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. The blockchain ecosystem consists of users, DApp developers, and miners (blockchain node operators). FLETA, as a blockchain platform, provides a service model to DApp developers to include FLETAs chain technology, token generation, and an environment for developing smart-contracts and developer portals. When the service model becomes more active, the number of DApps will increase and the ecosystem will expand. As the ecosystem expands, there will be more nodes that maintain the blockchain network, which is designed to be mining nodes that create blocks and receive rewards due to the characteristics of the blockchain.
To create the mining node, a person has to hold a certain amount [subject to change; 200,000 FLETA tokens as of 8 Feb 2019y) of FLETA tokens. The monthly maintenance fee of mining node can be paid by Korean Won, US Dollar, BTC, ETH and FLETA tokens. When it is paid by FLETA tokens, the discount rate [subject to change; 20% discount as of 8 Feb 2019y] is applied so that we can promote people to use FLETA token as a method of payment. Also, FLETA tokens can be used as a payment method to use FLETA’s own DApp. FLETA is launching its own game DApp along with the beta testnet. The DApp game will be a free service.
Innovations of FLETA
The four technological innovations and three platform innovations in which blockchain functions are maximized, the token economy is distinguished, and scalability is expanded, are as follows:
New Block & LEVEL Thee Verification Method
FLETA newly designed and upgraded the block structure, which is the core of the blockchain technology. Blocks that were 560 bytes in one transaction have been reduced to under 360 bytes, leading to faster transaction speeds. This is the most fundamental approach to enhance the transaction speed without making changes in protocol or design such as to the consensus algorithm and sharding model.
Additionally, FLTEA adopted LEVEL Tree verification method, replacing the existing Merkle Tree verification method. This, also, is a technological breakthrough that enhances the real transaction speed itself. The replacement results in more than 5 times faster verification speeds. With the new block structure and LEVEL Tree verification method, FLETA actualized more than an eightfold transaction speed increase compared to the prior blockchains.
New Consensus Model: PoF (Proof-of-Formulation)
FLETA came up with a new consensus model, replacing the existing models like PoW (Proof-of-Work; verify calculation process) or PoS (Proof-of-Stake; verify stake) and preventing unnecessary Fork. The new consensus model is PoF (Proof-of-Formulation) and blocks are generated in a designated order, agreeing on the block mining order. This allows the block generation and dissemination to be faster, as the dissemination range of blocks are reduced. In addition, instant confirmation is made possible through the observer node. The incentives are the block rewards when Formulator node generates blocks. Incentives consist of block rewards and transaction fee.
Consensus Algorithm: PoF (Proof of Formation)
U.S.P(United States Patent) Application Number: 62717695
The consensus algorithm is one of the most fundamental parts of the blockchain network. This verifies the validity of the generated blocks and guarantees authenticity within the network. PoW (Proof-of-Work), PoS (Proof-of-Stake) and DPoS (Delegated Proof-of-Stake) are the most commonly known algorithms.
PoW algorithm raises the level of difficulty through mining competition, resolving the issue of civil attack or double-spending attacks. PoS algorithm resolves the issue of high-power consumption of PoW as the mining reward is allocated proportionately to the amount of coins. In DPoS algorithm, the token possessor uses the block generator or the witness system to carry out mining and verification, resolving the transaction speed issue. That is, in a general blockchain network, blocks can be generated simultaneously from networks all over the world. Thus, it uses a method in which block generation time is adjusted through a level of difficulty in order to prevent Fork, resulting in a seriously reduced speed of the blockchain.
Independent Multichain Structure
In the existing blockchain platforms, the mainchain included many DApps and the mining group had to operate the mainchain 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. Synchronization groups and seed nodes are rotated according to the process when the Formulator is configured. So, they’re a dependent concept for the Formulators. The Observer node can be set up with a variety of options in order to enable the DApp developer to either entrust FLETA to operate, or to operate directly.
Parallel Sharding
Parallel processing of transaction is a pivotal technology, actualizing high-speed transaction speed. In FLEA, transaction is allocated to certain shard according to a pre-determined rule and transaction result is processed independently in each shard. That is, each shard operates independently without being included or mutually connected with other shards, meaning each shard has its own chain. One account can access all the shards with the same key and address.
Keys and addresses are basic tools to prove data change authority in blockchain, so users must own the keys and addresses before they can be accessed. This applies not only to shards but also to the mainchain. However, anyone can view the contents of a block or transaction regardless of whether they own a key or address.
Three Platform Innovations of FLETA
Actualization of Ultra High-Speed TPS
The TPS that is feasible in the FLETA platform is ultimately traced back to the network speed and signature verification speed. Our original platform network, Geolocational Balanced Peer Selection Algorithm enables blocks to be distributed swiftly and evenly. This network algorithm is designed to connect peers with geolocational balance. The distance is determined by ping, and the lopsidedness of the network can be avoided, receiving nodes by a group which is generated through distance. The network distance creates as much distance as possible in order to make it as even as possible to avoid lopsidedness in a certain direction.
If many signatures are required in FLETA transaction, it can be made possible through creating a multiple signature account and putting in various addresses as authenticator when creating it. To use that account, all the signatures of the multiple addresses are required.
This clear design reduces the complexity of multiple signatures and simplifies the verification procedure.
The secp256k1 based ECDSA signature algorithm can carry out a maximum of 23,000 verifications per second in parallel processing of 8 core CPU. This requires 1.4 MB/s network speed in order for such transaction to be transmitted. Thus, FLETA aims to reach 20,000 TPS through our original block design.
Infinite DApp Scalability
FLETA employs a multichain structure, with independent subchains operated through each DApp. Mainnet overload is avoided, even when DApps in the platform and the number of subchains increase infinitely. FLETA is the one and the only platform where an enormous DApp ecosystem can be sustained with no limitations, thereby implying FLETA and FLETA’s DApps’ value to rise constantly.
Token Economy
DApps with token issued in the FLETA platform is operated in their own independent chain, not in the mainchain. That is, the 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 FLEA.
Token Metrics
**Inflation of FLETA tokens may occur as the activated Formulators(mining nodes) generates new blocks(tokens) every year. The total number of generated tokens will not exceed 400,000,000(20% of the total amount issued tokens at the beginning of FLETA); the generated tokens would be used as rewards to holders of activated Formulators who have participated in the PoF process.
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Whitepaper: Download
Tech paper: Download
Git Hub: Visit
Alpha Testnet Report: Download
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