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Over the last decade, blockchain technology continues to disrupt the world economy in ways never imagined before. Since the advent of Bitcoin which is referred to as Blockchain 1.0, various blockchain systems like Ethereum, EOS, Dfinity etc have been built which has opened up boundaries never imagined couple of years ago. Blockchain technology have made great strides since the advent of bitcoin. Bitcoin and ethereum have brought about innovative ideas and concepts that has been of so much help to humanity such as decentralized currency and smart contracts into the world of blockchain technology. The potentials of blockchain and cryptocurrency have allowed society to be autonomous and much more secured.
THE PROBLEMS WITH THE EARLIER VERSIONS OF BLOCKCHAIN TECHNOLOGY
The progress that blockchain technology has made can never be overemphasized. Fast and secured transactions, improved security, autonomous transactions are some of the advantages that blockchain technology has brought. However, poor scalability issues, performance inefficiency, adaptability issues and the inability to exchange information and share assets across different blockchain networks have all limited the adoption of this revolutionary technology. Although, there have been tremendous efforts to improve blockchain technology by several communities, blockchain is yet to be fully adopted by the mass market like the internet because of lack of commercial support and weak connection with the market. The potential huge market value of blockchain industry is yet to be realized mainly because of these pressing problems.
HOW SEELE SOLVES THESE PROBLEMS https://preview.redd.it/l1c7j9l9rp611.jpg?width=1280&format=pjpg&auto=webp&s=b77e444c9dc944244c823f4c0b49efcdc28b1df1
In response to these problems, seele has come up with a platform that will proffer solution to all of these problems associated with current blockchain framework. Hence, the name, Blockchain 4.0. Seele plans to provide a blockchain application with real world use cases which is an area that is lacking in most of the current blockchain applications. Seele is trying to restructure the way blockchain protocols are built. Seele hopes that a novel approach in building up a protocol’s architecture and upgrades on other areas of a protocol would definitely enhance the efficiency of blockchain technology. Seele believes this will definitely move the blockchain frontier forward thereby bringing about mass adoption of blockchain technology even in areas that the impact of this wonderful technology is yet to be felt. In trying to solve these pressing problems, seele has gone back to the core issues of the blockchain to try and solve these problems. These include consensus algorithms, ecological topologies, value internet protocols, underlying network protocols, collaborative convergence computing and application ecosystem, etc. Seele is trying to make massive improvements in all of the areas mentioned above in order to bring about massive adoption of blockchain while also providing Value Internet. Below are the solutions that Seele has come up with to tackle the current problems plaguing blockchain technology:
- Neural Consensus Algorithm
- Heterogeneous Forest Network
- Value Transport Protocol (VTP) ) and Value HTTP (VHTTP Protocol)
- Quick Value Internet Connection (QVIC) protocol
Neural Consensus Algorithm
Seele has come with a new consensus algorithm which is termed “Neutral Consensus Algorithm”. This new algorithm is set to improve performance when compared with current algorithms that exist in the industry. The current consensus algorithms are plagued with the problems of scalability, security and efficiency. With the current consensus algorithms that exist in the industry such as proof of work and proof of stake, an increase in node size participating in the platform means a decrease in performance level due to scalability issues. But Seele has come up with a neutral consensus algorithm which has an important feature of linear scalability. This means that the more the node size on the platform, the more efficient the platform becomes in terms of performance.
- Heterogeneous Forest Network
Seele has proposed Heterogenous Forest Network to solve the problem of single chain structures associated with the existing blockchain networks. Current blockchain networks run on what we call single-chain blockchain structure. This has been proven to have many problems associated with it such as delay in transactions which could make normal transaction takes awful longer than expected time, closed network structure which means that cross-chain transactions between different chains could not be established, and some other problems with throughput and performance. It is an open-truth that single chain structure can no longer handle the demand for blockchain services. With single-chain network, the network could easily get clogged up with many transactions pending a long period of time. Hence, the reason why Seele has adopted Heterogeneous Forest Network which runs on forest blockchain network because even multiple chain network has been found to have some inherent problems. Forest blockchain network bridges the gap between the real world and the digital world in terms of storage, transfer and transformation of resources.
Heterogeneous forest network solves the problem of delay in transaction time because each chain in the network only serves the services of the smallest set of functions, and each of the services runs on individual chains. These independent chains are however linked to a meta-chain which allows these individual chains to easily exchange value between them. This will not only help in securing effective security isolation, but will also help in achieving efficient use of computing and resources. The value exchange feature of heterogenous network is of great importance in shaping the future of blockchain technology because it helps in solving real life issues. For example, a business can have different individual segments (chains) working to solve a particular problem that the business is facing. Value exchange makes it easy for these individual segments (chains) to exchange information that could help in achieving the common goal of the organization.
- Value Transport Protocol (VTP) and Value HTTP (VHTTP Protocol)
The current value transmission mechanism makes it extremely difficult for blockchain networks to communicate conveniently. The current various blockchain networks are built with different set of data, different transactions, different codes and links which makes it almost impossible for these networks to share data and communicate with each other. The data model and the interactive protocol in these networks are completely different. In order to solve this problem, Seele came up with the Value Transport Protocol (VTP) and Value HTTP (VHTTP Protocol) based on the heterogeneous forest network architecture. VTP and VHTTP makes sharing of data between different blockchain networks seamless and convenient because of a uniform communication standard that has been set up these protocols. This communication standard is built on the uniform identification of the assets on the chain and the brilliant routing strategy which makes these assets easily discoverable. With different networks having this uniform identification of assets protocol built in them, transmission and sharing of data becomes easy.
- Quick Value Internet Connection (QVIC) protocol
Currently, blockchain nodes are scarcely located around the world. This means that it becomes a little difficult for these nodes to establish fast and secure connections. This lag in network and dormancy can genuinely influence the efficiency of consensus algorithm and interconnections of blocks between these nodes. Owing to these system drawbacks of Internet TCP and UDP protocols currently being used by existing blockchain networks, Seele came up with the Quick Value Internet Connection(QVIC) Protocol. This protocol is a game-changer as it comes with a revolutionary feature of Adaptability. This means that the Quick Value Internet Connection(QVIC) Protocol can adjust to meet the different needs that blockchain networks need both at the transmission level and the application layers. When trying to achieve high-speed connection, it is of utmost importance that dormancy period between nodes is kept at the barest minimum in order to have optimized transmissions between blockchain networks. This is exactly what Seele's Quick Value Internet Connection(QVIC) Protocol does. This is another huge improvement on what currently obtains in the blockchain industry.
In conclusion, existing blockchains up until now have set the tone for the eventual fate of blockchain innovation. Seele enhances and improves on the core issues associated which past blockchains which impeded the genuine capability of blockchain from being achieved. Crytics of blockchain innovation will find it difficult to find faults with some of the mind-blowing improvements that Seele has incorporated into its self-acclaimed Blockchain 4.0 which edges blockchain technology ever closer to massive adoption. Seele is going to be an industry standard and is already setting the pace for subsequent protocols. The upgrades Seele has made in ushering in the new face of blockchain, blockchain 4.0, centers around security, scalability, adaptability, energy saving and performance efficiency.
For more information on Seele’s Blockchain 4.0, visit the following useful links: