chore: remove based sequencing as it doesnt work (#2533)

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## Overview

the based sequencing spec doesnt work as intended, the implementation
nor the spec will be fixed in the forseeable future. Removing the code
from main will make maintenance easier. The code still exists in git
history so we dont need a feature branch with it

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Co-authored-by: tac0turtle <[email protected]>

Author: tac0turtle