Blockchain technology provides a decentralized way of recording transactions through the means of ledger technology and smart contracts. This amazing technology helps in facilitating transactions by making these transactions faster and secured. The benefits and advantages of blockchain technology is widely lauded across the financial sector and is fats growing among other sectors of the economy. But despite these far-reaching benefits of reduced cost, simplicity and security of financial transactions, one is still puzzled as to why blockchain technology is yet to gain mainstream adoption in business and other sectors alike.
One reason that has been adduced to this fact is that Blockchain technology is still largely the preserve of the tech savvy. That is, most people hear about bitcoin, ethereum etc. but don’t know what this technology is all about. The value of this magnificent technology cannot be easily explained to a layman. Another issue that has been raised is scaling. Massive adoption of blockchain technology means more transactions being carried out on a handful of public ledgers which slows down the system thereby causing delays in transactions getting carried out.
Generations of Existing Blockchain Technology
First Generation – Bitcoin
Second Generation – Ethereum
Third Generation – EOS, Cosmos, Dfinity
Bitcoin made use of transaction ledger technology in carrying out transactions on this platform. There are numerous advantages of bitcoin as an innovation in payment platform. The ability of individuals to maintain a worldwide record of who has what and who pays whom without the requirement for banks to act as an intermediary is a great development. Also the ease with which it enables global transactions with speed and small fees is something to cherish. However, there are a large number of limitations associated with the bitcoin system which inhibits mainstream adoption. High fees, scalability problems, security, flexibility are some of many issues that has hindered further development of this technology.
Ethereum came up with the use of smart contracts in handling transactions. Ethereum uses the turing language on the blockchain which allows for the exchange of simple or complicated contracts on the network thereby eliminating the use of third parties. This is a pretty cool feature introduced by ethereum. But as more platforms keep exploring the ethereum network, the drawbacks with this network becomes quite visible. The increase in the use of ethereum network has resulted in the network being clogged up most times, uneconomically high transaction fees, lack of flexibility and a whole of other issues.
EOS, Cosmos and Dfinity pioneered the third generation of blockchain technology. These blockchain networks came up to try and proffer solutions to many issues in the earlier blockchain networks but still come short in the areas of consensus, incentive misalignment and bias towards centralization.
These above issues associated with existing blockchain networks have significantly slowed down the pace of blockchain adoption in business, finance and other sectors.
So the question is this.
Can we have a Blockchain Network that will provide efficiency, scalability, Security, flexibility, interoperability and an easy-to-use platform?
The obvious answer to the above question in a couple of years back is a resounding NO!!
But now I can tell you boldly that a Blockchain Network has just been birthed that provide solutions to all the above issues in one single platform.
Introducing SEELE’S Fourth Generation Blockchain Technology
Seele is a fourth generation technology which aims to provide solutions to the problems associated with the current blockchain networks in terms of security, scalability, efficiency, interoperability and a host of other issues. Seele aims to achieve this by restructuring the core architecture of blockchain network in order to create a platform that gives value internet and provide workable solutions to complex business needs. Blockchain 4.0 which powers the Seele platform aims to advance the blockchain industry in the following core areas:
Cross-chain Structure
A certain put-off in the current blockchain landscape is single-chain structure. Mainstream adoption of blockchain technology involves millions of transactions taking place at the same time. So, imagine all these transactions taking place on a single chain as the current status quo. This causes delay in transaction which put off people from really exploring this amazing technology. Seele has been able to provide a workable solution to this problem by creating a platform based on a novel Heterogeneous Forest Network. Heterogeneous forest network is transaction protocol whereby each chain in the network only serves the services of the smallest set of functions which runs on individual chains. A global Meta-chain then exists that coordinate these independent chains in order to provide solutions to complex business problems.
Communication Protocol
Another major impediment to massive adoption of blockchain technology despite the breakthroughs that the technology has brought to business and finance is the fact that the current blockchain networks act as independent trees which have nothing in common with no means of communication between them. Bitcoin cannot communicate conveniently with Ethereum, Ethereum cannot communicate with EOS thereby making transactions across these chains impossible. What Seele has been able to do is to restructure the communication architecture in such a way that will allow different chains to communicate with each other. That is, both on-chain and cross-chain communication is possible on the Seele’s platform. Payments can therefore be made across different chains. This certainly will bring about further adoption of blockchain technology.
Consensus Algorithm
An area where Seele has really trumps all other existing blockchain networks is scalability. As more transactions are carried out on blockchain, scalability has become an issue as these networks gets massively overworked at times thereby reducing performance efficiency. Seele solves this scalability problem with the introduction of a novel consensus called Neural Consensus Algorithm. Neural consensus uses only few nodes in the network to carry out transactions thereby reducing transaction confirmation delays and increasing performance efficiency of the entire network.
ROADMAP
It is evident that Seele is truly blockchain 4.0 with an innovative platform that aims to improve other previous frameworks of blockchain technology thereby delivering value internet which will surely bring about mainstream adoption of blockchain technology. If you’re yet to get involved with this amazing project, then I suggest that you get on board as soon as possible because this is the future of blockchain.
For more information on Seele’s Blockchain 4.0, visit the following useful links:
Website: https://seele.pro/
Whitepaper: https://s3.ap-northeast-2.amazonaws.com/wp.s3.seele.pro/Seele_tech_whitepaper_EN_v2.0.pdf
Telegram: https://t.me/seeletech
Twitter: https://twitter.com/SeeleTech
Facebook: https://facebook.com/seeletech