FLETA, a new blockchain platform that aims to solve scalability, speed and decentralization issues, launched its mainnet on November 11. Among the innovative features, Fleta includes a novel consensus mechanism, Proof of Formulation (PoF), multi-chain architecture, and sharding.
New Blockchain Design
Before being officially launched, the FLETA Network has been tested for several months to verify the proper functioning of its unique consensus algorithm called Proof of Formulation (PoF).
The PoF consensus model and block redesign contribute to the enhanced efficiency and processing speed. The independent multichain structure claims to resolve the scalability issue, avoiding overloading the system even when dApps are added infinitely. Additionally, FLETA provides an interchain protocol to transfer assets amongst chains, allowing users to make use of smart contract-based systems such as DEX.
One of the main differences with Ethereum is that FLETA provides an independent multichain to each dApp, allowing it to develop and operate on its own along with an interchain protocol that facilitates interactions among dApps. This allows each dApp to create its own micro-economy and consequently reduce the main-chain overload issue.
An interesting feature of FLETA is the Gateway System. All the dApps built on Ethereum can use this function to utilize their original ERC-20 token while using the FLETA Chain. This function wants to encourage developers to move on the FLETA Chain due to its ease and flexibility of development.
The Tests are Excellent
It is very important to test the limits on how stable and consistent a chain can perform. Usually, projects conduct internal laboratory tests of the chain which doesn’t represent the actual chain performance but only an approximation. In order to produce the most objective measurement, FLETA has reproduced an environment that is as similar as possible to the actual operating environment setting up cloud servers in 6 different regions.
[Image Source: FLETA]
According to the report, FLETA would be one of the best performing blockchains on the market. The transactions were processed constantly without incurring any delay, and blocks were synchronized and stabily generated swith an average of 2 blocks per second (it takes less than 500ms for a block to be confirmed.) Transactions per second (TPS) has a maximum speed of 14,000 TPS and an average of 7,000 TPS.
[Image Source: FLETA]
Although FLETA has created an environment similar to reality for its tests, a bit of skepticism about the real potential of the project remains.
The blockchain sector is always characterized by ultra-performing projects on paper. These promises, unfortunately, vanish as soon as the project is launched mainly due to a lack of traction and other unforeseen contingencies.
Achieving consensus in a decentralized model is a complicated task that has so far only been completed by Proof of Work algorithm incentives that support cryptocurrencies like Bitcoin. When one tries to change this incentive structure the solidity of the project starts to fail. An example of this category is Algorand, a digital currency that uses advanced cryptography to mimic blockchain consensus without mining incentives.
Many projects monkey patch incentives, adding more and more rules to coerce or deter behaviour. But the larger and more complex the structure – with more players and rules – the more difficult it is to predict all the possible scenarios. Bugs in the design of incentives should be treated as seriously as bugs in cryptographic functions.