Generally, a gateway system is a multi-cryptocurrency payment system that allows users to send or receive different cryptocurrencies. This system reduces the number of third-parties involved and can be decentralized thanks to the use of smart contracts.
An effective blockchain gateway will need to be highly scalable, have robust security, low latency, and should be manageable. The FLETA gateway system allows users and projects to experience smooth transitions between different blockchain networks. Using the gateway system, projects on the FLETA platform can stay in their mainnet while using their original ERC-20 token.
There are many applications for a gateway system, even though payment is the most obvious one. It’s also important to note that because FLETA’s gateway system is using the blockchain technology, payments that go through the gateway are highly encrypted and secure. It also reduces the cost and hassle of having to go through various exchanges.
There are also many benefits over traditional gateway systems that can be highly risky and contain many restrictions. FLETA’s gateway system doesn’t have restrictions; anyone can use it from anywhere as long as it has an Internet connection. FLETA allows projects to use its chain that is faster and cheaper.
Thanks to the use of a brand new consensus algorithm, the Proof of Formulator (PoF) FLETA provides users with a maximum of 14,000 transactions per second. Additionally, the FLETA platform can prevent DDOS attacks and forks in the system.
What’s the Difference Between Tokens and Coins?
The main reason for the use of gateway systems is the exchange of coins for tokens. Tokens similar to a cryptocurrency, however, they use existing blockchains as their network. For instance, most tokens are built on the Ethereum platform, and they are known as ERC-20 tokens. These tokens use the Ethereum network in order to function, but they do not have their own blockchain network.
Tokens can be created on numerous blockchains like NEO, Stratis and many others. Tokens will often conduct what is known as a ‘mainnet swap’. It is essentially a process where the token switches from one blockchain to another, usually their own.
That’s why gateway systems are highly effective and needed when it comes to tokens. Because FLETA allows projects to use their original ERC-20 tokens while switching to their mainnet, projects can minimize the risk that is associated with the token migration process. Additionally, FLETA allows projects to customize their transaction fees, and developers can set it to zero and allow users to use the chain without any expenses.