Seele, which has been in and out of the news over the past few months – mostly for the wrong reasons – launched its token sale today. The project pitches itself as Blockchain 4.0 and promises the most efficient decentralised ledger to date. The project aims to raise 5,000 ETH during the token sale which will run until 7th April.
The first generation of blockchain projects introduced digital currencies, the second smart contracts and the third decentralised applications (DApps). The so-called fourth generation of blockchain technology aims to solve the scalability conundrum, add further functionality and generally render blockchain technology more accessible for industry.
“One Million Transactions per Second”
Seele has a multi-pronged approach to creating a more efficient blockchain with more functionality. It makes use of an up-scalable neutral consensus algorithm which it claims can handle a million transactions per second. The network will also allow for cross chain communication.
Seele is not without controversy and its critics – in fact, several analysts have called it an outright scam. In February, Seele’s Telegram group was used to scam would be investors out of $1.8 million. The website is also less than impressive and has yet to be updated on the day of the token sale.
Nevertheless, while only 4,400 investors have been approved for the whitelist, Seele’s Telegram group has attracted 30,000 members. Investors appear to be buying into the long-term vision and the tokenomics of the project.
The token price will effectively be around 3.5 US cents, which some in the crypto community believe will make it attractive to small investors when the tokens begin trading on exchanges.