Seele (SEELE)
Seele (SEELE) - Blockchain 4.0
Seele is one of those projects that aim to sound very technologically complex, but is that really the case?
Despite their rapid development, blockchains of today seemingly struggle to scale for high-performance and are unable to support diverse business scenarios. Seele aims to tackle this buy improving core blockchain infrastructure like consensus algorithms, communication protocols and upper application ecosystem.
The Seele ICO managed to raise $12 000 000 despite bad market conditions at the time.
The conventional blockchain consensus algorithms are inherently flawed. Proof of Work algorithms have severe computational overhead and leave a lasting fingerprint on the environment. While being efficient, the Proof of Stake consensus is vulnerable to a number of attacks, including Bribe attacks and Long Range attacks. Seele looks closer at the advantages and disadvantages of established consensus algorithms, proposing a new ε-differential agreement. This consensus’s performance increases linearly with node size and its parameters are adjustable according to the environment. There is also no head node selection process, no PoW mining which means the system is very energy efficient.
Blockchains like Bitcoin and Ethereum have a single-chain structure, all transactions take place on a single chain. While single-chain structures have their advantages, there are many persisting issues that prevent the scalability of the network. Those issues include TPS bottlenecks, lack of cross-chain interoperability and many more. Seele employs a multi-chain structure to combat those problems. The Heterogeneous Forest Network is composed of various subnets, these subnets can be separately viewed as partition trees. The protocol is engineered to meet different business needs and is adaptable according to their security standard.
The project sounds really promising until you find out that most of the team members barely have any blockchain experience, and according to community members and researchers many of them used fake information about their professional background. The whitepaper is full of meaningless techno-gibberish and buzzwords. Also, even worse, a rogue team member managed to phish a bunch of people into investing in a private presale, exit-scamming with nearly $2 000 000.
Seele is one of those projects that aim to sound very technologically complex, but if you scratch the surface, a lot of shady and questionable things come up. The team seems quite inexperienced for a protocol that is seemingly so technically advanced and aims to be so revolutionary. Definitely approach with caution, the lack of integrity of the people behind the project is apparent, and while some mistakes are forgivable, who knows what else is happening behind closed doors.
Current blockchain consensus algorithms are not scalable, secure, and efficient, forming the SSE
problem. For example, proof of work (PoW) lacks efficiency due to its inherently high computational
overhead. Proof of stake (PoS) lacks security, for example, by being at risk of the possibility of “nothing-
at-stake” attacks. Delegated proof of stake also lacks security, by utilizing only a small number of
decision-making delegates. Practical byzantine fault tolerance (PBFT) lacks scalability, as network
overhead increases rapidly with each additional node. Hashgraph is scalable and efficient but has
relatively large confirmation delays due to its structural and procedural constraints, such as the connectivity and partition of network nodes. Lastly, Algorand is scalable, secure, and efficient, but has strict requirements on the overall connectivity of the network, so the time it takes to reach consensus becomes unpredictable in the case of a network partition. Seele synthesizes the advantages and disadvantages of current mainstream consensus algorithms and proposes a Neural Consensus Algorithm based on ε-differential agreements (EDAs), with the goal of solving the SSE problem.
Neural Consensus uses EDA to converge a network upon a singular, correct value. This value could be a specific transaction order, block order, or any other metric that a decentralized network would need to agree upon. This large-scale convergence process is fully asynchronous, and each node executes its own part separately. When all nodes’ values are within the micro-real number ε-differential range, the network is considered to be in consensus. The time it takes for the network to reach consensus decreases linearly with the number of nodes, making Neural Consensus a remarkably scalable algorithm. In a 100,000-node network environment, transactions per second (TPS) reached 100,000 and the transaction confirmation time decreased to just a few seconds.
Furthermore, EDA is very robust in terms of the overall connectivity of the network, it can function even if the network connection is less than 50%. It is also able to handle up to 40+% malicious or failed nodes.
Seele synthesizes the advantages and disadvantages of current mainstream consensus algorithms and proposes a Neural Consensus Algorithm based on ε-differential agreements (EDAs), with the goal of solving the SSE problem. Neural Consensus uses EDA to converge a network upon a singular, correct value. This value could be a specific transaction order, block order, or any other metric that a decentralized network would need to agree upon. This large-scale convergence process is fully asynchronous, and each node executes its own part separately. When all nodes’ values are within the micro-real number ε-differential range, the network is considered to be in consensus. The time it takes for the network to reach consensus decreases linearly with the number of nodes, making
Neural Consensus a remarkably scalable algorithm. In a 100,000-node network environment, transactions per second (TPS) reached 100,000 and the transaction confirmation time decreased to just a few seconds. Furthermore, EDA is very robust in terms of the overall connectivity of the network, it can function even if the network connection is less than 50%. It is also able to handle up to 40+% malicious or failed nodes.
