According to crypto expert Stu L from the Altcoinbuzz team, SEI is everywhere. The expert claims that it is probably the biggest altcoin project to be in the news lately. But what is it? What’s the difference? And how can we make money from it? The expert discusses Sei, which he says will be a game changer in 2024.
What is Application Blockchain?
SEI is a financial application blockchain. This is the first difference from other Layer 1 Blockchains. Many Blockchains such as Bitcoin, Ethereum or Cardano are general-purpose Layer-1 Blockchains. This means any altcoin project that wants to build on it.
Application Blockchains are created with specific applications in mind. For example, Ronin and IMX are gaming blockchains. They are specifically built for games to be built on their own Blockchain. In SEI, the situation is about finance. This means that in all the technology decisions they make when creating blockchains, financial companies primarily consider what they need.
First, if they are trading or moving money in any way they need speed and scalability. Secondly, they need security. High security. This means that of the 3 legs of the Blockchain trilemma, the one that will be most damaged or inadequate is decentralization. And as long as users understand this from the beginning, that’s fine. Altcoin SEI gives legacy finance and trading companies the Blockchain components they want.
EVM & CosmWASM
Altcoin project works with 2 largest virtual machines for compatibility. Sei is working on protocol adoption: EVM and CosmWASM.
For EVM, Sei provides a parallelized EVM. This means you can run multiple processes simultaneously in the EVM environment. This increases the speed and efficiency in the system. This is a new way to run an EVM and Sei is the first altcoin to offer this. For CosmWASM, it is already compatible with this, most commonly known as Web Assembly, as a Cosmos Layer-1. Sei already has smart contracts in WASM. As a result, Sei is compatible with both. And transactions are fast.
Altcoin price action: Too high, too early?
Sei is in the news mostly due to its massive price movement. So did he go too far, too fast? Let’s take a look. It is currently the #46 coin by market cap on CoinGecko. It increased by 224% in the last 30 days. And in the last 3 months, it has gone from its all-time low price of $0.095 to its current price of $0.73. This is a 7x or 667% increase in just 90 days.
The current altcoin price is just below the ATH level of $0.87, which was about 2 weeks ago. So there was a pullback from $0.87 to $0.73 or almost 20%. As a financial application blockchain, Sei needs only one thing to achieve massive adoption. Old TradFi comes in and uses Blockchain. But it needs to bring the volumes that came with legacy finance. This is the world of Fidelity, Blackrock and Franklin Templeton.
Not coincidentally, all 3 are part of the 11 Bitcoin ETF approvals. Now I leave you with a question. After seeing how successfully Bitcoin ETFs have been launched, do you think these legacy financial companies will focus more on Blockchain, less on it, or try to use it the same way they do now?
The opinions and predictions in the article belong to the expert and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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