The Line Between Fact and Fiction: Seele Project

Updated: 18 June, 2018 seen 400

Disclosure: This is a sponsored story about Seele project, prepared by oxrocketscience.

Currently, I don't hold any investments with Seele. Also, I'm not a financial advisor and don't bear any responsibility if you will decide to invest in Seele. Investments in crowdfunding, stocks, funds, bonds or cryptos are risk investments and you could lose some or all of your money. Do your due diligence before investing in any kind of asset.

Projects of such scale as Seele emerge infrequently, and each time they become the focus of intense controversy between critics and supporters. Sometimes it is difficult to distinguish fiction from facts.

Let us see what typical allegations are used by the project critics and what they are wrong about.

--== Question at Issue 1 ==--

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What critics say

“Seele White Paper is complicated, but at the same time it does not contain technical details”

What reality is

Having read a few dozen reviews on the Seele project, I found that they all contain resembling phrases.

For example, "for me as for a person with a good basic understanding of the functioning of the blockchain technology, it was quite difficult to understand the proposed technologies" or "during the study of the project my opinion changed several times. It is difficult to make a clear conclusion".

Indeed, the white paper of the project contains many technical details and is difficult to understand. To fully understand it, it is necessary to have knowledge in the field of cryptography, statistics, network technologies, as well as finance, game theory and sociology.

The project team consists of several doctors of science and researchers in the field of blockchain. In terms of complexity of the content and the number of innovations described, the Seele white paper can be compared with a serious scientific research.

Some critics of the project believe that the document should include more references to sources and examples of code implementation. In this case, they consider that the external experts would be able to double-check the obtained results.

Let’s assume that the team would have gone that way. The current amount of white paper is 42 pages, which is an average value when compared to similar projects.

If Seele would set the goal to give the most detailed description of the each of the following technologies

  1. Neural Consensus Algorithm
  2. Heterogeneous Forest Network
  3. Value Transport Protocol
  4. Quick Value Internet Connection
  5. Computing Integration

We would get an unmanageable document of 200-300 pages.

The authors decided to choose a compromise solution as they prepared a document that would not scare a wide audience, but on the other hand, should contain the main scientific results.

Judgment

Can that be the case that the white paper is simply not finalized? No, I don’t think so.

  • The team answers all questions in detail in the interview.
  • Periodically, there are announcements revealing details of blockchain functioning.
  • The fact that the team did not drift apart after the ICO, is also in favor of this version.
  • On the contrary, there is a very active ongoing work. You can take a look at that on the project branch in Github Https://github.com/seeleteam/go-seele.

--== Question at Issue 2 ==--

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What critics say

“It is impossible to check the biographies of the project participants since there is little information on the Internet”.

What reality is

The biographies of project managers are published at the project’s official website Http://seele.pro. Moreover, the links to their public accounts are shared via Linkedin:

More information on the team can be found in the white paper that contains the names and biographies of 15 members of the team.

The whole team consists of award-winning experts. Five people are doctorates in the field of technical sciences. The majority are connected with scientific circles or have publications in the respected scientific editions. For example, Dr. Wei Bi, a chief research scientist of the project, has 8 patents in the field of blockchain.

For more information, you can read the 36-37 pages of the white paper or one of many project reviews. For example, the one written by IcoDrops team. By the way, it gained a like from the official account of the project, which was SeeleTech.

Undoubtedly, our team is one of the strongest in the industry (judging from the description in the White Paper). But we are interested in another matter.

Are they real people who are declared in the White Paper? Do they really work for SeeleTech?

Let's check the biographies of the project managers. All of them, except Nicholas Smith, have indicated SeeleTech (Official company Name) as their current place of work. Doctor Nicholas Smith should also do that as without any doubt, he is an active team member, which was confirmed by his several interviews and participation. The biographies coincide with those presented in the White Paper.

Let's pay attention to the ordinary Seele team members. Some of them have newly registered accounts on Linkedin. It looks like they registered specifically to implement the ICO project.

