What is Seele-N (SEELE)?
SEELE is the native token of Seele-N, which is an autonomous public blockchain platform that is compatible with EVM. It is a public domain that is scalable and uses mature Tendermint & DPoS consensus architecture to ensure the efficiency and reliability of services that are fully accessible to all parties.
This public chain was established in 2018 and launched the first version in 2020. Following this launch, the Seele-N crypto project was seeking a more innovative mechanism which led them to develop a dual-currency model. Finally, in 2021, the new Seele-N version was released.
The Seele-N crypto project was designed keeping in mind scalability, safety, decentralization, governance, and flexibility. The Seele-N price in the market relies on these objectives being carried out successfully in accordance with the demands of users and investors.
Seele-N is a scalable network that features low-latency transactions that occur at high speeds. Seele-N provides a security threshold that is able to withstand an attack even when the attacker exceeds the threshold. There is no division of users in the network, whether they are miners, developers, or users. If you are a token holder, you can vote on parameter changes and other developmental projects in the future. Since the Seele-N coin is compatible with EVM, it can easily support the transfer of assets and applications to the Seele-N network.
Seele-N Modules
The Seele-N chain offers four modules. These are on-chain governance, staking, slashing, and distribution of mining pools and GAS. On-chain governance and staking are the main modules that make up the base of the entire system. The proper functioning of these modules ensures that the Seele-N price in the market remains stable and rising.
Seele-N provides a variety of on-chain governance solutions which include network proposals, automatic on-chain parameter adjustments, software upgrades, and income distribution proposals. These solutions rely on the staking of SNP tokens to ensure that the proposals will not be abused. To vote on the proposals, you have to be a user participating in the staking process.
Slashing is a process that ensures stability and efficient operations in the chain. It prevents active wrongdoings of double signatures and passive wrongdoings of poor applicability. Double signatures happen when someone votes for two blocks at the same block height. Poor applicability is when the number of blocks signed by the verifier is lower than a certain threshold. If someone were found to be partaking in slashing, a percentage of their staked SNP tokens would be deducted as a penalty. They may also be disqualified from participation temporarily.
The distribution of mining pools and GAS module deals with the distribution of fees and tokens based on everyone’s contribution to the network. The transaction fees ensure that there are minimal spam transactions and that the rewards of staking are promoted. The fees are distributed to the previous round of block generators, verifiers, and community rewards.
Seele-N Tokens
Seele-N follows a dual token economy. The functional token is called SEELE, and the governance token is called SNP. SEELE ensures that the basic operations of the chain are being performed smoothly. It plays a role in value circulation and GAS consumption.
The SNP token provides power for industrial applications. If you are a holder of the SNP token, you have voting rights and other reward benefits on the chain. 3 million SNP tokens have been issued. 49% are used for ecological construction, and 51% are used for mining on the Nerv Ledger platform. The SNP price and SEELE price in the market rely on the ability of these tokens to carry out the task they were created to do.
