blockchain networks in such core areas as:
- Cross-chain communication
- Communication protocols
- Network infrastructure
- Consensus algorithms
- Token mechanism
This translates to the fact that Seele isn't just about blockchain, but also an attempt to revolutionize the entire ecosystem. It's a rebirth of some sort. If you haven't gotten the gist yet- this is surely a big project!
Seele is 4th-generation blockchain technology and it's going to be the prophesied blockchain internet!!!
Why do I think so?
The State of the Internet as at Present
The internet, as we know it, works on different layers with multiple protocols. As an example, the most important protocol on the networking layer is the Internet Protocol. Every online server has an IP address attached to it.
Else while, the transport layer has two dominant protocols named TCP and UDP. While TCP is responsible for a complete data reception, UDP job is done once the data is sent. We experience that when our Netflix movie stream is poor and a few packages lost in transmission which cannot be resent because the UDP has already done its part.
Apps are built on these layers. So, in a sense, block chains are apps using IP and UDP for data sharing. Therefore, those making big money on the internet aren't the inventors. The value is being captured and monopolized by big ISPs and other service providers like Facebook and Amazon. The small fish is at the mercy of the big fish. What a world!
Seele to Democratize the Internet
Seele's vision is an attempt at reinventing the wheel. If the intention succeeds, its new protocols will form the soul of a new internet-Value Internet powered by blockchain.
Cross-Chain Communication
The overarching goal of Seele is to create the Value Internet and the solution is a kind of "Forest Blockchain Structure". In simple terms, Seele utilizes a meta-chain layer that is above other blockchains, to build a forest. In the structure, each tree serves as its own blockchain and all trees are linked together by the meta chains.
This is analogous to the fungi that spreads throughout the forest floor and connects every trees as part of one big ecosystem. The trees are homogeneous and heterogeneous at the same time.
In a similar vein, Seele uses new protocols and heterogeneous forest architecture to establish simple and efficient networks for communications and sharing "value" across blockchains.
Communication Protocols
Seele uses Value Transport Protocol to interconnect blockchains with the internet and foster seamless communication across different platforms. These new protocols are especially designed for blockchains unlike old protocols.
Instead of using DNS and IP, meta chains handle registration as well as location of resources within the network called "Forest".
At the lower level, the Forest won't rely on TCP or UDP. Seele uses Quick Value Internet Connection protocol or QVIC which is more suitable for blockchains. While this sounds interesting, there is still a sticky point: What will happen to the old Internet?
To solve this puzzle, Seele developers proposed a new protocol called Value-HTTP or VHTTP. This new protocol enables advanced applications to interact with blockchains. HTTP and VHTTP integrate easily to serve both the old and new worlds. Problem Solved!
Network Infrastructure
Seele has an uncommon network infrastructure with enhanced features of scalability, system efficiency, low power consumption, network security, interoperability with other structures and low transmission overhead.
Consensus Algorithms
As stated earlier, old consensus algorithms are beset with various problems of compatibility with other networks However, Seele has an edge in synthesizing the good attributes of old algorithms. This gave birth to a linearly scalable consensus algorithm in which performance increases with node size.
This innovative algorithm operates asynchronously. So, it can be easily parallelized since nodes no longer have to reach consensus on individual blocks.
Seele's meta-chain does not rely on proof of stake or proof of work. Block builders will rather be selected at random which makes nodes very easy to operate and a Sibyl attack harder to launch.
| Consensus Algorithms | Scalability | Security | Efficiency | Incentive |
|---|---|---|---|---|
| Algorand | ✅ | ✅ | ✅ | ❎ |
| PoS | ❎ | ❎ | ✅ | ✅ |
| PoW | ✅ | ✅ | ❎ | ✅ |
| DPoS | ✅ | ❎ | ✅ | ✅ |
| Hashgraph | ✅ | ❎ | ✅ | ✅ |
| pBFT | ❎ | ✅ | ❎ | ✅ |
| Seele | ✅ | ✅ | ✅ | ✅ |
Table : A Comparison of Old Consensus Algorithms Vs Seele
Token Mechanism
Like other blockchain projects, value is captured by all token owners and stakeholders as a big incentive for people to move their business operations from the outdated Internet into the new Value Internet. The token is a pointer to up-scalability of the system and serves as a feature of governance as well as reward.
Roadmap
Bottom Line
When all the above features are realized, this will translate to new ways by which the entire blockchain ecosystem evolves. Seele is already poised to build bridges between different blockchain platforms and a link with the old Internet. When this happens, our digital world will never remain the same.
For more information regarding Seele, feel free to check out any of the following links listed below. Cheers!!!
SOCIAL LINKS
TELEGRAM
ADDITIONAL LINKS