Seele is powered by anti-asic MPoW algorithm and Seele Sharding Technology for high throughput concurrency with 2000 TPS in the Seele main-net currently as a starting point and highly scalable as demand increases. Seele is fully EVM smart contract compatible.
MPoW (Matrix-Proof-of-Work), an innovative PoW consensus algorithm developed by SeeleTech and implemented in Seele’s main-net. Compared to conventional PoW consensus algorithm, MPoW requires miners to compute the determinants of sub-matrices from a matrix constructed with n hashes other than brute-force-hashing using a hash function to find the target. It consists of several steps which can efficiently prevents ASIC and GPU from dominating the network.
Credit card and bank transfer options are fairly limited and we wouldn't trust many of the current option. The safest way to buy SEELE is by buying some ETH or BTC through Coinbase and then exchange it for Seele on Huobi
Huobi
Founded in 2013, Huobi is a cryptocurrency exchange with over a million users and more than $1 billion in assets under its custody. Headquartered in Singapore, the company has an international presence. Huobi offers competitive trading fees when it comes to its commissions, as the broker charges 0.2% on major crypto pairs such as BTC/USDT, whether your order is helping to create liquidity or take it away.
Since 0x is an ERC-20 based token, it can be stored both on the Ledger and Trezor.
Ledger
As for using the Nano Ledger S, the first step towards setting up your device is unboxing it and checking if you have received all the accessories with the device. Once you have unboxed your device, you need to configure it and initialize it before being able to use it. The process is quite simple and will hardly take about 20-30 minutes post which you will be set to use your Ledger Nano S device. This video does a pretty good job at explaining how the setup works.
Trezor
As for Trezor, installing is really simple. To properly install it users should attach the unit to the computer. After that continue with installing the bridge which allows the Trezor to join with the computer. The first step is to connect the Trezor to device’s USB slot with the cable given in the box. After that, go to myTrezor.com and proceed with installing the browser extension. Trezor can also be used on Android or an iPhone, or on a Windows or Mac computer. Now, initiate the extension and myTrezor will direct you to pick a PIN. After this, you will notice nine buttons but the numbers are hidden. After this, users should check the Trezor’s screen to recognize which numbers are in which place because it switches every time. Now set the PIN. Shortly after, Trezor should present a 24-word wallet “seed”. In short, one word at a time. Note down this seed and save it carefully. If your Trezor device malfunctions or is lost, you can utilize the seed to reconstruct the complete wallet. This video explains how to set up your trezor quite well.
Exodus
First, we have Exodus, which supports a ton of other cryptocurrencies and ERC-20 tokens along with SEELE and is pretty straightforward and easy to use. Just download the app from the official site(exodus.io) and get straight into creating your wallet. Exodus stores your Private Keys on the machine you choose and not on any server, providing you with a relative peace of mind when it comes to the security of your coins.
Atomic Wallet
Another option is Atomic Wallet.
Atomic Wallet is a desktop wallet built with security, anonymity and decentralization in mind.
Atomic Wallet was designed to leverage the potential of atomic swaps and become part of a fully-fledged decentralized cryptocurrency ecosystem.
The “physical” wallet itself is a PC application that can be downloaded onto your computer. Your private keys and other data will then be stored on your PC in an encrypted form.
This means you hold your own keys, which are encrypted and kept only on your own device, control your own funds and can efficiently swap tokens without needing to go through a centralized exchange.
This application then interacts with the blockchains of supported coins. For example, if you check your transaction history in the program, it looks it up on the blockchain and then shows it to you, rather than storing this potentially sensitive information somewhere.
MEW
Since SEELE is still based on the Ethereum ERC-20 standard, that means that all ERC-20 supporting wallets can house your USDC. For an online-based wallet, we recommend MyEtherWallet. The wallet offers a brilliant combination of speed, trustworthiness and simplicity, making it the most popular online wallet for ether and any ERC20-based tokens.
Simply visit myetherwallet.com and set up your wallet with a method of your choosing, just make sure to store your private key somewhere safe. It's wise to have it written down on paper in case your PC/notebook malfunctions.
The only downside to using an online wallet like MEW is that there are literally hundreds of phishing scams out there to get your eth, so you better double check the address everytime and make sure to watch out for any malicious activity on your browser or PC.
