With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, FLETA, the blockchain service platform which aims to provide the technology and business support services to DApp developers who build their projects in the FLETA ecosystem has arrived.
"Decentralized applications (dApps) are applications that run on a P2P network of computers rather than a single computer. dApps, have existed since the advent of P2P networks. They are a type of software program designed to exist on the Internet in a way that is not controlled by any single entity.
Blockchain application hasn’t reached its full potential and it’s hard to tell when it will be a widely-accepted technology. However, one thing is sure: blockchain is taking big strides forward, not only with cryptocurrency but also in other areas of dApp development.
Decentralized application of blockchain in cryptocurrency has enabled people who never had the chance to access alternative income sources to apply the distributed ledger technology and access value in a new way. For example, Bitcoin, the world’s largest distributed application is using the internet to connect people on the same cryptocurrency platform."
With that being said, FLETA’s blockchain network has been designed to actualize the real ‘decentralization’ and contribute to the advancement of the blockchain ecosystem, by enhancing the independence and scalability of DApps.
But before we go any further, please check out this video presentation to get even more acquainted
Now that I have your attention, let’s get right to it.
What exactly is FLETA?
As depicted above and as indicated on the official whitepaper of FLETA, FLETA is the blockchain service platform which aims to provide the technology and business support services to DApp developers who build their projects in the FLETA ecosystem.
In addition, FLETA is a worldwide mainnet venture with accomplices and system which incorporate Europe (Malta, Switzerland, England, and Poland among several others), Asia (Japan, Thailand, Vietnam, and Singapore among several others), Australia and America. FLETA has accumulated worldwide acknowledgment through going to conferences and meetups in Europe and Asia and getting check of their innovation. In the primary quarter of 2019 FLETA plans to dispatch their Beta Testnet and have it accessible to people in general so as to have their innovation further checked and reviewed.
In particular, alongside the opening of the Beta Testnet, FLETA will dispatch a DApp game that they created so as to give developers and ordinary clients an opportunity to straightforwardly encounter FLETA's administration. FLETA is expecting to dispatch their mainnet in the second quarter of 2019 with the objective of encouraging a supportable DApp ecosystem.
The Vision
FLETA project aims to provide a service platform like Google Android or Apple iOS in blockchain, supporting the efficient development and operation of DApps for constructing a blockchain based app ecosystem, along with continuous technological innovations. This includes resolving the issues in developing and operating DApps through Ethereum or EOS and providing a perfect decentralized economy through DApp independence and scalability.
Independent Multi-Chain Structure
FLETA utilizes an independent multi-chain structure, with the existence of a sub-chain apart from the main-chain, resolving the main-chain overload issue and reducing excessive fees both for developers and users. That is, by separating the performance of the main-chain and the data domain, each DApp is operated independently, without being mutually influenced, leading to a limitless number of DApps being available. This in turn, results in the reduction of excessive development costs of DApps and execution fees caused by using DApps.
PoF Proof-of-Formulation
FLETA developed a new consensus model, preventing unnecessary fork, along with an improved speed, which distinguishes itself from the existing consensus models like Staking. This new consensus model is called PoF(Proof-of Formulation), consenting the order of block mining and creating blocks in such order. The spreading range of blocks is reduced, which makes the creation and dissemination of blocks more rapid. Moreover, real-time confirmation can be attained through observer node, also preventing potential unnecessary fork.
Block Redesign
Block’s structure is the pillar of the blockchain, which directly leads to the processing speed and storage capacity. FLETA has redesigned the block structure, which had been used since the initial stages. This was accomplished by reducing the blocksize by 43% and at the same time reducing the size of index, which is needed for operation. Thus, the processing speed became 1.8 times faster and data size has been optimally reduced, making the structure more efficient.
LEVEL Tree Validation
Unlike the Merkle Tree validation, which is constantly undergoing a great deal of calculation, FLETA adopted the LEVEL Tree validation. Reducing the size by 90%, the LEVEL Tree validation carries out a high quality transaction validation process with less data reception, concurrently increasing the speed of the process by more than 5 times.
Parallel Sharding
The Sharding Algorithm, which FLETA developed, can be operated in parallel, without double spending, as each shard is separated so that the data is not shared among them. Additionally, the enhancement of TPS is achieved with the increase in the number of shards, along with the enhancement of TPS in each shard, making FLETA process 20,000 transactions per second. We are proud to report that this is the fastest TPS of individual shards among existing blockchain projects.
