[This is a translated article originally from Kyunghyang Games]
FLETA CEO Paul Seungho Park came to gain interest in the IT field as he was providing medical service. Thus, as he got to know what blockchain is, he participated in various conferences as an audience to gain insight. In the conference where the CEO was just an attendee a year ago, he was recently invited to it as the leader of a promising blockchain company. Viewing blockchain as a technology with a bright future, Mr. Park and FLETA are taking strides towards the goal of applying blockchain technology in real-world business models.
Q. Can you introduce the company?
FLETA CEO Park. FLETA is a company that develops blockchain technology. The practical application of blockchain technology in real IT services was the reason why we started the business. Ethereum, which accounts for 85% of the market, specializes in token but still shows setbacks and loopholes in providing actual services. FLETA is working towards the goal of developing technologies that will be used for actual use cases.
Q. How much progress have you made in terms of development?
Mr. Park. In terms of the FLETA Mainnet, we have developed it from late 2017 and our first version came out in April 2018. We have carried out an Alpha test in November 2018. Our originality derives from consensus and block design, which we have applied for a patent in the US and are still in the process of finalization. Additionally, FLETA is developing a multichain structure. Existing blockchains collect all the data, striving to become platforms. FLETA, on the other hand, create a separate node when creating DApps or blockchain-based services.
Q. What is the reason behind adopting a multi-chain structure?
Mr. Park. Take a look at Bitcoin, which is the most well-known. In Bitcoin, if the transaction is 100G, it uses 50G to filter and record the transaction, meaning that the index data efficiency is 50%. We’ve garnered efforts to resolve this issue by using a method called ‘LEVEL TREE,’ which consists of three levels of clusters of 16 transactions that are hashed into one unit. Our focus was on performance and fast speed.
Q. What sets FLETA apart from existing blockchains?
Mr. Park. Ethereum entails GAS and EOS entails STAKING, which are execution fees. Multichain structure was our idea of tackling this issue. Of course, the existing fees are not entirely gone even with the multi-chain structure. Yet, in the case of Ethereum, DApp users must have Ethereum besides the DApp token. However, in FLETA, DApps pay the fees for using Ethereum and in turn, can set the commission.
Q. I am curious as to which extent FLETA can perform.
Mr. Park. ‘FLETA City Simulation’ was what we developed, and we conducted a Mainnet Beta service. Back then, 36 nodes in 4 continents were installed with 6-core CPU. A total of 800 people participated in the 1st and 2nd test and recorded a max of 10,000TPS. All the transactions within the game were recorded in the 2nd test. When the most users were partaking at the same time, 100TPS was the figure.
Q. It is impressive how you tested the Mainnet through a game. What are the core contents of FLETA?
Mr. Park. We had a lot of conversation with partner companies regarding the DApp. There are many ways. You can secure a developer community like COSMOS or you can even secure the number of DApps like Klaytn, which opened recently. FLETA is making our own ways by developing our own game. We wouldn’t have the competence in numbers, so we are aiming to make representative use cases in which blockchain technology is applied. From this point of view, we concluded game will be a great use case. The genre of the one we are developing now is TCG. We are considering using blockchain technology in connecting outer third parties to the game or in transactions among users.
The blockchain game market is a nascent market. Developing the game with heightened quality and utilizing blockchain technology in the distribution of the contents is what we are considering. Additionally, we are also considering a way to benchmark Skillz of the US and applying it to blockchain. Skillz is a game platform that connects matches between users and manages scores and reward distributions. It is our belief that it can work in harmony with the credibility advantage of blockchain technology.
Q. Do you enjoy games?
Mr. Park. I do. The members also enjoy playing games, which in turn led to a diversity of ideas for business. When I first started the business, I actually tried to create a mobile game. The reason why we are developing games currently is because we believe games will have great synergic effects with blockchain.
Q. How big is the game developing team?
Mr. Park. Among our 18 members, 3 are in charge of games. We are in the process of recruiting game developers, which hopefully will take place in the near future.
Q. Do you think TCG and blockchain can work in harmony and create synergic effects?
Mr. Park. TCG is a game in which balance is key. We are considering striking a balance through blockchain governance. Regarding the ability and effects of the added cards, we believe that we can induce the input of the users.
Q. What is the timeline for the mainnet?
Mr. Park. Right now, it is a beta version, but we plan to operate the mainnet in late July to August. Afterward, we will issue our own token, in the mix with FLETA token based on ERC-20. In the case of Ethereum, our plan is to make use of the exchanges and existing networks as much as possible, which are known to be solid. We will put a gateway between Ethereum and FLETA. Exchange usages and individual transactions will be made in Ethereum and FLETA coin will be used for using games.
Q. ‘Verification’ seems like the factor that sets FLETA apart from its counterparts.
Mr. Park. In the case of EOS, 21 BP partake in and lead the project. As we were considering a way in which more people can participate, we came up with the Formulator System. Anyone can participate in the Formulator system, so more can participate compared to EOS.
We have added Validator system as there were question marks on the credibility. You can operate Formulator only if you have more than 200,000 coins. In the case of Validators, they need to stake 5,000,000 coins. Once the Validators get approved by FLETA, they verify the block created by other Formulators. Through this process, more and more can be introduced to the FLETA ecosystem.
Q. What is the strength of FLETA?
Mr. Park. Our strength is execution. Many domestic blockchain companies had a prior background but FLETA started from scratch, with no network and still managed to grow to this level. We were just an audience in last year’s Deconomy in April and yet, in this year’s Decenomy, we were officially invited to the event as a participating company. The driving force behind us, one that made us participate in an established, major conference, is our ability to execute.
Up until now, we’ve put in all our efforts to develop the service and execute as written in the white paper. Now we are starting to actualize the service based on such prior efforts. There may be doubts as we have no background and experience in operating actual services. But what we can say with an unwavering belief is that we have a clear goal and making strides toward it.
Q. What is FLETA’s goal?
Mr. Park. Our goal is to make blockchain service widely used in everyday life. Our goal is to build the serviceable blockchain. Dominating the ecosystem is not what we are trying to pursue. FLETA will strive to find places in which blockchain system is applicable in our daily lives.
ARTICLE SOURCE: Kyunghyang Games