FLETA Blockchain - ICO Review
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What is Fleta ?
FLETA is a blockchain platform that is developed to deal with problems of existing blockchains such as scalability, speed or decentralization. Fleta aims to become a platform to build DApps which can independently operate regardless the increase in activity on sub-chains.
FLETA is a blockchain platform that is developed to deal with problems of existing blockchains such as scalability, speed or decentralization. Fleta aims to become a platform to build DApps which can independently operate regardless the increase in activity on sub-chains. Some innovative features of Fleta include: a novel consensus mechanism, Proof of Formulation, Multi-chain architecture and Sharding.
In Proof of Formulation, there will be formulators who are in charge of block generation and observers who are responsible for verifying the blocks and consenters who decide the block generation sequence. There will be a group of 20 formulators and their rankings will range from 1 to 20 based on their score. The score will determine their mining sequence and the reward sequence. The score is calculated as follows: Score: Absolute ([Formulator Transaction generation block, last compensated block] the hash from the last block thereof — the hash from 100 blocks before that block) + (Current time — [Formulator Transaction generation block time, Discovery time, last compensated block time] the last value thereof). The formulator with the highest score will become the generator to generate a block. After finishing the block generation, the 1st ranked formulator will go out the formulator list. The 2nd to 19th formulator conduct a vote for the next node to join the formulator list. Here is the process of block generation:
Main chain is the place where the issue transaction takes place. The issue transaction is defined as the transaction which creates the issue contract and receives the token. The tokens will be traded on the token chain. The token chain also guarantees the process of Issue Transaction by listing the block number and hash value of the main chain to create a new block. Moreover, the token chain can create a sub-chain to run the DApp.
The sharing forms of Fleta includes partitioning data to store it and partitioning transaction to process it. It is stated in the white paper that Fleta can handle 20,000 TPS per shard. With 500 shards, the network is capable of 10 million TPS.
The most attractive point when people hear about Fleta is its new consensus mechanism. However, whether this new consensus mechanism is more effective than the existing mechanism or the team can realize their idea is a matter of time. At the current time, no one can ensure the effectiveness of this new consensus.
Team
Core team
Seungho Park (CEO): He graduated from Hanyang University. CEO of Firstchain, the company behind Fleta.
Lucas Park (CTO): He is CTO of Firstchain
Peter J (CFO): Section Chief of KJ Bank. CFO of Firstchain.
Gerrard Kim (Marketing leader): Marketing leader of Firstchain.
Henry Hong (CMO): CMO of Firstchain.
Token Economy
Hardcap: 30 million USD
Total Token Supply: 10B
Private & Public Sale: 2.5B (25%)
Reserve Fund: 4.2B (42%)
Marketing: 1.0B (10%)
Advisors & Partners: 1.0B (10%)
Founders & Teams: 1.3B (13%)
Roadmap
2018 Q3
Tech Paper: Proof-of-Formulation / Advanced Transaction
PoF Code Released
2018 Q4
Exchange Listing
Testnet Open : Proof-of-Formulation / Advanced Transaction
Tech Paper : Smart Contract and Datachain Separation / Parallel Transaction Processing
PoF Code : Smart Contract and Datachain Separation / Parallel Transaction Processing
2019 Q1
Testnet Update : Smart Contract and Datachain Separation / Parallel Transaction Processing
Tech Paper : Governance
Management Portal Alpha Open
2019 Q2
Mainnet Open : Token Swap
Testnet Update : Governance, Grid Bucket
Management Portal Beta Open
Masternode Exchange Alpha Open
2019 Q3
Mainnet Update : Governance, Grid Bucket
Testnet Update : Realtime Router, Distributed Log
Management Portal Open
Masternode Exchange Beta Open
2019 Q4
Mainnet Update : Realtime Router, Distributed Log
Testnet Update : Service and Sever Resource Monitoring
Masternode Exchange Open
Game Project Alpha Open
2020 Q1
Mainnet Update : Service and Sever Resource Monitoring
Game Project Beta Open
The roadmap show the technical development of Fleta. It is stated that the PoF will be released in Q3 2018 but the Github has not been published yet.
The roadmap shows what the team does from Q3 2018. When checking the website https://www.whois.com, Fleta’s website is just registered from 21th June 2018. Fleta is just in its infancy.
Community
Official Telegram group chat: 1,229 members
Kakao group: 564 members
Korean Telegram group chat: 123 members
Fleta has been listed in several ICO sites but there is not year a comprehensive review on this project.
The interaction in the Telegram group chat is not active. At this time, the project hasn’t focused on marketing.
Summary
Advantages
The idea of the project can make people interested. It has a novel consensus mechanism. 10 million TPS is also an acceptable figure in comparison to existing projects.
Conclusion
Although the idea is quite good, there are many issues to consider when we research Fleta as mentioned above. In case the token economy is modified, they have MVP or Testnet to prove the efficiency of their work, and the information about the team is impressive, this project could be a potential ICO project. However, at this time, it is risky to invest in Fleta.
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