But it is a normal practice for teams from China – usually, they do not use social networks that are widely spread in the United States or in Europe. They just register accounts when necessary. The biographies coincide with those presented in the White Paper.

In the Project’s Twitter official page there are many joint photos of the team at conferences and meetups.

Judgment

Is there enough information about the team? Yes, quite enough. It can be found on pages 36-37 of the White Paper or in Linkedin profiles of participants.

Do the people listed in Project White paper really work with Seele company? Yes, the facts that cause doubt or “duplicate” Linkedin profiles were not found.

--== Question at Issue 3 ==--

What critics say

“That is a so large-scale project which raises the question: is that even possible?”

What reality is

The Seele project is blockchain 4.0, which is based on a completely new algorithm called “Neural Consensus Algorithm”.

Blockchain 4.0 assumes the development of large-scale industrial applications based on it, capable of simultaneously managing many processes, processing and storing large amounts and providing their coherence and logical coordination.

Currently, there are no blockchain 4.0 based projects in operation. Without exaggeration, Seele is a pioneer in this field.

Therefore, it is so difficult to make forecasts. I think the first assessment of the technical part of the project will be possible after the TestNet release, which is scheduled by the end of the second quarter of 2018.

We have already discussed a number of risks influencing the possibility of project implementation:

  • Competency of the team
  • Scientific and technical base  

What other reasons cause doubt about the possibility of project implementation?

Having read a lot of reviews, I have the impression that some people are just not ready to accept the speed with which technology evolves. They will always criticize something new that does not conform to their accustomed assumptions.

Let’s recall recent EOS Projects (June 2017), namely Dfinity and Cosmos. These are breakthrough ideas that appeared in the public space less than a year ago.

The projects stated that they would implement the Blockchain 3.0 solutions, i.e. support decentralized applications, high transaction speed, improved consensus mechanisms and network management.

Some people were skeptical and even now, despite the record sums of fees, top-tier funds onboard and statements of opinion leaders, continue to think like that.

Not much time has passed, but We see how main nets appear and more and more people launch nodes or deploy daps.  

Blockchain 3.0 has already become a reality that previously seemed unattainable.

Let us recall that at the beginning of last year many of these projects did not exist. Many of them have just recently completed ICO, like EOS, for example, or in the process.

It is likely that blockchain projects of a new generation will follow the same scenario: from mistrust to interest, and eventually to their acceptance and use on a global scale.

Judgment

Innovations in the blockchain occur at a very fast pace. Therefore, it is not surprising that when Seele announced its readiness to implement a new blockchain version, many were not prepared for that.

It is not about the team or the scientific base – there are no questions about them. It is about willingness to accept in innovation and recognize the fact that blockchain 4.0 is already coming true.

Summary

This article contains a few common opinions about the Seele project and shows why these opinions are wrong.

  • According to the White Paper, that is a well-developed document, the level of which corresponds to scientific publications. Some technical details are omitted, but this information can be obtained from other sources.
  • With regard to the project team, the management has the necessary competencies to implement such a large-scale project. Overall, the team is very strong. Several participants have newly-registered accounts in LinkedIn but it is normal for Chinese teams.
  • As for the possibility of implementing the overall project, the project belongs to Blockchain 4.0. category, as they themselves claimed, “Seele Is exploring the new peak of Blockchain 4.0!” There are no direct competitors, so it is hard to give any predictions. Given that according to the main net plans the Seele project has to be launched in the 4th quarter of 2018, and the TestNet even earlier in the 2nd quarter of 2018, we will learn the answer soon.

Afterword

Periodically, visiting various thematic forums or participating in discussions in chat rooms, I hear the following statement: “If you read the white paper of the project and you are not clear of it, then you should take a closer look at the project!” It is understood that you are lucky (maybe) and you have found a project whose basic idea is so revolutionary that it is difficult to understand. Such a project has a chance to take off and bring a greater margin of profit in the future. Of course, this is a very debatable assertion. But if you suppose for a minute that this is the case, the Seele project is worth a look.  

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Prepared by oxrocketscience