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.
FLETA designed the mining node to be operated on the cloud network and charge the monthly maintenance fee of the mining node to miners. This becomes FLETA’s revenue.
To put it simply, FLETA’s business model is to provide the mining nodes like IaaS or SaaS and receive the maintenance fee.
In early March, by launching our beta testnet, we have demonstrated our technology capabilities. We have reached 15K 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 addition to DApps on FLETA, we are also under discussion with several enterprises including Swisscom Blockchain and AVEX Technologies, for FLETA technology adoptions to their IT solutions which will accelerate blockchain adoptions in everyday life. In this regard, we believe that FLETA, playing a pivotal role in this tide, will contribute to add great values to the business of Bittrex, one of the world’s largest and most legitimate crypto exchanges