TL;DR
Not to be confused with SUI, the SEI (Say) Network is a new protocol developed as a middle-man between traders and the networks they use. Looking into what Sei Network is, how it works, who’s using it, and if it’s any good are all on the agenda today. With the approval of a Bitcoin ETF this week, crypto networks are getting ready to onboard an unprecedented amount of new users. Does Sei Network “really” offer better trading for everyone? Find out in today’s Wealth Mastery Altcoin Review.
Built using the Cosmos development kit, Sei wants to optimize trading across multiple networks using Inter-Blockchain Communication. Check out the “Top 5 Cosmos Coins” to learn more.
Mentioned back in late 2022 in our Sei Airdrop Guide, this technology is nothing new but has been getting considerably much more attention since the launch of Layer Zero.
Realizing the limitations of legacy networks like Ethereum and how long it can take for a trade to settle can be a hard pill to swallow for new traders. That’s where Sei and its optimization protocol come into play.
What is SEI Network?
The launch of Sei is championed by a Goldman Sachs Banker and Robinhood Software Engineer noticing trading inefficiencies and the lack of transparency in their own houses. This is what initially triggered these two individuals to come up with the idea for Sei.
With the crypto space at a point of desperation for anything new, people quickly began gravitating toward the potential of executing Sei.
Sei’s Layer1 network is being sold as a general-purpose blockchain. One that is specialized specifically for the exchange of digital assets.
Sei’s vision, however, has nothing to do with blockchains or crypto. What Sei really wants to do is challenge the throne that Solana has been fighting for. That’s trying to be the next major software stack adopted by institutional traders using the Nasdaq. Essentially, attempting to sell us shovels for the crypto gold rush.
Their main argument behind the necessity of using Sei is based on the decade-old argument surrounding the blockchain trilemma. Sacrificing either privacy, scalability, or security. The truth is that most networks are already operating to be more decentralized, efficient, and secure with each new update.
How Does SEI Work?
Sei uses a technology they call Twin Turbo Consensus, allowing for near-instant transactions at just under 380 milliseconds. In the current landscape, this makes Sei the fastest Layer1 network in crypto.
Sei achieves this level of throughput but modifying the functionality of validator nodes on the network. This allows for the parallel execution of smart contracts using Sei.
Allowing contracts to run concurrently allows them to share resources at points where multiple contracts require the same resources. Optimizing the existing storage design of nodes on Sei helps batch smart contract executions to reduce their cost of operation.
Sei appears to have accomplished this sub-second block time based on current network metrics. These metrics also show us that Sei Network has very few transactions in each block. Making it very easy for Sei to achieve quick transaction finality. Showing that Sei is not without its own technical…
Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin.
As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom.
“The swarm is headed towards us” -Satoshi Nakamoto
