FirstChain, the founder of FLETA,
all started from one question:
“What Platform could resolve the issues facing current blockchain platforms and create a sustainable blockchain ecosystem?”
The first generation blockchain platform, Bitcoin resolved the double spending issue of cryptocurrencies.
Following Bitcoin was Ethereum, the second-generation blockchain platform, who realized the diversity of services in the blockchain platform via smart contract.
Yet, most blockchain platforms are showing limits in terms of scalability, data-processing speed, data storage, and execution fees.
For blockchain platforms to take on sustainability and be operated in such a manner, developers should be able to develop DApps without any hassles, and users should be able to use it readily. It is with this in mind that FLETA came up with an optimal platform, meeting the needs of the platform participants, with our advanced technology.
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.
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’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.
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.
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.
Doo Hee Lee
Sam Soo Pyo
Hae Won Choi
Young Jin Son
More advisors will join our journey!