Sei Network is a Layer 1 blockchain optimized for trading digital assets, offering an open-source, public blockchain infrastructure. It’s designed to address scalability and user experience issues that hinder mainstream adoption of Web3 applications, which are vital for gaming, social, NFT, and DeFi applications.
The network is managed by a distributed group of stakeholders, including individuals, validators, infrastructure providers, developers, applications, institutions, and organizations. Sei’s consensus mechanism requires consensus among two-thirds of the network’s voting power before adding a block, preventing unintended reorgs and forks, thus ensuring faster response times and irreversible user transactions.
Sei uses compressed block propagation instead of normal block propagation, improving performance by 40%. The network processes blocks upon receipt rather than after consensus, leading to a 33% performance improvement. Sei can execute 20,000 transactions per second by running independent transactions concurrently.
SEI coin, the native asset of the network, serves multiple purposes, including payment of network fees, staking for validator operations or securing the network, participating in protocol governance, and acting as native asset liquidity or collateral for applications built on Sei Blockchain.
SEI coin can be securely traded on Binance, the world’s largest cryptocurrency exchange by transaction volume. It was listed on Binance on August 15, 2023, and is available in various trading pairs. Users can purchase SEI coin by first registering on Binance, funding their account, and then buying SEI coin through the selected trading pair interface.