Updated: Dec 20, 2019
Seele is a new generation of blockchain tech, (so-called) 4.0., which attempts to solve the multiple problems faced by other versions of blockchain technology, including Bitcoin, Ethereum, EOS, Cosmos, and Quarkchain. Seele is the attempt to create a proper balance between scalability, security, and efficiency, which does not exist in the current blockchain ecosystem. The mainnet was officially launched in March 2019, with sub-chain capabilities on the horizon.
This guide will talk about the purpose for which Seele is designed, the team behind it, the way it works and various uses and applications.
What Is Seele Designed For?
Seele is a German word meaning ‘soul’ and is set to revolutionize and advance blockchain technology, by involving the core of human reasoning and idea to it. The goal of this platform is to innovate and create an advanced technology, which will influence many business models in the years to come.
Seele went back to blockchain basics to tackle the common issues of scalability, security, and efficiency while trying to make progress on network infrastructure, communication protocols, and consensus algorithm.
Who Is the Team Behind Seele?
Seele is in development by a team led by Maolin Zheng, who is also the CEO of the platform. Zheng has held the position of Chief Scientist at CreditEase Shenzhen and ID5. Wei Bi is the Chief Scientist at SeeleTech and has held the same position at Uni-ledger Technology Limited.
The blockchain platform is being developed by a team with a global presence. The algorithm development and research are carried out by a team in San Francisco, while the basic engineering and ecosystem creation are done in Shenzhen, China. The London team is in charge of application and ecosystem development, while the Singapore team is still working on Seele’s Graph computing.
How Does Seele Work?
Seele public chain is a multi-shard, high performance (2000+ TPS), decentralized and very scalable blockchain network. The team has successfully developed the innovative MPoW consensus algorithm for increased security via ASIC resistance. The platform is fully EVM smart contract compatible.
Seele relies on four main components to tackle common blockchain issues. The neural consensus algorithm is inspired by biological neural networks. In this, a random choice is made among all potential block producers. The person is chosen, in turn, selects the final producer of the block. This principle essentially avoids everyone from being involved in a block.
This is better than PoW, which offers scalability and security but no efficiency. It is also better than POS that offers efficiency but no security or scalability. Some experts claim the neural consensus algorithm to be more efficient than, DPOS that offers scalability and security but no efficiency.
The nodes present in the neural consensus algorithm will use a continuous vote, instead of a discreet vote. Also, all nodes will be allowed to participate simultaneously in an asynchronous environment.
The second component is the Heterogeneous Forest Network, which is inspired by the Domain Name System (DNS) protocol to solve the problem of diversity, faced by single-chain architecture. The network consists of the “Meta chain”, which is a global service chain providing global configuration and schedules services to subnets. It also consists of different subnets that can serve one or more companies.
Value Transport Protocol (VHTTP) is the third component, which facilitates the systematic naming of each asset, aids in its discovery and it's addressing while ensuring effective communication and exchange among them.
Quick value internet connection is the fourth component that addresses blockchain problems of complexity and latency. It effectively combines the speed and efficiency of the UDP protocol, with the integrity and reliability of the TCP protocol.
What are Current and Future Applications of Seele?
Steele may not have many current applications, but the future is expected to be bright for this blockchain platform. The primary reason for this to happen is the fact that Steele is giving direct competition to all blockchains of the past, including the original Bitcoin and the notable Ethereum.
One of the biggest advantages of Steele propelling it towards great new heights soon is the linear scalability of the consensus algorithm. The performance of the node increases linearly in response to the size of the node. Convergence is faster when the size of a node is larger, which allows for better performance.
Seele’s test network had reached 100K TPS transaction speed, which allowed the team to launch the mainnet. However, since then the team has slowed down and has not yet achieved the goals set for 2019 Q1.