FLETA is a blockchain service platform which aims to provide the technology and business support services to DApp developers who build their projects in the FLETA ecosystem. With the objectives to provide a developer-friendly ecosystem, FLETA has dealt with the existing problems of blockchains such as scalability, speed or decentralization utilizing our own technologies -- multi-chain architecture, block redesign, parallel sharding, and our brand new consensus algorithm, Proof-of-Formulation (PoF).
Firstly, instead of the existing model, PoW (Proof-of-Work or PoS (Proof-of-Stake), we developed a new consensus model to prevent unnecessary forks. This new model is called PoF (Proof-of-Formulation) in which consensus is made on block mining procedure and blocks are generated in a designated order. This allows block’s dissemination range to be reduced, resulting in faster block generation and dissemination. Moreover, the observer node enables instant confirmation and prevents fork. In turn, the network becomes stable and transaction speed is increased.
Secondly, FLETA’s independent multi-chain structure solves the issues of scalabilities. In the existing blockchain platforms, the main chain included many DApps and the mining group had to operate the main chain and all other subchains. This easily led to the overload of the mining group. On the other hand, FLETA employs a structure in which each subchain independently operates its own chain, resolving the aforementioned issue. Thus, FLETA separates function and data field so that DApps are not influenced by one another, providing infinite scalability to DApps. DApps are designed to organize the Formulators by their token holders.
Lastly, by applying Block Redesign, LEVEL Tree validation and parallel sharding, we have enhanced processing speed, scalability, fees and data storage throughout blockchain networks. Combining our consensus model, PoF, and independent multichain structures with these key three technologies, we have achieved changes to the underlying fundamental structure for FLETA’s blockchain network that will enable it to become the go-to blockchain application platform and market.
In early March, by launching our beta testnet, we have demonstrated our technology capabilities. We have reached 10K TPS on 6-core CPU on average and 0.5 seconds of block time. We also have achieved a peak throughput of 20K TPS. In the meantime, by releasing our own DApp game, FLETA City Simulation, people regardless of technology background can experience the FLETA technology with fun. This game is completely an on-chain game which means every transaction record is recorded on the FLETA blockchain, and game players can check out real-time information on its block explorer: https://fletacityexplorer.fleta.io/
FLETA pays its attention to provide a developer-friendly ecosystem complying with local laws and regulations. FLETA has strived and will strive to overcome all the setbacks and shortcomings of the existing platforms, continuously upgrading protocols and boosting long-term growth by meeting the visions of various business models. In this regard, we believe that FLETA, playing a pivotal role in this tide, will contribute to add great values to the blockchain ecosystem.
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