Brief Summary:
As Blockchain evolved, more and more problems and issues were identified. Seele aims to build Blockchain 3.0 and aims to solve the current blockchain problems such as the issues with the communication protocols, consensus algorithms and cross-chain agreements issues. Seele also aims to promote the ecosystem and the development of the value- added Internet. In gist Seele proposes,
A novel neural consensus algorithm- This is an algorithm that Seele will use to improve the fault tolerance from 33% to 40% without compromising the TPS
Heterogeneous Forest(HF)Network architecture — Excellent scalability potential
Value Transport Protocol (VTP) and Value HTTP (VHTTP Protocol) — This will be used to integrate internet resources seamlessly to build and deploy protocols and for maintaining the Internet assets and entities
TCP/UDP-based low-latency Quick Value Internet Connection
(QVIC)protocol- This will be used to improved security and latency which are the issues in the traditional Internet TCP and UDP protocols. QVIC is expected to increase the transmission efficiency by nearly 1 order of magnitude.
Detailed Look:
Now the devil part aka the details part,
A. Neural Consensus Algorithm:
Seele proposes ε-differential agreement (EDA) which aims to solve the scalability, security and efficiency drawbacks found in the PoW, PoS, DPos and pBFT. It has been explained with detailed information given around how this algorithm will work in the whitepaper for you techies out there
What I personally like about this is that, the algorithm is compatible with the traditional chain structure and DAG structure and the block ordering is not dependant on the consensus of the pre-block helping to improve the performance.
B. Heterogeneous Forest(HF)Network architecture:
Blockchain tech has evolved a bit over the years and has grown fiercely in the last year or so. But with the advancement comes the challenges, the traditional blockchain networks such as BTC, ETH is single chain based meaning the transactions takes place on once chain. Single chain had severe TPS issues and still have issues around how fast transactions can be processed on single chains. The closed network structure also posed challenges around interactions between multiple platforms.
Industry reacted to the issues found in the single chains and there came the multi-chains. This is relatively new so time should tell what issues this may pose but we are starting to see the main chains becoming the bottle necks for the side chains.
Seele is proposing a new Heterogenous Forest Blockchain structure to address the problems posed by the single and multi-chains. A hierarchical partition tree like blockchain structure formed by subnets and the main control global chain called “Meta Chain” as the top of the tree is called as the Forest blockchain structure. While the main config and schedule is controlled by the meta chain, each of the subnets can be used by institutes and different type of institutes to meet real world business needs. Layers in the structure can be used to different security and access rights.
C. VTP and VHTTP Protocol
Seele will use VTP — value transfer protocol just like the ENS used by Ethereum but Seele aims to solve the efficiency issues found in the ENS. Seele provides a Uniform Asset Identifier (UAI) to the assets, so each sub-chain can query its chain via a smart contract and any side-chains can be found by querying using its UAI. Route caching in SEELE helps in avoiding the bottleneck in the Metachain as the route caching is local and done when a new chain is added to the network.
Please refer to the whitepaper for an example VTP value structure
VHTTP helps in exchange of messages between the metachain and off-chains and supports HTTP. VHTTP can be easily accessed and it exposes 3 requests, GET to get resource information using UAI, TRANSFER to transfer assets and POST to create a new asset in the chain.
D. QVIC Protocol
Idea is very simple, the handshake time in the traditional TCP is ignored so the packets gets transmissioned directly thereby improving the TPS and efficiency. QVIC will provide the efficiency and integrity together.
Product:
Testnet available
Q4 2018 is Main net
Roadmap:
Impressive roadmap with main net in less than 6 months — Q4 2018
Investors:
No info found in the website or in the WP
Partnerships:
No info found in the website or in the WP
Metrics:
Hardcap- 12M USD
1 SEELE = 0.0324 USD (0.00008000 ETH)
Sold: 48.25%
Total tokens: 1,000,000,000
Core Team:
Seele has a very strong team of scientists and blockchain guys. I would say possibly the best and strongest team in all the ICOs conducted this year so far.
Advisors:
No info found in the website or in the WP (I could be missing but not obvious)
Positives:
Blockchain 4.0 is appealing with improvements in fault tolerance without any TPS compromises
- Very strong team- what a pack these guys are
- Whitepaper is detailed and well written
- Mainnet in Q4 2018 — not far away
- Impressive hard cap during ICO- 12M for 48.25% tokens
- Enhanced incentives structure — Tokens are rewarded to the final deal convergence nodes and get transaction fees and each time a node generates a block, the system will reward block-delivers with tokens.
- Data storage and computing sharing between onchain and offchain
Negatives:
There was a FUD during pre-ICO as their telegram admins did an exit scam by getting ETH from investors- Seele did well and handled the entire process smoothly at the end
- Information getting repetitive at times in the WP- also info around simple things like HTTP, URL takes space in the WP making it look big
- Cannot see any info on partners, investors or advisors (I could be missing) anywhere in the site or in WP
Verdict:
Seele is a great project with a very strong team but it all comes down to execution when a new thing is tried. There is no doubt that Seele will one of the best projects out there now.
Investing: Yes, I already have. It is now trading in Hadax and IDEX/ED and still a great time to enter into SEELE
Score: I am no one to give a score- All these are my humble opinions
Disclaimer: This is not an investment advice. These are my humble opinions about the project and I request you to do your own due diligence.