FLETA is a platform that uses the Blockchain technology to provide DApp developers with all the necessary technology and support to build their projects in the FLETA ecosystem. FLETA wants to act like a service platform for DApps increasing the speed of transactions and minimizing the development cost.
A new Consensus Model
Most cryptocurrencies make use of two main consensus models, the PoW (Proof of Work) and the PoS (Proof of Stake). PoW is only popular because it was the first model, invented by the creator of Bitcoin. PoW is not energy efficient and most modern projects avoid using it. PoS was created to solve some of the issues the PoW model faced, however, the PoS model isn’t perfect either.
FLETA has developed a brand new consensus model called PoF (Proof of Formulation) which intends to prevent unnecessary forks and create a faster block generation and dissemination. The PoF consists of a:
-Formulator Group: which are all the nodes that generate blocks and and maintain them as well as all the groups of mining nodes that participated in the block generation)
-Synchronization Group: spreads the latest block faster between Formulators.
-Observer Nodes: performs the confirmation.
The PoF uses a rank system, the highest ranked node is given the role of block generator and 2nd to 5th ranks are given the role of the Synchronization Group.
The block generator, the highest ranked node, will generate the blocks and send to the next observer node which will proceed with the confirmation. Then the Synchronization Group comes into play by connecting the generated block to the chain and spreading the latest block faster between the Formulators.
The 1st node who has generated a block will be out of the group and the 2nd ranked node will become the rank 1. Likewise, all nodes have equal chance of mining.
If an user wants to be part of the Formulator Group, he will need to hold a particular amount of tokens and they will be rewarded by FLETA as well as DApp developers.
A New Block Fork Prevention System
With the addition of the Observer nodes, FLETA is able to stop attackers from trying to create fork blocks which would allow them to create double payments. A Formulator can only create and sign one block at once, if the Formulator tries to make two or more blocks to fork the blockchain, it will be stopped by the observer nodes which are verifying the process in real-time. A Fork can be easily detected since signatures of 3 out of 5 nodes are required; when two or more blocks of the same height go through the observer node, the node will detect the collision in the signature and put a stop to the Fork.
Other security measures are used in case the observer nodes are compromised, a ‘Panic Protocol’ is used to put a stop to the chain. Similarly, if the Formulator Group is the one compromised a ‘Ban Protocol’ is used instead.
Multichain and Scalability
Scalability is certainly one of the most important features when it comes to a DApp. A lot of systems have been invented to deal with the scalability issues, FLETA uses a system where each DApp subchain operates its own chain, it’s independent of the mainchain and can scale infinitely. Each one of these independent chains have their own Formulators and Observer nodes.
DApp developers can pay the execution fees with their own token and can operate directly, however, they also have to option to trust FLETA to operate for them. The mainchain doesn’t need to be operative in order for a subchain to work since each subchain consists of their own Formulator and seed and observer nodes are operating outside in an accessible server with a Public IP.
New Sharding Model
Cryptocurrencies use sharding to break up a large database in smaller parts. This improves the performance and speed. Normally, each node has to calculate and process every single operation and transaction. For instance ETH has a 20 Tx/s speed and Litecoin around 56 Tx/s. They are, however, not even close to VISA which has a 24,000 Tx/s speed. Clearly cryptocurrencies need a much faster transaction speed if they ever intend to become, well, currencies.
FLETA makes it that each shard operates independently and has their own chains. Shards are not influenced by each other which means the processing speed is greatly increased. In essence each shard is almost like a blockchain allowing multiple parallel transactions processing at the same time.