Founders: Jay Jog and Jeff Feng
Launch Date: July 2022
Cryptocurrency: Sei (SEI)
Use-Case: Trading and DeFi appsConsensus: Twin-Turbo Consensus (DPoS-based)
Partnerships: Circle Ventures, Coinbase Ventures
Sei (SEI) is a platform designed to optimise trading and decentralised finance (DeFi) applications. It aims to enable high-speed, scalable, and secure transactions, addressing the specific needs of decentralised exchanges (DEXs), non-fungible token (NFT) marketplaces, and Web3 gaming platforms. It does this using a unique parallelised Ethereum Virtual Machine (EVM) and Twin-Turbo Consensus mechanism.
Who created Sei?
Sei was co-founded by Jeff Feng and Jay Jog. Jeff Feng has a background in product management and strategy, having worked at Goldman Sachs and Coatue Management. Jay Jog previously served as a software engineer at Robinhood and Airbnb, bringing extensive experience in building scalable technology solutions. Together, they established Sei to address the limitations of existing blockchain platforms in handling high-frequency trading and complex financial applications.
How does Sei work?
Sei operates on a Twin-Turbo Consensus mechanism, a specialised variation of Delegated Proof of Stake (DPoS) that enhances network security and efficiency by allowing token holders to delegate their staking power to validators. Twin-Turbo Consensus optimises the block propagation and transaction ordering processes, enabling faster and more reliable transaction finality. This innovation helps validators receive and process blocks more efficiently, streamlining the consensus process and enhancing overall network performance.
Additionally, Sei’s parallelised Ethereum Virtual Machine (EVM) allows for concurrent transaction processing, significantly improving throughput and scalability. The Sei Database (SeiDB), an advanced database solution, further supports high-speed data storage and retrieval, which is crucial for a high-performance blockchain.
What is the native cryptocurrency of Sei?
The native cryptocurrency of the Sei network is SEI. It serves multiple purposes within the ecosystem. Users pay SEI tokens as fees for on-chain activities, ensuring the network’s sustainability. SEI tokens can also be staked to secure the network, with validators receiving rewards for their participation. Additionally, SEI holders can engage in governance decisions, influencing the network’s future development and policies.
