Scalability is a significant problem that the blockchain space needs to solve fast. It is not for nothing that scalability is often called the “holy grail” of the crypto space. The only way that the smart contract ecosystem can gain mainstream acceptance is developers continue to develop high-quality decentralized applications which people will want to use. Simple logic states that you can’t run advanced, highly-valuable applications on an outdated system. Think of playing Max Payne 3 on Windows 98!
So, this is the situation where we stand at right now:
- The blockchain-space requires high-quality DApps to attract a mainstream audience.
- The current smart contract ecosystem is riddled with underperforming platforms.
Let’s expand on the second point and look into one of the most infamous examples of a platform failing to adjust to its DApp’s demand.
Ethereum and Cryptokitties
Cryptokitties is a gaming application built on the Ethereum blockchain. The game was a simple one where bred and nurtured digital cats. However, it became so popular that it had a proper shot at reaching mainstream popularity. Unfortunately, there was a major problem. Ethereum’s blockchain was simply not ready and scalable enough to handle this increased demand. As such, their systems got clogged up. The number of pending transactions increased exponentially:
FLETA understands the importance of developers and users in their ecosystem. As a platform, it must provide an ecosystem where:
- Developers can freely create any kind of decentralized applications that they want without being hampered by the platform’s limitations.
- Any number of users can use these applications any time they want to.
So, what can a platform do to provide such an ecosystem? While there are a lot of areas, the primary focus remains on scalability aka throughput aka speed. To calculate the speed of a smart contract platform, we use the unit “transactions per second” or “tps.”
Comparing Transaction Speeds
Firstly, let’s look at traditional payment platforms and see how they do when it comes to transaction speeds. VISA can handle around 1,700 transactions per second, with a daily peak rate of 4,000 tps. Paypal, on the other hand, can do about 200 tps. These two are significantly faster than traditional platforms like Bitcoin and Ethereum, which can do 7 and 20 tps respectively.
New generation blockchain platforms like EOS and Tron are much faster than their predecessors. EOS leverages their delegated proof-of-stake consensus mechanism to achieve a peak of 3,996 tps. Tron can consistently do 2,000 tps.
So, how does FLETA measure up when it comes to pure speed and throughput? FLETA has achieved 15,000 transactions per second (tested and verified and is aiming to reach 20,000 tps.
Transactions per Second
Visa = 1,700 tps (with a peak of 4,000 tps)
Paypal = ~200 tps
Bitcoin = 7 tps
Ethereum = 15–20 tps
EOS = Peak of 3,996 tps
Tron = 2,000 tps
FLETA = 15,000 tps (tried and tested)
What makes FLETA so fast?
FLETA has been designed from the very beginning to be extremely fast and have high security. There are two particular innovations which help FLETA achieve their incredible throughput:
- LEVEL Tree Validation.
- Block Redesign.
LEVEL Tree Validation
In traditional blockchains, the transactions/data is stored in the blocks in the form of a Merkle Tree. This is how a Merkle Tree looks like:
In a Merkle tree, each non-leaf node is the hash of the values of their child nodes. (NOTE: The leaf nodes are the nodes in the lowest tier of the tree.) While Merkle Tree does significantly reduce the size of the data and makes mapping very convenient, the problem is that they are constantly undergoing a great deal of calculation.
FLETA has adopted the LEVEL Tree validation. Using this method, they reduced the size of the tree, and the calculations required by 90%. This allows FLETA to carry out a high-quality transaction validation process with less data reception, concurrently increasing the speed of the process by more than five times.
The structure of an individual block is integral to determining the processing speed and storage capacity of that blockchain. This issue can be a pretty touchy subject. Just look at how Bitcoin split into Bitcoin and Bitcoin Cash, which in turn divided into Bitcoin ABC and Bitcoin SV, just because the community couldn’t come to a consensus regarding their preferred block size.
So, how has FLETA redesigned the block structure?
- They reduced the block size by 43%.
- The reduced the size of the index, which is required for operations.
Doing this had a two-fold advantage:
- The processing speed became 1.8 times faster.
- Data size got optimally reduced, making the structure more efficient.
FLETA is determined to be the ideal platform for DApp development. To that end, they have incorporated several exciting innovations and design choices to make sure that their platform is as scalable as possible. The very fact that they can do 15,000 tps and are looking to achieve 20,000 tps realistically should be tantalizing enough for the developers to choose FLETA as their platform of choice.