The audacity of blockchain technology and the target industries ripe for its disruption, has become prevalent to millions around the world. It serves as a platform for building Decentralized Apps or "dApps", or executing smart contracts to corner out a middle man while ensuring trust. The fundamental goal of blockchain is clear; to reach a peer-to-peer consensus for settlements without a centralized area of power to govern or execute transactions. This grass root truth is pivotal in this revolution but has run into a few roadblocks.
For Ethereum (Blockchain 2.0), their noble effort to remain truly decentralized has come at a grave cost of transaction speed and fees. Due to the large decentralized network running a "proof of stake" consensus, the time efficiency is lacking due to constraints of their infrastructure pushing transaction through the blockchain. Currently, they are sitting at a speed of around 7-8 transactions per second, which if not corrected, will be the death of the open-source protocol. They have yet to achieve a reasonable scalability which would meet the minimum expectations of an enterprise grade customer.
EOS (Blockchain 3.0) has "achieved" a great feat of conducting 1,000,000 transactions per second. However, many argue, including Vitalik Buterin (Founder of Ethereum) that this has been achieved by forfeiting pure decentralization.
As you can see, One protocol has given up speed for decentralization (ETHER), whereas the other has given up decentralization for speed (EOS). Neither which being a desirable situation moving forward for this technological revolution.
A solution to those aforementioned problems may be lurking in the NEW "Blockchain 4.0".
SEELE PRO (BLOCKCHAIN 4.0)
Seele Pro is a "neural consensus blockchain protocol" which offers high scalability ( 1,0, increased transaction speeds, low fees, while MAINTAINING FULL DECENTRALIZATION. It is a project currently being worked on by highly acclaimed academics from University College London and Stanford.
Here is a diagram further explaining the difference between Seele and the current solutions.
"Seele synthesizes the advantages and disadvantages of current mainstream
consensus algorithms, and proposes a new ε-differential agreement (EDA)
based on "micro-real numbers", which transform the consensus problem into
an asynchronous request processing and sorting of data in large-scale
environment, and has a very strong robustness for the overall connectivity of
the network, for non-fully connected networks, and even each network
connection is less than 50% of the proportion of the system can operate
normally. One of the most important features of the consensus algorithm is the
linear scalability, that is, the performance increases linearly with the node size.
The larger the node size, the faster convergence and the better performance. In
the 100K node network environment, TPS reached 100K, the transaction
confirmation delay decreased to several seconds."
Also, they are very compatible with with other chain structures, mentioned below is the DAG (direct acrylic graph), a rival technology for blockchain. Seele offers the best of both worlds.
"The consensus algorithm has strong adaptability to the traditional chain
structure and DAG structure."
They have enhanced security to ward off attacks such as the most common known as "Sybil attacks".
"For the Sybil attack, according to the currency value held by the consensus
users, assign weights to them and use multiple local random sampling step by
step features to cover as long as the Sybil node has a total monetary value of
less than half of the total value, To the chain algorithm on the Sybil attack has
the absolute resistance and immunity, to avoid the bifurcation and double
spend."
To get into the nitty gritty about which basle-line tech is better, be it Etheruem or EOS is pointless. The main two factors of importance to drive home are;
- Is the blockchain secure?
- Can it scale?
As mentioned earlier, Ethereum and EOS are both lacking in these departments where Seele seems to have mastered both.
As the Blockchain is still in infancy, there is a need to help it grow to fit the demands of mainstream adoption. An ecosystem where the 4 blockchains work harmonously would be ideal, but we do not live in an ideal world. Seele, in my opinion, will take us one step closer to the future by improving the failures of the previous 3 blockchains while peacefully co-existing.
Token sale and Whitelist TO BE ANNOUNCED, but check out their website at https://seele.pro/