It takes some time before the world fully settles on new, innovative technology. There are often some mixed reviews concerning innovative ideas with each professional giving their own opinion but ultimately, uptake of new technology depends on the final consumer of the product or service. If the masses love what it does, then innovators have no option but to provide this tech in its original or improved version. The internet was loved by all and it has changed the parameters of global completely, no other technology has come close to the revolution caused by the internet. It is the basis of most innovations today. Blockchain is attempting to change the world as the internet did only through providing more secure services and offering transparency wherever it is applied. However, blockchain faces the challenge of mainstream adoption.
Seele is changing the Blockchain Scene
✅Blockchain started out as a solution to the challenges Bitcoin was facing and it helped Bitcoin grow into the financial giant that it is at this point in time. Various decentralized applications came up as developers tried applying this winning formula to real-world use. The concepts and final product of some of these decentralized applications were great though there were some challenges observed especially through the protocols that these decentralized applications (DApps) were based on. Scalability and adaptability of the available protocols such as Ethereum have been cited by numerous sources including Ethereum itself and there have been attempts to improve this. For most of these issues to be completely solved, a new approach on blockchain has to take place. Change is inevitable in this world and most of the time, it is necessary that improvements are made in order to achieve the best functionality of any innovation built.
✅Seele is taking this bold step by restructuring how blockchain protocols are made from the ground up. They have exciting new ideas that they would like to test on their platform. Seele hopes that a new take on a protocol’s architecture and improvements on other areas of a protocol would drastically improve the efficiency of blockchain and make blockchain ripe for adoption in the mainstream world where demands can surge at any time depending on the population. This article looks at some of these new innovations and improvements and how they will make blockchain easily adaptable to mainstream demands; thus promoting the migration from centralized systems to fully decentralized systems.
Seele is attempting to build what it terms as a value internet. Achieving this would completely change the direction blockchain has been taking over the past couple of years placing Seele as the freshness that blockchain requires.
Cross Chain Communication
Communication between various blockchain could open up a ton of use cases that could be welcomed by the masses. Seele achieves this through what they call a heterogeneous forest network. The heterogeneous is leading, indicating that the network will interact with different types of blockchains.
✅For protocols such as Ethereum and Bitcoin, they use single chain structures which work but have some glaring limitations, like driving a car with square wheels, sure it will move, eventually, but the amount of energy spent will be enormous. Single chain structures limit transaction speeds in blockchain protocols leading to excessive delays such as the two-week transaction delay observed in the Bitcoin protocol. They also limit the exchange of value between chains different chains. In order to achieve value internet, Seele had to take care of the single chain problem that was associated with previous blockchains.
The heterogeneous forest network proposed by Seele is to be made up of individual ‘trees’ or chains, which can function independently as their own blockchain. These independent ‘trees’ are however linked to a ‘mega tree’ or a meta-chain which allows these individual chains to easily exchange value between them.
✅The potential of value exchange through the heterogeneous forest network is great for the future of blockchain. It can be applied in almost every economic sector of the world. Take universities for example, doing a joint research becomes more secure and seamless. Those working in these universities can register on their own specific chains; data can be collected and exchanged securely among them. For businesses, they can have multiple chains specialized in solving specific problems the business is facing. This would be far much better than conducting operation on one chain only where storage problems and transaction delays are likely to occur. All these functions can be linked through one decentralized application built on top of the Seele protocol.
Consensus Mechanism
✅The proof of work mechanism and proof of stake mechanism have exceeded their stay in the blockchain world. These consensus mechanisms are part of the reason why protocols cannot function as efficiently as they are supposed to. Seele’s proposal is a new and innovative neural consensus algorithm that changes the manner in which new blocks are selected. It moves the voting system from discrete to a continuous voting method which quickens the selection process for the next block to be built. This new mechanism proposed by Seele promises to be much better than the byzantine agreement. The byzantine agreement had a fault tolerance of about 33%, the neural consensus mechanism increases fault tolerance in the proposed Seele platform to 40%. It therefore improves on the robustness and tolerance of the Seele protocol while still maintaining great performance. The neural consensus algorithm will also randomly select block builders thereby making it harder for any party to perform a Sybil attack on the protocol. It also improves node functionality.
✅This new proposed consensus algorithm can be great for businesses. The ease in which consensus is achieved would provide for better transaction rates thereby improving the speeds of conducting transactions within the business. Furthermore, an increase in bump tolerance, even by the proposed 7%, will support business functions even in slow days. For example, on major world holidays such as Easter or New Year, there may be fewer nodes functioning on these days but businesses still need to go on. Increasing the fault tolerance allows businesses to operate even when more nodes are online. The 7% increase may seem small but imagine a case where a platform has about 10 million members, the extra 700,000 node accommodation would be a worthy cushion against a slowed down platform. Social media decentralized applications may also find the extra cushion supportive of their platforms.
The neural consensus algorithm also supports linear scalability of the protocol. Seele’s protocol performs better as the number of network participant’s increase.
Storage
✅The internet of things is advancing periodically and soon, most devices that we will own will be connected to the internet. In fact, most of the devices we own are already connected not only to the internet but to each other through the internet or other wireless connectivity options. Data being relayed from these devices have to be stored safely and using blockchain seems like a safe option. There are also decentralized applications that connect the internet of things with institutions or individuals depending on the services that their clients require. The challenge that arises from this is on data storage and quick accessibility of this data. There is also the issue of security, which blockchain takes on quite well. However, Seele seems to be an all-round solution offering security, quick accessibility and better storage options for both individuals and institutions.
✅On-chain and off-chain storage will be made available through the Seele protocol. For off-chain storage, the interplanetary file system will be employed by the Seele team. Discovery of stored items on-chain will be done using the Naming Value Transfer Protocol. Data that is meant to be stored in the off-chain storage units will have to be uploaded first to the Seele blockchain protocol. After uploading of the data is complete, it is hashed then copied to the interplanetary file system storage unit. Hashing the data once the upload is complete makes for easily retrieval of the data when it is required. Once a user provides the hash for the data needed, it searches the network before relaying this information to the user who made the request.
Proper data storage is essential in any institution that wants to thrive well into the future. Seele provide the security and transparency of blockchain without compromising the speed at which this data can be accessed. Furthermore, users will find Seele easier to trust compared to the previous form of trustless storage which makes institutions wary of who actually has access to their data.
Blockchain Innovation
✅Seele’s platform is innovative, fresh and takes on a different dimension of blockchain technology. Blockchain, as mentioned earlier, was built to support the Bitcoin network but developers found its use applicable to most areas that required secure and transparent connections. It has give birth to a whole new industry and increased the market for developers. Blockchain has already done a lot in the recent years but a quick reset that Seele is hopefully going to provide will open up even greater doors for developers and blockchain enthusiasts.
✅The solutions that the Seele platform has come up with to cater the challenges that protocols such as Ethereum have been facing over the years will provide the reason for decentralized applications to shift from past blockchain eras to forward thinking eras such as the Seele protocol. There may be a few glitches during the initial release of the Seele mainnet, which is planned for the last quarter of 2018, however, once the mainnet becomes stable, the fruits of a blockchain-changing protocol will start being seen.
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