Let’s start to take apart the Sei Network project, item by item.
Sei Network is a Layer 1 blockchain specialised for traders. Sei blockchain was created to help DEX exchanges become better and offer a better design for users.
What is Layer 1 blockchain?
A layer 1 (L1) network is a blockchain in a decentralised system. Two examples of such networks are Bitcoin and Ethereum.
With Layer 1 scalability, the underlying blockchain protocol is modified to implement scalability. With these solutions, the rules of the protocol are changed, increasing the throughput and speed of transactions.
Level 1 scaling can include:
- Increasing the block acknowledgement speed
- Increasing the capacity of the memory block
I would also like to point out that the Sei Network is one of the most advanced Layer 1 projects, and has in tests the fastest speed, namely 0.9 seconds block time. Before we delve into technology and development, I would like to introduce you to investors who believe in the Sei Network project
I want to share the great news. Sei has closed a $5 million funding round led by funds such: Multicoin Capital, Coinbase Ventures, Delphi Digital, Hudson River Trading, GSR, Hypersphere, Flow Traders, Kronos Research and founders of Anchorage, Frax, Yield Guild Games and Tangent.
Also a bit about the project team:
Founded by Jeffrey Fan and Jaendra Jog, the Sei network has brought together people with experience at various tech giants and trading companies Robinhood, Databricks, Airbnb, Goldman Sachs and others.
What technology does Sei Network use?
Cosmos SDK
The Cosmos SDK is a modular framework designed to construct application-specific blockchains instead of virtual machine-based applications. Virtual machine (VM) blockchains like Ethereum were created to host application development on top of an existing blockchain as a set of smart contracts.
Tendermint BFT
Formerly known as Tendermint, the Ignite consensus framework is a proprietary Byzantine-Fault-Tolerant (BFT) Proof-of-Stake (PoS) infrastructure that allows the Cosmos Hub and its underlying blockchain “network of networks” to function.
Quite a number of projects and development teams make very difficult choices at the start of their project.
Either create an application on an existing blockchain within a limited development environment, or create your own blockchain.
Of course, creating your own blockchain is not an easy and time-consuming process. But applications with a lot of functionality simply cannot exist and work properly on already existing, inflexible blockchains, such as Ethereum. For a specific purpose, you need a professional and specialised blockchain that is purpose-driven, optimised and energy-efficient
To develop such blockchains, developers use special software, which is the Cosmos SDK, which in turn uses the Tendermint Core consensus algorithm, the Tendermint Core consensus algorithm, but developers can choose from a number of different ready-made modules. The tool greatly simplifies the process of building a blockchain and offers all the features to build it.
Security
Sei supports a centralised set of validators that are thoroughly tested in the Seinami stimulated test network. Protocols built on Sei will be able to use Sei validators instead of building their own sets of validators. This removes one of the biggest obstacles to moving to Cosmos. In addition, Sei uses frequent batch auctions to prevent minimum extractable value (MEV) from appearing in its chain. I would also like to add that Sei is working with Axelar Network to leverage the network interoperability technology. This allows Sei not only to connect assets to IBC and EVM chains, but also to leverage the smart contracting capabilities and logic of all Axelar partners.With this Sei interacts with users and liquidity from foreign networks, greatly expanding the total available market for protocols built on Sei.
Performance
Sei uses two important technologies to optimise DEX exchanges.
Parallelism
A system of parallel orders has been introduced by the developers.Which allows orders to be allocated to different markets at the same time.
Order pooling
Market makers can send multiple orders within a single transaction, thereby reducing gas costs. The second layer includes an order aggregation algorithm: all orders for the same market . Are executed together by a smart contract, which results in only one virtual machine initialisation and increased throughput.
These optimisations have significantly reduced block production times and will generally improve network performance in the future
In conclusion I would like to say that Sei is trying to create the highest level of DEX development that we have now and make it faster and more optimised.Definitely in the near future we will see simply unique DEX exchanges created on the Sui blockchain that will exceed all user expectations and surpass the competition.
You can also take a look at the official infographic from the Sei team, it looks fascinating!
Ambassador Program
Sei Network has an interesting idea of an ambassadorship program called Atlantis, in which you have to move up the career ladder.
There are 6 roles in the Discord channel:
Seilor is an initial role that everyone who is verified gets.
Crew — your first step to dive into this program, read the rules of the server in the branch #rules, then tag moderator, ask him for this role, after that you will open a branch #crew, which has a detailed article in Notion and the form that must be completed to get the next role Officer, all links you will find in the branch #crew.
Officer- Active member of the Sei Network who creates content as well as daily participation in social networks
Captain — Active officers who make a great contribution to the Sei community are eligible for this role.
Major — Top Captains who help coordinate, scale and manage the Ambassador Program can expect to be considered for this role.
Admiral — As far as the Admiral role is concerned, this is a full-time transition into the Sei ecosystem. That is, you will be responsible for all those things we described above and join the Sei team.
Unique Ambassador Rewards represent Closer Access to the Team;
- $SEI tokens for special assignments;
- Access to the alpha version
- Various grants and conference admission
Welcome to the social networks of the Sei Network project, with you was alloborik#5183.
