FLETA & Bithumb Global AMA
On Aug 27th, James Song, FLETA’s Head of Global Business, had an AMA session with Bithumb Global.
Here are the highlights of the session. Please enjoy the questions from diverse countries and our answers!
Question 1: FLETA is the blockchain service platform that aims to provide a sustainable DApp ecosystem. How does this play out?
A: FLETA’s vision is to provide a sustainable ecosystem for DApps that aim to provide actual service to users.
In order to have a sustainable ecosystem, the speed must stay up to the point where there are no delays when using the DApps. Scalability should be high so that the DApp can run just fine even when users are crowded.
So, FLETA started to develop from scratch to meet with the vision and successfully launched the Mainnet in November, 2019. We have secured a high level of TPS and high scalability so that DApps can freely provide their services :)
Question 2: To create the mining node with FLETA, a person has to hold a certain amount that is subject to change. Could you give an insight into this and how to go about it for our intending community members?
A: Many of you are probably interested in staking or have already been participating in one.
FLETA has its own mining ecosystem, and it is pretty easy to participate!
FLETA Mining is available through FLETA Wallet (Currently, Android, and Web version).
You can either create Formulator (it’s like a mining node in our ecosystem) or delegate FLETA coins to Validators.
There are 3 types of Formulators; Alpha, Sigma, and Omega.
Once you create 4 Alpha Formulator and operate for 1 month, you can upgrade those to 1 Sigma Formulator.
And when you operate 2 Sigma Formulator for 1 month, you can upgrade those to 1 Omega Formulator. An upgraded Formulator presents better mining efficiency. 200,000 FLETA are required to create 1 Alpha Formulator.
Alpha, Sigma, and Omega Formulator currently present about 10 to 13% ROI per year.
For those who do not have enough FLETA to create a Formulator can also participate in mining! By delegating your FLETA to one of the Validators.
You can delegate from a minimum of 100 FLETA!
If you are interested in mining, feel free to join our community!
Question 3: FLETA consists of the main chain and many subchains that operate on top, making a multichain platform altogether. How is this possible?
A: We are a little bit different from the existing models that operate subchains on top of the mainchain. Instead of operating the sidechains on top of the mainchain, FLETA allows each DApps to build complete independent multichain.
So, even though the number of DApps increases, the mainchain will not overload which can lead to a higher transaction fee or taking a longer time.
Question 4: What is Interoperability and Scalability through FLETA Gateway?
A: FLETA Gateway helps us to provide a convenient ecosystem for DApps. FLETA DApps, including FLETA itself, can proceed with the listing procedures with ERC-20 tokens and use FLETA Chain when they are providing real services to users.
When the users get crowded, there can be a series of problems, such as tx-pending or arising transaction fees. We wanted to utilize the ecosystem that Ethereum has and provide solutions for DApps that Ethereum can’t provide. For a sustainable DApp ecosystem.
Question 5: It’s quite interesting to know about FLETA newly designed and upgraded the block structure, which is the core of your blockchain technology. Could you please, succinctly push forward this assertion?
A: The block structure is the basis of blockchain technology. It directly leads to the processing speed and storage volume.
FLETA redesigned the block structure to reduce block size, increased processing speed and reduced index volume needed for operation.
Question 6: How does FLETA stand out among all other mainnet competitors?
A: First of all, FLETA seeks to create a sustainable ecosystem by collaborating with other mainnets not competing. All mainnets have different features with different visions. and it’s really difficult to compare one to the other.
Performance is certainly a good category to compare, but there are lots of other things to compare as well such as scalability, interoperability, and etc.
One of the unique features about FLETA is the Independent Multi-chain structure.
Since DApp developers can have their own independent chain, the DApp developers have more freedom that they can adjust smart contracts and structure freely. Having more development freedom in their own chain leads to the use of all of the resources of the chain.
But of course, our TPS and scalability is competitive.
Question 7: What would be FLETA’s roadmap for the rest of 2020?
A: The year 2020 is special to us especially as we are working on use cases to lead the blockchain and software industry. And our priority for the rest of 2020 is globalization and making more FLETA use cases.
