What are the main problems that blockchains encounter?
At present, all blockchain architectures encountered scalability problems similar to original blockchain technologies, such as Bitcoin. With standard consensus protocols such as PoW or PoS, there is a direct balance between throughput/transaction costs, cybersecurity and node hierarchy. Simply, blockchains can not extend transactional throughput without sacrificing promising security features.
So exactly why blockchain is not scalable?
In a blockchain, the nodes are responsible for validating transactions on the network, and ALL nodes must confirm ALL transactions to. This points to three main issues:
New blockchains use shorter block times to speed up network validation. This means that the latency of the nodes becomes an increasingly important factor, reducing the overall consensus among nodes as their numbers increase. It's even harder to protect against problems like double spending (fraudulent formality use two different transactions to spend the balance of an account) or a fork on a network with low validation time and multiple nodes.
When participation in the network increases, the nodes will be responsible for verifying other transactions, then they can connect in a rhythmic with each other. This also increases the potential efficiency of network exploitation.
As the number of nodes on the network grows, the latency between these nodes will increase exponentially with the logarithm, influence on the scalability itself. In an ideal system, the latency is constant or even decreases with the addition of new nodes.
To overcome these problems, various projects have taken different approaches to handle network consensus. For example, NEO can now boast of thousands of transactions per second on its network, but the number of nodes on the network is very small, and the nodes are centrally controlled. An example of a contradictory approach is the Ethereum cryptocurrency, in this project, the ASIC against the PoW consensus and tens of thousands of nodes are broadcast, provides excellent security and hierarchy, but instead can only handle 15 transactions per second. Cardano, EOS, Icon, and Wanchain all use modified PoS algorithms and it requires centralized control of the nodes to adaptation the transaction scalability that these systems require. Furthermore, although there are plans to decentralize for many systems in the future, even if successful, they will still have the same problem related to security and latency of the node.
What is Seele?
Seele is empowered by an up-scalable Neural Consensus protocol for high throughput concurrency among large scale heterogeneous nodes and is able to form unique heterogeneous forest multi-chain ecosystem. Seele aims to providing a powerful foundation platform and high-speed pipe for the free and safe circulation of resources and positioning, discovery, and transfer of value and transformation within and across the global chain.
The strength of Seele blockchain 4.0
Millions of transactions per second: The first thing to mention is the speed of the transaction, which is considered to be the leading factor of crypto platform. Currently, the transaction speed of Bitcoin is only 5 transactions per second, Ethereum 30 transactions per second and often congestion network when mobilizing ICO. EOS is known as ETH killer but the maximum is only 100 thousand transactions per second.
Highest performance: Processing millions of access at the same time, this is extremely essential material for building DApps. Another remarkable feature of Seele is that all of the DApps built on the Seele blockchain platform have side-chain.
Side-chain: Understanding is simply a blockchain running in parallel with another blockchain. In other words, you can move your cryptocurrency to the sidechain and then back to the main blockchain. Side-chain will allow you to design and expand the features of DApps that you build on Seele's platform freely. In particular, these side-chains operate independently and without any attack or damage to the other blockchain.
Meta & child chain: Child-chain is a feature that closely resembles side-chaining and is dubbed "Wordpress of blockchain". This is a blockchain that runs parallel to the main blockchain and has many preeminent features. I just explained its most prominent feature that is used to be able to build and expand the functionality for the DApps. The DApps can be built on the foundation of Seele easily with the features available. Meta & child chain also helps the DApps run faster with higher efficiency. Famous for this feature must to mention, such as: Lisk, NXT and Ardor, the gods on the Coinmarketcap chart.
Cross-chain communication: Seele is known as ICON killer with superior cross-chain features. Thanks to this technology, Seele is decentralized and allows transactions without reliable third parties. However, the core value of this platform comes from the fact that it can transfer assets using mechanisms and protocols. Many blockchains will be connected for the purpose of transferring value over the network, programmable for future banking applications such as decentralization, lending platforms, asset management tools and smart contracts run on Seele's platform in a simple way.
Academic focus: Seele has a rather interesting feature or focus on collaborative research on the limitations of current blockchain. Then, they build up from the bottom, the most basic and solve the problems that the old blockchain met. Each block after code completion will be given to conferences and experts review before being integrated into the main system.
Neural Consensus Algorithm is a consensus algorithm that replaces existing algorithms (such as PoS, PoW, DPoS, Hashgraph và Algorand). This algorithm is based on asynchronous computing, up to 50% of computers can operate outside the blockchain. Algorithms have the ability to extend linearly to the size of the node: the larger the node size, the higher the performance and the faster the speed. Thus, speed is not as important as the capacity of the node.
Heterogeneous Forest Network is compared with existing blockchain or multi-blockchain structures. Their blockchain is a complex multi-level structure and interconnected parts, however, each section has a separate function. This reinforces the belief that each such structure can meet the needs of the real world and can fully support multi-level business model.
Value Transportation Protocol is a data exchange protocol with the same characteristics as the current Internet system(network connection, data exchange and observation). This technology allows the use of addresses “self-explain”, multi-level and non-random characters in the hash function, cache, network access via vhttp protocol - a data exchange protocol and value(we can access via the classic http protocol without directly connecting the blockchain network).
Quick Value Internet Connection is a solution to eliminate large latency when dealing with the entire network.
Integration Computing is the off-chain data storage technology. As the data and business processes of large companies begin to use blockchain, the size of the data block becomes enormous. This technology is the solution for this problem. Let's see some of Seele's competitors to see how their consensus algorithms are different and the same.
As we can see, all existing systems that provide significant throughput are hampered by centralized control of the system nodes, existing decentralized networks have little hope of achieving the scalability of centralized networks. With Seele, Seele would increase the number of nodes on the network and allow the expansion of the linear transaction scale, allowing it to maintain the three main functions of a valuable hierarchy: security, scalability, and speed.
First, blockchain projects oprojects that use blockchain technology or blockchain technology innovation projects are still hot in 2018. However, Blockchain still has many problems to solve, Bitcoin, Ethereum is also outdated and needs more improvements so that Blockchain can reach out and start a new economy. Seele has the advantage of being the first project using blockchain technology 4.0. For this, no one project dare assert that will do.
In Seele's development team, there are many consultants and experts on Blockchain technology, which is also considered a strong point of Seele.
Seele has encountered many problems related to tampering with the website as well as tampering with social accounts. Recently, the admin Seele's Telegram has been forged and as a result the bandit has appropriated nearly $ 2 million from investors. This shows how hot this project is and how enthusiastic investors want to own tokens. However, this has a lot of impact on the project, fooled people may not continue to invest in the project. Fake Seele sites are quite delicated, difficult to distinguish the real fake.
Secondly, what makes me think quite much is that the concept of blockchain 4.0 is quite ambiguous. I'm not a blockchain engineer, so I can only evaluate Seele's technology with the same experience I've had in analyzing many other projects. Therefore, the analysis related to Seele's technology is relatively and I think even investors with experience in the field of crypto perennials are difficult to assess comprehensively.
Seele is a potential competitor in the "internet blockchains" ecosystem, along with projects such as Icon, EOS, WanChain, Cardano, and many other projects are in pre-ICO or individual ICO projects. These projects have the common goal of establishing a blockchain ecosystem have highly connected and highly interactive based on the economic and social framework, allows the current financial, legal and political systems may apply in blockchain. The major advantage of Seele is that the larger the network, the greater its scalability and security. This new approach to addressing consensus and scalability has made Seele a viable project in the future.
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