It is known that FLETA has created our own consensus algorithm, Proof of Formulation (PoF).
A mining system based on PoF is highly efficient since it does not require great computing power or solving complex problems to get block rewards. Its other feature is that it offers a chance of getting block rewards to all miners, so participants of FLETA mining do not need to compete for block rewards. They can get their mining rewards with ease by making their mining nodes called Formulators through FLETA Wallet.
Formulators are any user who, with a certain amount of coins locked according to the requirements of the consensus mechanism, can participate in the PoF by validating transactions and securing the network.
To avoid an unfair advantage and obvious vulnerability in the network, all formulators participate in mining once per phase according to a designated rank.
This designated range is established randomly by changing the hash value of each formulator into a number through a certain mathematical formula.
In this way, the security of the network, and the fair participation of all mining nodes (Formulators) is guaranteed.
Types of Formulators
Formulator is classified into General Formulator and Hyper Formulator.
The former has three levels: Alpha, Sigma, and Omega. They have different efficiency of performance and the rate of reward that can be obtained.
General Formulators are operated on the Formulator server of FLETA, so miners do not need additional computing power for mining.
Hyper Formulator participants, meanwhile, consist of Validators and Delegators. Through Hyper Formulator, more people can have the opportunity of participating in FLETA’s mining ecosystem.
Likewise, Hyper and General Formulators are the main contributors to the FLETA mining ecosystem.
Validators have their own server and run the Validator node. To be a Validator, you must meet certain technical and monetary requirements, such as having at least 8-core CPU and 3M of FLETA tokens.
It is for the credibility of FLETA data and creating more appropriate governance for the platform’s sustainable growth through external parties who share the vision and values of the PoF ecosystem.
Currently, FLETA consists of some recognized validators in the Blockchain ecosystem, such as:
- Bitsonic, a cryptocurrency exchange platform under the umbrella of Skoop Media, a leading mobile app company
- Cosmostation, one of the best Cosmos validators (ATOM)
- LikeLion, an educational organization specialized in computer programming
- FOROUR, the accelerator of the Oasis City project.
Delegator is for the ones who want to become ecosystem participants with a little amount of FLETA. You only need at least 100 FLETA to become a Delegator. Delegators can delegate their tokens to trusted validators and receive block rewards according to the number of FLETA coins they delegated. The more FLETA they delegate, the more compensation they can receive.
Feel free to join and connect with us through any of our official channels below:
FLETA Store: https://fleta.ogn.app/#/