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Proof of Formation (PoF): New Blockchain Algorithm Promises to Dominate the dApps Market

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VeriTransfer's Blockchain Firearms Verification & Ownership Transfer Launches

VeriTransfer's Blockchain Firearms Verification & Ownership Transfer Launches

The Blockchain technology is undoubtedly a disruptive technology that has brought a revolutionary way to present a myriad of uses cases from a decentralized approach totally different to what society was used to before Bitcoin brought it to the public arena in 2008

From voting, registers, notaries and online games, the proposal of the chain of blocks has been quite novel and has generated a new wave of applications that allow exploiting its use more and more. But this tsunami that we live today will only be tangible in the long term and lasting over time if there are the right platforms and technological solutions to the challenges that impose their increasing extension in the daily and routine day to day of many companies, institutions, and people.

Currently, three levels of block chains are conceptualized: the first generation that was practically the Blockchain imposed by Bitcoin, which resolved a specific case of double spending to break through digital money securely and decentralized, very contrary to what was known until that then.

Second, with the vision of Buterin and his Ethereum to realize that the utility of technology should not be withdrawn only ‘digital money’, it generated a second number of Blockchain platforms that try to bring decentralized applications and Smart Contracts to everyday cases thus giving rise to the second generation Blockchain. Among them, we find, EOS, Ethereum, Tron, among others to name only the most outstanding.

In both cases, a problem arises that has been complemented with the future of the next generation, as the ‘need’ to solve it is imperative to achieve the scalability and security of the platforms that allow a true mass adoption by the population.

First, Bitcoin brought with it a consensus mechanism known as Proof of Work (PoW), which has proved inefficient to achieve massive adoption due to the excessive and criticized expenditure of energy and resources to support the network, in addition to the slowness of your transactions per second that can be achieved.

On the other hand, the Proof of Stake mechanism and the dPoS (which is a derivation of the previous one), although they solve the energy expenditure and improve the TPS in relation to the Blockchain that is based on the PoW, are far from achieving the mainstream since even their transaction speeds are lower than those achieved by VISA for example, to put in context the most common cause of mass adoption and thus avoid possible bifurcations due to the adjustment of the size of the block depending on the level of difficulty, a problem until now fundamental to achieve the much-awaited scalability.

In view of these limitations, there are several projects that have been creating a movement within the blockchain technology called the third generation Blockchain, which are trying through derivations of pre-existing algorithms and in some cases with the novel formulation of new consensus mechanisms, solve the limitations outlined above to take the next level of adoption to the cryptocurrency ecosystem in general.

Such is the case of FLETA that has invented a new consensus mechanism called Proof of Formation [PoF] which takes the principle of improving the shortcomings of the previous algorithms

as the excessive expenditure of energy and the low speed of transactions per second, and unites it in a single protocol that allows achieving both shortcomings of the blockchains of previous generations.

According to the website of the company, the PoF allows a rapid generation and propagation of blocks using a previously agreed sequence between the participants of the generation of blocks, which are formed by two groups: a generator group and/or Formulator and a group of synchronization.

The new algorithm proposed by FLETA makes it possible to achieve high transaction speeds per second, which by way of proof are in the order of 20 thousand TPS. Undoubtedly an excellent achievement that would allow a giant leap in the adoption of Blockchain technology and the massive development of decentralized applications both industrially and recreationally.

How It Works PoF

The new consensus mechanism is that the generation of blocks is carried out in a previously designated order where all the participants of the network have at least one opportunity to generate blocks, so the incentive of implicit fees plus the reward for mining It is guaranteed to all equally, even once during the process. This innovative technique avoids the ‘discontent’ for lack of incentive and the possibility of unnecessary forks of the chain.

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1000000000000410000001E2A93AD4A4.png

In general, the generator produces a block and sends it to the synchronization group and observer node for confirmation of the generation sequence and leads the process for the respective signature of that generated block, which is then sent to the observer node.

The observer node receives six signatures from the synchronization group and reviews all signed transactions in the block and exchanges this information with the observer nodes to validate it. To do this, three signatures are required from the five observer nodes to complete the process and send it signed to the synchronization group.

The synchronization group creates a complete block by attaching the previously received signatures and sends it to the standby group, which is responsible for propagating it throughout the network.

Then the whole process is repeated for the rest of the formulators, in order that all generate at least once, a block of the network.

With this new mechanism, coupled with a redesign of the block that makes its size vs. speed ratio more efficient, plus a multi-chain protocol where each decentralized application (Dapp) can have its own independent chain to operate, the company has achieved a structure that can achieve high-speed TPS and infinite scalability for the ecosystem of the DaPP that can be sustained without limitations, thus avoiding congesting the main chain (mainnet) and generating a high performance of them that undoubtedly gives an exceptional added value for the development and massive adoption of Blockchain technology

As an additional advantage, FLETA allows developers of decentralized applications and smart contracts to choose the consensus model for each dapps according to the particular developer’s preference.

It is worth mentioning that currently, the platform is in its beta phase, whose programming of its mainnet is stipulated for Q2 2019, which undoubtedly brings to the stage of the blockchains, an incredible opportunity for the development of tangible applications for the common citizen.

For now, the company has proposed a novel solution that in theory and in the tests according to its report anchored on its website, has allowed improving the existing blockchains for the development of Dapss such as Ethereum, EOS, and TRON. We will look forward to finally achieving the company catapult to a higher level the adoption of cases of real use for the virtual world.

The market of the Dapss is estimated that in the crypto ecosystem, they are the basis of the real generation of tangible value for the cryptocurrencies and the Blockchain technology, once their scalability problem is solved that they do not manage to conquer the platforms currently in use, without doubt, a gigantic opportunity for solutions such as FLETA with its new consensus mechanisms and protocol improvements.

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