What is Sei? Everything you need to know about SEI

Sei is a Layer 1 blockchain specifically designed to support digital asset transactions such as cryptocurrencies, NFTs,… Accordingly, this project was chosen to be built on the Cosmos SDK to take advantage of Tendermint technology, thereby forming a complete and expanded decentralized trading ecosystem.

If you want to know more detailed and interesting information about Sei Network, please follow the following content from AZcoin now.

What is Sei?

Sei is a Layer 1 blockchain created to serve the work of digital asset transactions including cryptocurrencies, NFTs,… For this purpose, this project was designed and selected. built on the Cosmos SDK to leverage Tendermint technology.

With the desire to form a complete and scalable decentralized trading ecosystem, Sei has used the Twin-Turbo consensus mechanism and Parallel Order Execution. This improves the ability to handle transactions throughput up to 20,000 with a completion time of just 500 milliseconds.

Not stopping there, the Sei Network development team also plans to build a V2 version with EVM compatibility and parallelization features. If approved, this V2 version will become the first Layer 1 parallel EVM blockchain to be born.

How does Sei work?

Sei’s operating mechanism is relatively complex with many mechanisms to optimize performance and consensus in its network. Possible mechanisms include:

• Twin-Turbo consensus mechanism: Designed to process transactions quickly and efficiently, helping to increase decentralization and improve network infrastructure.
• Intelligent Block Propagation: Improves intelligent block propagation, reduces latency, and increases transaction confirmation speed.
• Optimistic Block Processing: Optimistic block processing, allowing for quick confirmations without waiting for complete consensus.
• Parallel Order Execution: Execute transaction orders in parallel, helping increase scalability and reduce processing time for DeFi applications.

What does Sei’s ecosystem have?

Sei’s ecosystem is currently developing very strongly with many extremely diverse and unique features such as:

• Bridge Sei Network: Supports asset conversion from Sei to other blockchains, currently supporting Wormhole and Axelar.
• Sei Network Kryptonite: Liquid Staking platform from Sei, with currency market integration for users to earn compound interest and increase trading leverage.
• Sei Network Explorer: Supports block discovery from Sei.
• Sei Network Swap: Supports easy swapping of electronic assets with the SeiDEX decentralized exchange.

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Information about Sei’s team, partners and investors

Development team

Information on prominent members and people behind Sei’s success are:

• Jayendra Jog: Co-Founder of Sei Labs, spent 3 years as an engineer at Robinhood.
• Jeff Feng: Co-Founder of Sei Labs, spent many years working at Coatue Management and Goldman Sachs.
• Kouhei Kawamura: Contributor of Sei Labs.

Partners and investors

In the initial stage, Sei successfully raised more than 85 million USD from four qualifying rounds of capital from major investment funds such as Coinbase Ventures, Jump Crypto, Multicoin Capital,…

On the partner side, this network also receives cooperation from many large projects such as Axelar, SPACE ID, Router Protocol,…

Overview of SEI

SEI is the official utility electronic token of Sei Network, used to pay service fees as well as participate in other utilities of the ecosystem here.

Specifications

• Token name: Sei Token
• Ticker: SEI
• Blockchain: Sei Network
• Contract:
  • Sei: usei
  • Osmosis: ibc/71F11BC0AF8E526B80E44172EBA9D3F0A8E03950BB882325435691EBC9450B1D
• Token type: Governance, Utility
• Total Supply: 10.000.000.000 SEI
• Circulating Supply: 1.800.000.000 SEI

Allocation rate

• Ecosystem reserve: 48%
• Private Sale Investors: 20%
• Team: 20%
• Foundation: 9%
• Binance Launchpool: 3%

SEI Use Cases

SEI holders can use it for the following specific tasks:

• Pay transaction fees for dApps in the network.
• Staking to become a validator.
• Join the admin network.
• Request transaction priority.

Where to trade SEI?

To trade SEI, the best crypto exchanges we can recommend are Binance, Coinbase, Bybit, Osmosis and Jupiter.

Where can SEI be stored?

To store SEI most safely and conveniently, you should use an exchange wallet directly for your storage purposes. You can also use other third-party wallets with potential names such as Keplr Wallet, Fin Wallet, Compass Wallet,…

Conclusion

We have finally come together to cover all the relevant information about Sei Network. Hope this information will be useful to you. If you have any other questions, don’t hesitate to contact AZcoin.