Gateway integration with Wanchain and TomoChain (and others but yet to share at the moment) are under test operation. Once the integration is finished, users can send their FLETA coins to Wanchain and TomoChain ecosystem. FLETA coins will have more use cases as users can enjoy different protocol’s ecosystems.
There are also plans to expand global DApp partners in different industries and upgrading the current mining model to incentivize Formulator operators.
Question 8: Proof of Stake (PoS) and Proof of Work (PoW)are two common terms in the cryptocurrency market. Why FletaChain chose a new consensus as Proof-of-Formulation network?
A: Both PoS and PoW have a fair compete system, but we wanted to develop a consensus that doesn’t waste too many resources.
In PoS and PoW, every mining participant gets involved with the block creating, but only one block gets picked, and the others get wasted.
FLETA wanted a consensus that allows all the mining participants to create blocks and have an equal chance instead of competing. That is all about PoF consensus. Allowing all participants while all have an equal chance. No resources getting wasted :)
Question 9: I am an ETHICAL HACKER AND EXPERIENCED DEVELOPER, do you have plans for HACKATHON or BUG BOUNTY so as to check the security of your ecosystem periodically and also invite developers to build on FLETA CHAIN?
A: Interesting one :)
Since we have successfully launched our Mainnet in last November, Mainnet has been running well without any problems. We currently do not have plans for Bug Bounty campaign, but we plan to hold a Hackathon later this year.
We do want to boost the developer community and in order to do that, more developers should ‘play around’ with FLETA technology.
As we finish up the dev documentation, I will be more than happy to share more details and agenda about the hackathon! :))
Question 10: What are your plans to place for global adoption and expansion? Is FLETA focusing only on the market or focusing on developing the concept of the project?
A: Since May this year, our Chinese community is also growing along with our global community.
We are definitely aiming to expand our ecosystem globally and have many of global adoptions.
We will work hard to host as many global DApps as possible. We are not limiting certain concepts to be built on FLETA. Our high scalability and speed are optimized for almost all areas. And those who want to be part of the FLETA ecosystem can join our mining ecosystem! :)
As mentioned above, we wish more developers to ‘play around’ with FLETA :)
Question 11: Marketing is a central element for every project so that everyone knows the potential that a project can bring is vital to achieving the goals set. What is your strategy to attract new users and investors and keep your project long term?
A: We do understand that Defi is a hot topic in the market right now. And our goal is to make our Formulator system attractive to attract new users.
Through Formulator operators many FLETA tokens are locked up, and we are going to put most of our efforts to incentivize those operators.
Question 12: Why should Dapp developers choose FLETA instead of the alternative blockchain network? Why do DApps need blockchain?
A: For those developers who are currently dealing with high Gas fees or slow speed can choose FLETA.
Through Gateway, developers can stay in ERC-20 to proceed with listing procedures easier and have a faster chain on FLETA :)
Question 13: The success of a project to get more investors who are still not in the crypto world, especially as a new project entering crypto. What are the plans to increase awareness about FLETA in non-crypto space? And which region is in your mind?
A: One of the reasons why we developed Independent Multichain structure is to provide freedom to DApps and projects.
Projects can form an independent chain to optimize it for their current business. For the rest of 2020, we will focus on having more DApps and enhancing our current mainnet, and we will target more traditional companies who wanna adopt FLETA technology.
Question 14: What are your strategies in building a big and strong community? Do you agree that the power of the community will lead your project to grow globally? #Fleta
A: Yes. All community members in all regions are important to our project. We plan to extend the community to more regions! :))
Question 15: How do you plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?
A: We do have partners and ambassadors who speak various languages. We are currently planning to expand our community. Come join our community and give us your thoughts on where we should expand!
Question 16: Can you briefly explain how the Top milestones that the FLETA aims to execute before the end of this year or going to execute in the future, will help them succeed and What FLETA may look like in 2020 and beyond?
A: Successful hackathon. that will be a turning point for our DApp ecosystem.
Feel free to join and connect with us through any of our official channels below:
FLETA Store: https://fleta.ogn.app/#/