This is extremely exciting for the Seele community, as we get to show the blockchain space exactly what we can do. The test net is expected at the end of Q2 which we are fast approaching! I also don’t think it is any coincidence that Seele Team has lined up a new exchange to co-inside with this test(See below).
Key things to watch out for during this test, is of course how many transactions per second can the Neural Consensus Algorithm sustain, as well as how many nodes are conducting the test.
Ideally we want to see Seele scale linearly as node size is increased. I cannot over emphasise how important this is! It will be revolutionary for the crypto space. The Trilemma that faces blockchain (security,speed,privacy), is one of the biggest facing the industry! Could it be potentially solved by Seeles new proposals? And what Impacts could this have moving forward?
Currently Seele had only been available on the HADEX exchange, which we won the community vote for! This was a great first move for Seele, not only because we beat many other outstanding projects to be listed. But also!) because the exchange provided high Liquidity with a very nice User Experience.
A NEW Exchange is expected June 28th, this will be on Huobi Korea, trading pairs will include Seele/BTC and Seele/ETH.
This is a smart decision on Seeles part, as South Korea is arguably the biggest market for crypto currency adoption. By Seele Positioning themselves in the Asia Pacific Region it will to build a strong community, amongst a group that is already extremely positive about crypto.
The token release schedule was posted. It is worth noting that the majority of tokens will be locked until Main Net launch.
Circ Supply = 460 million Seele
Total Supply = 1000 million Seele
3 Months later
Circ Supply = 620 million Seele
Total Supply = 1000 million Seele
6 Months Later
Circ Supply = 1000 million Seele
Total Supply = 1000 million Seele
Seele provided new info, on this through their medium blog which I employ you to check out! And will link at the bottom of this article. I will do my best to summarise the information.
Currently the most popular Consensus Algorithm is the proof of Work model which Bitcoin and Ethereum follow! They have their downside though! It is estimated at the current Hashing power, the last Bitcoin will cost in excess of a billion dollars of oil to mine. This is simply not sustainable or ethical in a world where Global Warming is a bigger issue each year.
Also Bitmain, and the companies it supply's, is approaching 51% Hashing power. Which means it “could” launch an attack across the Bitcoin network and double spend Bitcoins. This is un-acceptable! While we may trust the Ethics behind Bitmain, the whole idea behind Bitcoin is to be a decentralised system. Proof of work seems to be failing as a consensus mechanism! Step in Seele!
The Neural Consensus mechanism Seele proposes uses a ε-differential agreement(EDA), which through a mathematical process gets the majority of nodes to agree on a single consistent value. The goal of EDA is to make sure all the nodes in the network reach consensus at this particular value i.e reach consensus. Which is the main mechanism behind confirming transactions with immutability on the blockchain!
This proposed method, is scalable and secure. If you would like to test it out. Seele has set up a way for you to do so at:
https://mybinder.org/v2/gh/seeleteam/EDA-demo/master
Thanks for Reading, if you liked these updates about Seele! Please leave a upvote! And follow the Channel!
Disclaimer : All investing is speculative. This isn't financial advice. Just one man's opinion of a complex fractal world with infinite variables, affecting the system, at exactly the same time.
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