Seele ICO Review: Is it A Scam or Not?

What is Seele?

Seele describes itself as the blockchain 4.0. This is because it improves on Bitcoin (blockchain 1.0), Ethereum’s smart contract (blockchain 2.0), Lightning Network (blockchain 3.0) which is used to improve the speed of transactions.

Seele states that it can handle previous blockchain’s features and more. However, due to recent news, it appears that the project has yet to see what occurred otherwise.

Aspects

  • Heterogeneous Forest Network: Consists of multiple subnets, each of the subnets can be viewed as a partition tree based on hierarchy. On the beginning is the meta-chain. It gives a global scheduling and configuration service. From the top to the bottom, it has multiple business forms. The upper layer gives scheduling and addressing services to the lower layer.
  • Value Chain and Value Transport Protocol: VTP is created on a heterogeneous network architecture. It covers the unique identification of assets and the strategy for digital asset discovery. VHTTP uses the exchange of human values between off-chain and on-chain.
  • Neural Consensus Protocol: The ε-differential agreement is an algorithm that’s used to sort large scale nodes, and the consensus works in this order. The consensus reports tend to increase in a linear fashion with the number of nodes present.
  • Quick Value Internet Connection: Meets and adapts to the various needs current blockchain networks face in the application and transport layers. Once it deals with additional connections, its low latency gives it an obvious advantage. This goes for the specified block size which increases the transmission efficiency by 1.

What Happened to Seele?

seele ico hackedApparently, Seele has gained negative press throughout the news. This is because two Seele employees had scammed crypto investors over $2 million dollars in ETH.

Two verified admins of Seele’s ICO group used Telegram to solicit ETH payments from public members who recently joined the group. This occurred before the Pre-ICO even started. As a result, Seele had started to lose its credibility amongst the crypto community.

Seele’s team members have reacted to the situation by creating a scam warning for the users that were in the group. They have found the scammers and removed them from their team.

Seele states that their Telegram account was hacked and compromised. However, bitsonline.com noted that the users nicsmith (Seele’s data analyst) and SeeleSupport were team members listed on the website. Some suspected that the scam was more planned than what Seele was letting on, however this could be a case of social engineering leading to compromised accounts.

Token Sale Information

  • Accepted Payment: ETH
  • Total Amount of Tokens: 1,000,000,000
  • Token Sale: TBA
  • Website: Here
  • Whitepaper: Here

Disclaimer: All of our posts are made for informational reasons only, not investment advice. Research every ICO you’re interested in and invest at your own risk.

Positives
  • Innovative Idea: Seele’s plan to improve on previous blockchain framework attracted multiple users to its cause.

Negatives
  • Vague Whitepaper: There is too much extra technical information that might confuse the reader.
  • Noticeable Scam: Seele has stolen 2 million off of their follower base.
  • Lack of Advisors: The website has only two advisors which can be rather suspicious to some.

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Jeremy Cole has been a crypto enthusiast for years. First getting involved in Bitcoin mining in late 2010, he has now diversified his portfolio and dug deeper into the alternative coins of the space. As new and exciting ideas arise in cryptocurrency, Jeremy is always looking for the next big thing and a coin which not only appreciates in value but also has a steady increase in use and demand. Jeremy has seen the rise of coins such as Ethereum and by studying the technical and fundamental side of ETH, he has learnt how to find similar coins that are likely to have a bright future.

4 Comments
  1. The team didn’t scam people – it was just a random person who pretended to be one of the team member and duped the admin who was present on the telegram during the time to make him admin. Far from a scam – more a human error by an admin on the team. Why shit all over the project because of this?! Other negatives I agree with but are applicable to 90%+ other crypto projects, but this seems most ambitious yet.

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