Seele – A Game Changer in Blockchain Industry

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The word “Seele” comes from a German word which means “soul”. The “soul” here does not only belong to human beings but it can mean the core of actions or ideas. In this context, it refers to the core of Seele’s, which is to revolutionize the new age of Value Internet. The underlying rationale for this goal is the existing problems that are happening regarding the rapid growth of blockchain and its apps. Through a set of new protocols, Seele is trying to solve the problems.

Business Idea

Seele will improve the previous blockchains. So far, we have been familiar with Bitcoin, Ethereum smart contract, and Lightning Network. These blockchain technologies are used to ease and speed of transactions. Because of a huge number of nodes, the existing blockchains work less effectively. For this reason, Seele plants to mitigate the problems by proposing a new algorithm called neural consensus algorithm, which will make the latest blockchain work better and faster. This algorithm is also said to have excellent scalability.

Missions and Goals

As stated earlier, Seele plans to use the neural consensus protocol to create a high concurrency among different nodes, enabling the network to generate a diverse and multi-chain forest ecosystem. Any relevant business will use the forest to run in a single chain, creating heterogeneous blockchains. This design will improve security and optimize resources in the network. The cross-chain design also lowers transactions fees that users need to pay

The Seele Technology

Bitcoin and Ethereum, as the original blockchain networks that have been widely used in lots of different sectors, use single-chain structures. It means that there is only one chain for various transactions. It can make consensus and transaction processes simple and straightforward. However, as blockchain technology keeps evolving, some challenges have emerged. First, there are bottlenecks in the current blockchains performance. The growth of blockchain services requires faster transactions. Bitcoin can only handle 7 transactions per second while it takes up to 20 seconds for Ethereum to make a new block.

Second, with the single-chain structure, certain businesses that involve lots of users can crowd the whole blockchain network. As a result, transactions will be difficult to proceed. Another problem with the single-chain structure is the inability of the blockchain to create cross-chain interaction. As a result, businesses between multiple platforms cannot interact.

A multiple blockchain structures can solve these problems. However, it can address the problems on its own. Business needs are getting more diversified and changing rapidly. The multiple blockchain structures alone is not sufficient to meet the needs. In addition, sharing data resources on multiple chain is problematic. The best solution is a Heterogeneous Forest Network (HFN). It enables cross-chain access so a number of different transactions can run between various chains.

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