FLETA aims to become the Google Android and Apple iOS of the blockchain market. It will deal with the existing problems of blockchains such as scalability, speed or decentralization and give developers a platform to create scalable and high-performing DApps. To do so, we needed an innate architecture and foundation which was brand-new and utterly different from anything that the market has seen before. This is the reason why our CTO Sam Jeong and our team of developers chose to code FLETA’s protocol right from scratch.
To understand why that is significant, let’s give you some background.
Cryptocurrency vs. Token
You must have heard the terms “cryptocurrencies” and “tokens” float around in the space, so let’s try to understand what those terms mean.
A cryptocurrency coin, like Bitcoin, Bitcoin Cash, Ethereum, etc. can be independent as a platform. They can be used as a form of currency outside their native environment. You can use cryptocurrencies to send money to anyone around the world, provided they have a compatible wallet.
A token, on the other hand, is a representation of something in its particular ecosystem and is used to power decentralized applications. A token is not limited to a specific role; it can fulfill a lot of functions in its native ecosystem. OmiseGO, Golem, etc. are examples of tokens which exist on a particular platform, in this case, Ethereum. A token, represent an asset or utility that a company has and they usually give it away to their investors during a public sale.
Different types of cryptocurrencies
So, if we were to look into the different types of cryptocurrencies out there, then they generally fall into the following types:
- Forked Protocol.
- Original Protocol.
Forked Protocol
A fork is a condition whereby the state of the blockchain diverges into chains where a part of the network has a different perspective on the history of transactions than a different part of the network. A fork can be achieved by a soft fork or a hard fork. So, while the underlying protocol remains the same, a fork can lead to the addition of certain features while makes it different from the original protocol. If the features will allow the new protocol to still interact with the old protocol, then it is a soft fork, however, if the new protocol will not be able to interact with the old protocol, then it is a hard fork.
In a forked protocol, the original protocol code is forked and certain changes are added to it. These changes could be a way to:
- Add new features into the protocol.
- Make up for the deficiencies of the original protocol
- Interpret the original protocol differently.
The most famous examples of forked protocols are Litecoin, Bitcoin Cash, and Zcash, which are all forked from the original Bitcoin protocol. The main advantage of this method is that you are using a protocol which is already proven and credible. You don’t need to create anything from scratch, so it is not that time-consuming.
The biggest problem with this approach is the lack of inflexibility. There is only so much you can do when you are using someone else’s ground protocol. Also, the imperfections of the original protocol are still going to hamper the new protocol.
Original Protocol
The second and more meticulous approach is to design your protocol from scratch, which is something FLETA did for the following reasons:
- We wanted to incorporate innovative architecture into their core protocol.
- We wanted to use their own patented consensus mechanism (Proof-of-Formulation).
- We wanted to create a protocol which was fast and extremely secure at the same time.
Some of the architecture innovations that required them to use an original protocol are:
- An independent multi-chain structure where each DApp will have its dedicated sub-chain. This will decrease the bloat on the main chain.
- Blocksize has been reduced by 43% and the size of index has been reduced as well. This increase the processing speed by 1.8 times.
- LEVEL Tree validation reduces the size of the data by 90%. This increases the speed of the process by more than five times.
- Sharding is a method by which the database is partitioned to enable faster, parallelized processing. Sharding helps FLETA to process 20,000 transactions per second (TPS). This is the fastest TPS of individual shards among existing blockchain projects.
Conclusion
With the sheer amount of innovations that FLETA has brought in, it is easy to see why we needed an original protocol. A big problem with original protocols is security issues. At least in forked protocols, you can use a tried and tested open-source code to build the foundations of your new system. You don’t have the same luxury with original protocols.
We were aware of this and are happy to inform you that FLETA has already gotten a complete security clearance from CertiK, which is one of the best blockchain and smart contract verification platforms in the world. CertiK was founded by former senior software engineers from Google and Facebook and formal verification experts from Yale and Columbia University.
With all these new features, FLETA plans on disrupting the smart contract space, and bring decentralized applications to the next generation.
