The earliest times that preceeded the advent of technology were strikingly characterised by little or no form of effective communicative means, which of course made dispersing of information slow. The birth of technology brought light to the information, communication, commercial sector and till date there have been ground breaking inventions that has set the world running on a finer platform and one of such is the blockchain technology.
Blockchain innovation is becoming rapidly pervasive and it's influence is growing not only in the financial sector but also in virtually all areas of human life. Blockchain helps in carrying out transactions in a more secured and faster manner with the use of ledger technology and smart contracts. Although, blockchain continues to break new grounds many issues are still associated with this magnificent technology which has hindered its massive adoption.
The following challenges have constantly plagued Blockchain technology:
- Interoperability
Record on coin market cap has shown that there are about 1,360 Cryptocurrencies and a number of them were launched between the year 2017 and 2018. With this increase lies the need for each of these chains of block to communicate with each other. The ecosystem is currently at its peak due to the invention of these Cryptocurrencies, although a number of these cryptocurrencies were launched with the sole aim of solving interoperability issues there has been little or no landmark made by them. The conventional interoperability of blockchain technology is limited to single chain and hence there is the limitation in intra-chain business transactions in that one chain interferes with the other thereby causing a glitch and there is the inability for cross chain interaction between different chains thereby impeding swift transactions in business
Seele's Solution (Heterogeneous Forest Network)
Seele introduced the forest Blockchain structure that superceeds the multiple and single Blockchain structure. The forest Blockchain structure not only enable smooth transmission of services for everyone but gives value for internet service to promote an integration with conventional internet busineses. This feature helps in connecting the real world and the digital world. Forest Blockchain helps in securing, defining, storing, transfering and transaforming information, resources and asset.
- Scalability
This is a major bottleneck that has been a plague to the massive adoption of blockchain technology. With the rise of a platform is the need to make transactions faster but up until this moment that is yet to be solved. The blockchain network performs about 7 transactions per second and with over 800 thousand and 500 thousand carried out on the ethereum and bitcoin network daily these transactions are bound to slow. Hence there is the need for swifter transactions in order to fulfil the mission of blockchain technology (which is swift transactions at low cost).
Seele's Solution (Neural Algorithm Consensus)
The ease of transactions is based on the concept in which the consensus process use a parameter for confirmation of various blocks and as soon as it is confirmed there must be a convergence that agrees with the corresponding requirements. This allows multiple blocks to be sorted in short time.
Conclusion
The major challenges that are of great concern in the blockchain industry are indeed the reason impeding the growth of blockchain technology. It is said by some that the reason behind the birth of blockchain technology is yet to be achieved since the concerns of scalability and interoperability issues were raised. Seele has built platforms to solve these problems and as such it is worthy to be called Blockchain 4.0 because it is fulfilling the blockchain technology mission and this will cause a massive rise in the adoption of blockchain technology.
We have the opportunity to buy this cheap because the launch of these platform is a springboard to an excellent future in blockchain technology.
Seele's Roadmap
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
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