Mongolia’s first cryptocurrency exchange, BitMonEx and research firm StratX have been appointed as Global Validators in the mining ecosystem FLETA.
Commenting on the development FLETA CEO Henry Hong said, “FLETA’s new global Validators will further expand FLETA’s ecosystem to link Asia, Europe, and North America. Based on the expanded ecosystem, we will make FLETA to be one of the representative blockchain platforms.” He further said that in the future domestic and foreign companies will also be appointed as FLETA Validators.
FLETA is a multichain platform for DApp developers and DApps. It runs each DApp on a subchain, thus freeing DApps from congestion and scalability problems. It employs a Proof-of-Formulation (PoF) consensus mechanism. Its algorithm also allows interchain operability, which allows chains to interact with each other and the mainchain. Due to this approach, FLETA can carry out 14,000 transactions per second (TPS). The high speed also reduces the cost of transactions.
In July this year, FLETA introduced the Hyper Formulators category. It began looking for Validators who would check the blocks created by the Hyper Formulators. Besides, Hyper Formulators run on Validators servers, which increases the effectiveness of the system. Each block created on FLETA blockchain is again checked by Validators, which confirms the validity of data.
StratX is a research and due diligence firm. It analyzes new cryptocurrency tokens to check whether they meet the highest business, technical and legal standards. It also operates nodes of promising blockchain projects and gives them access to its partner networks like cryptocurrency exchanges Liquid, and Gibraltar Stock Exchange and cryptocurrency exchange solution provider Shift. Currently, it operates nodes of Vechain, Orbs, Theta, Chainlink, and Harmony.
Taking StratX onboard gives FLETA more respect and recognition in the global cryptocurrency market and gives it access to StratX’s client base.
BitMonEx works closely with the Mongolian government to create blockchain infrastructure in Mongolia for both the public and private sectors. It has teamed up with Bittrex, which provides it with adequate liquidity to allow its customers to trade globally in cryptocurrency.
FLETA aims to leverage its collaboration with BitMonEx to enter the lucrative cryptocurrency market in South Korea.