The Sei Network (SEI) it's a Cosmos-based Layer-1 blockchain that aims to change the world of digital asset trading, especially in the decentralized exchange (DEX) ecosystem. It was designed specifically for the trading world, featuring various sectors of the cryptocurrency space spanning GameFi, NFTs, and most especially decentralized finance (DeFi). Sei positions himself as the “Decentralized NASDAQ” as it offers a perfect combination of centralized finance (CeFi) trading experiences with decentralized finance tools.
Since its inception, it has established itself as a major player in the cryptocurrency space by offering cutting-edge features and advantages over its rivals. With its innovative technology statistics and passionate community, it has become one of the fastest growing Layer 1 blockchains for commerce and other purposes.
In essence, the SEI tab is designed to optimize and streamline business operations and interactions. It is expected to be not just a cryptocurrency but a comprehensive solution that addresses various challenges in the contemporary blockchain ecosystem.
Who are the founders of Sei Network?
The founders of the Sei Network (SEI) and the brains behind SEI are Jayendra Jog, Dan Edlebeck and Jeffrey Feng. Jayendra Jog was the former lead software engineer at Robinhood, a popular centralized crypto exchange.
Dan Edlebeck is the co-founder and CEO of Exidio, a decentralized VPN application in the Cosmos ecosystem. Finally, Jeffrey Feng brought investment experience gained from his position at Goldman Sachs.
Investors and institutions supporting the SEI token
The Sei network has many credible investors and institutions backing it, such as Coinbase, which is one of the largest centralized exchanges (CEX) in the world; Jump, Muitcoincapital, Layer Zero, GSR and many more as shown in the website screenshot below.
What Sei Network aims to achieve in the crypto space and beyond
Sei aims to foster smart, efficient and sustainable companies, and does so by harnessing the power of block chain technology to automate processes, reduce costs and eliminate intermediaries. This makes Sei tokens pioneers in the race towards a decentralized future.
The Sei token is unique in its approach and functionality as it goes beyond standard cryptocurrency features and offers a sophisticated governance model that encourages active community participation. It takes the aspect of decentralization to a higher level by ensuring fair and transparent decision making.
The token is designed for compatibility and scalability, allowing for seamless integration with new and existing business systems. This means that if you are a large corporation like Black Rockmanaging $10 trillion in assets, or a small business startup, the Sei token is designed to fit seamlessly into your operations, giving you the benefits of blockchain without the hassle of overhauling your business system.
How does Sei (SEI) work?
One of the main problems with decentralized exchange (DEX) is that orders are not processed on-chain or are processed on-chain on a fast blockchain at the expense of decentralization and security.
Given this bottleneck, the Sei network has implemented several innovative features to solve the challenges faced by decentralized exchanges (DEX) combining off-chain speed with on-chain security. It adds orders to the end of the block and executes them all at once instead of executing them one by one, thus preventing the persistent problem of breakthrough in decentralized trading.
The Sei network also uses native price oracles that minimize external dependencies while offering reliable data sources. Handles the placement and execution order in a single transaction instead of two (2).
What makes the network unique?
The Sei network differs from the rest by its self-execution smart contracts with the terms of the agreement written directly into lines of code. The code and the agreement contained within it exist through a distributed blockchain network.
This means that transactions are irreversible and traceable, and do not require a third-party intermediary. This automation process drastically reduces costs and increases efficiency, making transactions seamless and very simple.
Sei tokens also use a decentralized infrastructure, meaning that no central entity or authority controls them. Instead, control is spread among many different groups. nodes or computers participating in the network to ensure that even if one node fails, the entire network continues to function smoothly.
The decentralized nature of the SEI token fosters a sense of community and mutual trust among its users. It has a democratic system that encourages active participation and promotes transparency and equity.
Notable Features of the Sei (SEI) Network
Bi-turbo consensus mechanism: The Sei Network leverages the Cosmos SDK and Tendermint Core to provide decentralized business applications with speed, security, capital efficiency, and decentralization.
Parallelization: The Sei blockchain divides work into smaller parts, processing and executing them simultaneously to avoid early execution.
Native order matching: The Native Order Matching feature ensures that decentralized exchanges (DEX) can have their own central limit order book (CLOB).
Grouping of orders: Sei offers order bundling at the customer and chain level to improve user experience and efficiency.
Oracles Price: It is built into a native system for trusted assets with real-time oracles provided by validators, meaning Sei provides users with an oracle module that functions as a token price reference.
Lightning-fast transactions: Sei claims to offer 600 milliseconds in transaction finality, making it highly scalable compared to other crypto projects like bitcoin, ethereum, and even Solana.
Position structure: At launch, SEI tokens have no on-chain trading fees; However, decentralized exchanges (DEXs) can introduce their transaction fees through smart contracts.
Potential applications in various industries
Banking and Financial Industry: Sei's blockchain technology is designed to streamline operations, eliminating the need for intermediaries and reducing transaction costs. This will bring a new level of transparency to the banking and finance industry, with every transaction recorded and traceable on the blockchain.
Medical and healthcare industry: The Sei network offers an efficient way to securely manage and share patient data. This can help eradicate fraudulent activities, improve patient care, and improve data interoperability.
Supply chain industry (import and export): The Sei blockchain network token can guarantee the authenticity and traceability of products, from raw materials to end consumers. Each step can be recorded on the blockchain, providing full visibility and reducing the appearance of counterfeit goods and products.
Impact on the environment: Sei's green consensus mechanism significantly reduces energy consumption compared to traditional cryptocurrency. Its smart contracts can automate carbon credit trading, supporting companies in their sustainability efforts.
Digital identities: The Sei network can be used to develop a secure decentralized solution to manage digital identities and protect people's privacy and digital data.
The Tokenomics of the SEI Coin
Sei's native cryptocurrency, SEI, does not have a maximum supply of tokens to mine. However, it has a total supply of 10 billion coins. This means that all tokens in circulation have been freely mined on the blockchain, including those that are locked or reserved. The token has a circulating supply of 2.4 billion at the time of publication.
According to your website, 48% of the supply is in an Ecosystem Reserve, and Private Sale Investors and the Team receive 20% of the supply, respectively. 9% of the supply went to the Sei Foundation and Launchpool received 3% of the supply.
The Sei token is up 619% from its all-time low of $0.09536 on October 19, 2023, and its last all-time high of $0.8778 was recorded on January 3, 2024. With a market capitalization of 1,500 million dollars, it is currently number 48. -the largest cryptocurrency in the industry.
Conclusion
The Sei network aims to solve problems not only in the crypto industry but also in other industries. This includes companies such as the banking and finance industry, where they aim to reduce transaction costs by eliminating the use of intermediaries and providing top-notch security measures to protect users' privacy and identities.
The blockchain is energy efficient compared to bitcoin as it does not consume as much energy. Its super-fast 600 millisecond transaction finality makes it highly scalable on a scale comparable to Kaspa, whose full confirmation transactions average 10 seconds.
Featured image by Dall.E
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