The inception of Bitcoin and Blockchain technology was a long time ago, more specifically – almost 10 years ago. A lot of things changed ever since. This technology started becoming obsolete and new generations of Blockchain started replacing it. Each of them solves certain problems of predecessors. But have you ever thought about which Blockchain generation is relevant now? Let’s start with the beginning and review every Blockchain generation.
Blockchain 1.0 – Bitcoin represents it. It provided the opportunity of anonymously making transactions without intermediaries. Blockchain 2.0 headed by Ethereum replaced it, Smart-contracts were the key feature of it, commercial contracts can be signed and maintained in Blockchain due to them. Next stage was the appearance of Blockchain 3.0, main task of which was the solution of network scalability problem. The most famous cryptocurrency of this Blockchain generation is EOS. And the recent arrived Blockchain is represented by Seele project, which is exactly what we’ll talk about today.
At the moment, Blockchains have the same problems: the more nodes, the slower the consensus and the lack of scalability possibility. As an example, we can remember the problems in Ethereum Blockchain, when the network couldn’t deal with the load of the game CryptoKitties. Just think of it, Blockchain, which the whole world supposed to use, couldn’t cope with the load of the game. There shouldn’t be such problems. Which is why Seele project appeared, it has the solution to this problem. In other words, project developers offer several solutions to this problem.
One of these solutions is Neural Consensus Algorithm, which was based on the workflow of the human brain, which asynchronously processes and sorts the information. Compared to the existing algorithms, this approach ensures greater fault-tolerance and it’s significantly more effective and provides the linear scaling of the network. It should be noted that the more nodes participate in the consensus reaching in Seele network, the faster and cheaper the processing of each transaction is. Developers claim that consensus increases fault-tolerance by 33-40% without losing the productivity.
Second decision is the Blockchain structure, which is created pursuant to Heterogeneous Forest Network. In a word, this will be hierarchical Blockchain that consists of many dependent chains, each of them can be created for certain tasks and they can interact with each other via gateway and interdomain protocols. Such approach provides big advantages: network is safe, effective and compliant with the ecosystems that now exist in Blockchain.
Another solution is Quick Value Internet Connection, which reduces time expenditure on the operation handling in Blockchain.
Value Transport Protocol is also worth noting, it can transfer the information due to multi-level addresses. All above said decisions will give the opportunity to process an ocean of transactions per second. And the energy cost will be minimum, because operations of consensus reaching use minimum computation power and don’t require big number of computers.
Foundation of economics is Seele coin that is used for the payments for the transaction processing. Mechanism of gas is like the similar one in Ethereum network, where the cost dynamically changes according to the current state of the system.
This coin is already being traded at several exchanges: HADAX, Hotbit, IDEX, Coinbene and DDEX. It can also be found at CoinMarketCap.
Considering all the solutions that the project offers, such as Neural Consensus Algorithm, Heterogeneous Forest Network, Quick Value Internet Connection, Value Transport Protocol, we can conclude that this project has great horizons. Appearance of such innovative project can be compared to the appearance of Ethereum in its time. This project represents Blockchain 4.0 for a reason.
You’ll find more information about the project here:
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