It is a known fact that majority of ICOs run on the Ethereum blockchain because of certain advantages they offer. This is proven by the exponential growth in number of unique Ethereum wallet addresses in the past one and half or so years, but that growth rate has slowed down recently. But for all the advantages offered, we cannot ignore the major disagvantage which is the scalability issues. Scalability has always been a major issue with the blockchain, especially that of bitcoin network which has a theoretical peak capacity of about 7 transactions per second which it hardly ever lives up to and confirmation of transactions could take as long as 25 minutes while the Ethereum blockchain estimates a 2 minutes processing time, and this is in stark contrast to that of Visa which could process as much as 47000 transactions/second. This factor (transaction speed) is the major reason why the Seyblock has decided to go with the Stellar Protocol.
So, What is Seyblock and what does it intend to do?
Seyblock intends to make it easier to move digital assets around the world and to provide an efficient and reliable escrow service with the goal of preventing scams and offering users a better all-round service.
Seyblock has decided to go with a sustainable and futuristic monetary option which is the stellar protocol as this offers a good upgrade on the maximum transaction speed of the Ethereum and Bitcoin networks. The stellar network is believed to be able to handle as much as 1000 transactions/second with a settlement time of about 5 seconds. I believe that is enough reason to go with the stellar protocol.
Seyblock Tokenomics
The Seyblock platform did not hold an ICO but the tokens are already listed on several exchange platforms which include;
The token ticker is SEY and it has a total supply of 30 million tokens. 44% of the tokens will be sold on exchange platforms while 33% will be used as rewards in the form of bounties and airdrops. 17% and 6% for project development and team members respectively.
Features and Advantages of Seyblock
The key features of Seyblock include;
- Fast Transactions
- Affordable Fees
- Secure Payments
- Solving Scalability Issues
- Cross Border Transactions
Fast Transactions- By choosing the Stellar Network which can complete transactions between 2 and 5 seconds, Seyblock has positioned itself well to offer users speedy transactions.
Affordable Fees- Along with a mouthwatering transaction speed, the highest fees charged for transactions on the Stellar Network is only about 0.00001 XLM which is well less than the fees charged by the Ethereum and Bitcoin Networks.
Secure Payments- The Stellar Network makes use of proven public-key cryptographic toolsand techniques. The result of this is that all transactions on the network are public and all funds transfer can be audited.
Solving Scalability Issues- As I have stated earlier, the Stellar Network could process as much as 1000 transactions per second. The direct consequence of this is that there won’t be an issue once amount of transactions begin to increase exponentially.
Cross Border Transactions- With Seyblock, we will be able to move fuds with ease for next to no costs.
Conclusion
Being a platform that operates in the finance department, the team behind Seyblock have made a good call in going with the Stellar Network which could handle as many transactions as you throw at it in te shortest possible time.
For further information on the Seyblock Project, you can visit any of the links listed below;
Website: https://seyblock.com
Whitepaper: https://seyblock.com/whitepaper_v1.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=5065120.0
Telegram Group: https://t.me/seyblock
Authors details
Btt Username: tbossmitche
Btt Url: https://bitcointalk.org/index.php?action=profile;u=2296926
Lobstr/Stellar Address: GDUT3BLVRIKGKJD4EA2CZ343FSD4DUVCA7GGOZPGOIZO4RNOAQFS6FHK