PoF(Proof-of-Formulation): FLETA’s Own Consensus Algorithm
PoF, FLETA’s own consensus algorithm, does not require enormous computing power like PoW. It is also different from DPoS, where only elected delegates can participate in mining.
A Formulator is a mining node of FLETA. All Formulators participate in mining once per Phase according to a designated rank. Once the whole Formulators have participated in the mining, a new phase starts. That is, Formulator that first created a block at the Phase-1 can be the first or the last at the Phase-2. The rank is set randomly by changing each Formulator’s hash value into a number through a certain mathematical formula. There is no rule in the setting of the rank and the formula changes in every phase, so it is actually impossible to predict the rank.
It may seem inefficient that all Formulators participate in the mining. However, FLETA’s block time is only 0.5 seconds, and each mining creates 8 blocks. So, it takes only four seconds per mining. Pretend there are 1,000 Formulators. If these 1,000 Formulators participate in mining, it takes about 4,000 seconds or 66 minutes — 1,000 Formulators x 4 seconds (8 blocks x 0.5 seconds). Moreover, in the FLETA’s mining ecosystem, blocks are instantly confirmed through Observer Nodes. Among five Observer Nodes, three of them should validate the blocks immediately after generating the blocks, which enables the blocks to be disseminated quickly.
PoF is a new consensus algorithm that does not only maintain the outstanding performance of the chain but also improves the vulnerability of its security.
Types of Formulators
Formulator is a mining node of PoF(Proof-of-Formulation), FLETA’s consensus algorithm. It can be categorized into General Formulator and Hyper Formulator. General Formulator has three levels: Alpha, Sigma and Omega. Hyper Formulator’s participants consist of Validators and Delegators.
It’s Easy to Run General Formulators
Anyone who wants to run mining nodes can easily create Formulators and participate in FLETA token mining. To create one General Formulator, he/she signs in to FLETA Formulator Portal first, stake 200,000 FLETA tokens.
After creating a General Formulator, to run the Formulator, he/she should pay a server maintenance fee every month (USD 120/month excl. VAT), because General Formulators are generated and operated in a cloud network of FLETA. This means the operator of Formulator do not need to set up and operate a server by him/herself. If the fee is paid with FLETA tokens, 20% discounts are applied.
Upgradable General Formulators
As we mentioned above, General Formulators can be categorized into three levels by each category’s performances. At first, you can start with Alpha Formulator, a basic level Formulator created after locking up 200,000 FLETA tokens.
After running four Alpha Formulators at a minimum of 30 days, operators can upgrade their Formulators to one Sigma Formulator, which projects 1.15 times higher performance than Alpha Formulators. Of course, the reward rate of the Sigma Formulator is also 1.15 times higher than that of Alpha Formulator. Also, the monthly maintenance fee of running one Sigma Formulator is lower than running four Alpha Formulators.
Likewise, if Sigma Formulator operators have run two of them at least for 30 days, they can upgrade their Sigma Formulators to one Omega Formulator. Omega Formulator has 1.3 times greater performance efficiency and reward rate than Alpha Formulator and its monthly server maintenance fee is cheaper than running two Sigma Formulators.
To sum up, you may lock up the same amount of FLETA tokens, but Sigma and Omega Formulators have greater efficiency at a lower cost according to their levels. You can upgrade your Formulators on the FLETA Formulator Portal.
FLETA technology aims to make blockchain be used in real-world businesses where the technology improves efficiency and effectiveness of the business. For this, it is important that more developers and companies can develop their services stably and efficiently based on our technologies, with their trusts on our ecosystem. In this regard, we recently added Hyper Formulators in addition to the General Formulator programme.
For more information on Hyper Formulators, please click here!
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