On 5th Aug, James Song, Head of Business Development at Fleta, had an AMA session with IM Community.
As we briefly explain about IM Community, it is one of top 3 cryptocurrency communities from Vietnam.
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Here are the highlights of the session. Please enjoy the questions from Vietnamese users!
Session 1
Question 1: Could you please give us a simple introduction of Fleta? What’s the motivation for starting to build Fleta?
A: We wanted to provide a better and faster mainnet platform for users and DApp developers to use. That is how we started. So, we developed our own mainnet platform with high performance with low fees. We aim to have more use-case on our platform, such as DeFi, NFTs, etc.
Question 2: What products are the Fleta team developing?
A: Fleta officially launched its mainnet on 11th Nov 2019 and has focused on the commercialization of blockchain technology.
In July 2021, we launched Fleta Connect, a Multi-Chain DeFi service. The Fleta Connect is a DeFi service based on Binance Smart Chain. Users can stake their LP tokens and single assets in Fleta Connect and earn $Cherry tokens. We will soon launch both Fleta Connect on Polygon and a Fleta Converter, a bridge service between chains!
Question3: What role does the $Cherry token play in your ecosystem?
A: Cherry plays as a key element in our DeFi ecosystem.
$Cherry is not limited to one single chain, but it will be on multiple platforms using our cross-chain technology.
Cherry will play as a governance token for the Fleta DeFi ecosystem. It will also have other use-cases such as NFTs.
If you are into DeFi, you probably faced lots of anonymous projects out there. We are running a yield farming finance on BSC now, which you can at least trust, and there will be no rug pulls in any chance
Question4: About Fleta security, how safe and reliable is the Fleta security system?
A: Over 700 nodes are currently live on our mainnet. Observer nodes confirm blocks to make sure there are no double-spending and attacks. Also, there is no mint condition for our DeFi project, Fleta Connect, except for our yield farming. So we are safe from current unlimited-minting attacks.
Question5: Can you please tell us the current Fleta road map? How far has Fleta been developed at this time, and what will you realize in the future?
A: Fleta platform will form an excellent ground to allow more DApps to be built on. Our DApps will be on-boarded into our platform, and Fleta Connect will expand its chains.
In Q4, we will be launching Fleta-based AMM Dex, which will be essential for Fleta’s tokenomics.
More network integration, Farm launch, AMM Dex would be the important roadmap for us!
Session 2
Question 1: How does Fleta enhance the independence & scalability of DApps?
A: We developed a Multichain Structure for advanced scalability and independence of DApps. With it, an unlimited number of DApps can be operated on the Fleta mainnet using sub-chains. Those sub-chains work independently and do not interact with other chains, including the main chain. Also, Fleta DApps can have their own ecosystem. They don’t have to follow Fleta’s consensus mechanism. Also, thanks to Fleta’s cross-chain technology, Gateway System, DApps can issue their tokens based on other mainnets while operating their services on Fleta mainnet.
That is, DApp developers and operators can build their ecosystem freely on Fleta.
Question 2: Adoption is one of the important factors that all sustainable blockchain projects should focus to be more attractive in the investors’s eyes. What did Fleta do and plans to do to achieve real world adoption?
A: You know, there should be no network congestion to be used by a massive number of people simultaneously. Also, many people, especially Koreans, can’t stand slow services. So, we firstly developed five technologies for blockchain services that can actually be used without inconvenience. Our technologies make Fleta achieve a high speed of an average of 7,000 TPS and unlimited scalability. Those technologies are PoF, our consensus algorithm as I mentioned above, multichain structure, level tree, parallel sharding, and block redesign.
And, we have developed many use cases!
With the support of the South Korean government, Fleta has developed use cases that store medical records on the blockchain, making the data highly secured. Also, Fleta’s DApp Handy is widely used in diverse countries worldwide, and we also plan to build a DEX for our Defi service Fleta Connect and develop our DeFi ecosystem on Fleta’s chain. With our technologies and experiences, we will keep working hard to bring the mass adoption of blockchain technology to our real world.