Programmers Prioritzed ecosystem: FLETA's new Proof-of-Formulation consensus algorithm comprises of blocks generators (known as Formulators) that propose blocks to be mined on the blockchain. For each block that is effectively proposed, Formulators are remunerated in FLETA tokens for their work. All FLETA token holders may fill in as Formulators allowed that they stake and lockup a specific sum of FLETA tokens for a set timeframe in a "Detailing Account". At the point when the essential measure of FLETA tokens has been locked, they may join the system as a Formulator hub(hub) and begin producing blocks in order to earn FLETA tokens.
Mining
FLETA tokens can be earned as blocks rewards. As the lock of a specific measure of FLETA tokens is required to wind up a formulator hub, FLETA's blocks mining model gives a balancing out impact to the quantity of tokens accessible available at some random time. The more prominent number of formulators that there are inside the system results in more FLETA tokens being locked up, and this fills in as a speed and supply sink that balances out the token cost.
System Transactions
A level of the expenses from the majority of the exchanges made all through the system. Consequently, hubs who join the system early will be repaid with procuring a higher level of all out blocks rewards and exchange expenses all through the system.
DApps
Decentralized applications gangs' incredible potential for industry that need adaptability. By and by, there exist rivalry among online crypto stages inside digital currency stage; it has cleared immaculate ways where DApps stage can take off.
Transactions Systems
As a stage that is exchange empowered, clients will probably make their exchange easy through a framework like this. Therefore, clients who join this biological system at its beginning period will be compensated with a higher squares level which will all be trade and remunerated all through this environment.
Blockchain Security
With blockchain specialized system, new client and organizations' will probably work practically, with security FLETA will almost certainly set up strategy, development backing, legal guiding and publicizing administrations without dread of programmers of client profile.
About The Fleta Token
DApps with token issued in the FLETA platform are operated in their own independent chain, not in the mainchain. That is, token economy is actualized through various consensus mode selected by each and every DApp developer. Each DApp’s token can be rewarded independently through a preferred consensus model (PoW, PoS or voting process is included, but not limited to these). Token economy is a driving force of FLETA and its DApps, providing motivation for various utility tokens to get on board with FLETA.
Token Details
Hardcap: 30 million USD
Total Token Supply: 10B
Private & Public Sale: 2.5B (25%)
Reserve Fund: 4.2B (42%)
Marketing: 1.0B (10%)
Advisors & Partners: 1.0B (10%)
Founders & Teams: 1.3B (13%)
Tech Paper: Proof-of-Formulation / Advanced Transaction
PoF Code Released
2018 Q4
Exchange Listing
Testnet Open : Proof-of-Formulation / Advanced Transaction
Tech Paper : Smart Contract and Datachain Separation / Parallel Transaction Processing
PoF Code : Smart Contract and Datachain Separation / Parallel Transaction Processing
2019 Q1
Testnet Update : Smart Contract and Datachain Separation / Parallel Transaction Processing
Tech Paper : Governance
Management Portal Alpha Open
2019 Q2
Mainnet Open : Token Swap
Testnet Update : Governance, Grid Bucket
Management Portal Beta Open
Masternode Exchange Alpha Open
2019 Q3
Mainnet Update : Governance, Grid Bucket
Testnet Update : Realtime Router, Distributed Log
Management Portal Open
Masternode Exchange Beta Open
2019 Q4
Mainnet Update : Realtime Router, Distributed Log
Testnet Update : Service and Sever Resource Monitoring
Masternode Exchange Open
Game Project Alpha Open
2020 Q1
Mainnet Update : Service and Sever Resource Monitoring
Game Project Beta Open
MEET THE AMAZING TEAM
Till next time…
For more information, please visit:
Website: http://www.fleta.io/
Whitepaper: https://www.fleta.io/download/190410_FLETA_Buisness_Whitepaper_ENG_Web.pdf
Techpaper: https://www.fleta.io/download/181024-TechWhitepaper_EN_V2-web.pdf
Github: https://github.com/fletaio
Medium: https://medium.com/fleta-first-chain
Telegram: https://t.me/FLETAofficialGroup
Twitter: https://twitter.com/@fletachain
kakaotalk : https://open.kakao.com/o/gDDjvgN
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2487106
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.
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