If you haven’t heard of the HandyPick application yet, it’s a play-to-earn type of app that is free to play.
Question 3: Proof of Stake (PoS) and Proof of Work (PoW)are two common terms in the cryptocurrency market. Why Fleta chose a new consensus, Proof-of-Formulation network ?
A: PoF has a lot of benefits. First of all, you must have heard that crypto mining consumes too much energy. So we wanted to build a cost-effective ecosystem. You do not need mining equipment or electrical power when mining Fleta. By just staking Fleta, you can participate in mining, and Fleta’s cloud server operates mining nodes, and each individual does not consume electric power.
Also, we wanted to give a chance to all of our miners. Only some people can mine in PoS and PoW, so competition between miners is becoming more serious. Sometimes, people buy expensive mining equipment and consume a lot of energy but earn only a little. However, in Fleta mining, all miners have the same chance of mining and get mining rewards every day, creating a healthy mining ecosystem.
I cannot miss Observer Nodes of PoF. They confirm blocks for real-time and prevent double-spending. They make the whole chain secure and fast, and they are also one of the important reasons we use PoF.
Question 4: On moving forward through your roadmap, what are your most important following priorities? Does your team have enough fundamental (Funds, Community, etc.) to achieve those milestones?
A: We re-invest our profit to Fleta to move to our next step. We are currently focusing on our DeFi service and Fleta Converter. We will use our cross-chain technology to make our service a multichain DeFi service. In the 4th quarter, DEX will be opened to broaden our ecosystem. So please be focused on the next phase and upgrades of Fleta Connect!
We can’t miss out HandyPick being on-boarded to our platform :)
Session 3
Question 1: What are the advantages of Fleta to compete with competitors of the same side?
A: Our main goal is to not compete but inter-operate with other mainnets and platforms.
Regardless of it, we do have advantages, such as high-speed and low fees with large scalability.
Question 2: Do you have any plans to add NFT to your ecosystem, as this is the hottest topic in the crypto space?
A: This would be my second pick. If you check our Docs at https://fletaconnect.gitbook.io/fletaconnect/, you can see NFT is also planned. We are designing an NFT with a yield farming model, and it would be interesting for users. It will have an advertisement-type too!
Question 3: In recent years, technologies around layer 2 blockchain solutions have developed dramatically. How does Fleta fit into the boom of layer 2 networks? What makes it unique and different from all other platforms of this type?
A: There are lots of scailing projects using roll-ups too. We are not really seeking to become a layer-2 for any mainnet, but we will secure good interoperability with our cross-chain solution and form our own ecosystem as well.
Question 4: Trust is very important in business. So, what makes investors, customers and users feel safe when working with Fleta? And how will you get the trust of many users that have negative thoughts about Blockchain and DeFi?
A: This is why we are running own DeFi service with our names. What we are doing is nothing but building trust for users and investors.
Question 5: Almost 82% of investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
A: Both investors in the short-term and long-term are our users. If you look at public mainnets, they need time to build their own ecosystems. We have a long way to go to expand our ecosystem, such as launching our own AMM Dex, DApps, Bridge, Governance, etc.
Fleta have already operated since 2018, and we will keep moving on.
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Feel free to join and connect with us through our official channels below:
Website: https://fleta.io
Fleta Store: https://fleta.ogn.app/#/
Twitter: https://twitter.com/fletachain
Telegram: https://t.me/FLETAofficialGroup
Github: https://github.com/fletaio
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About Fleta Connect
Fleta Connect is a new DeFi (Decentralized Finance) service created by Team Fleta with years of experience in the field. It is willing to offer significant benefits to our users with its own buyback mechanism and aims to give more rewards to DeFi users.
Fleta Connect plans to become a multi-chain DeFi platform using Fleta’s cross-chain technology.
