Fuloos coin is a new digital currency for purchasing from merchants shops online and able to send payments over the internet instantly and allowing the receiver to have his funds instantly without high fees. The platform has opened a new path that leads to endless possibilities in the world of financial technologies by making transactions as easy as fiat. It is also an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. The platform comes with its very own blockchain, all ecommerce plugins, CRM & billing solutions, mobile wallets and much more.Moreover it works on open blockchain& open API allowing everybody to create their own tools so as to help execute efficient transactions. Below is an architectural chart which gives a description of the platform;
Fuloos Architectural Snapshot
Description Value
Coin Name Fuloos
Coin Ticker FLS
Mining Mechanism POW + POS Algorithm
Algorithm Scrypt
Block Time 90 Seconds
Block Size 3 MB
Initial PoW Reward 1000 FLS
Reward Halving Rate 10000 Blocks
Total Supply 100,000,000 FLS
Time Lock Absolute
Proof of Work Duration 312.5 Days
Proof of Stake Rewards 5% Per Annum
Minimum Stake Age 24 Hours
Maximum Stake Age 7 Days
Coin Maturity 77 Blocks
Stake Mechanism In-Wallet, Manual Action with Absolute Time lock
Proof of Stake Fee Wallet Service Driven
PoS Penalty Wallet Lock Down
Unlike most blockchain, Fuloos uses Scrypt for encrypting blocks on its blockchain. It uses a password-based key derivation function (KDF), which is generally designed to be computationally intensive, so that it takes a relatively long time to compute. Therefore legitimate users will only need to perform a function once per operation, and so the time required is negligible. However, a brute-force attack would likely need to perform the operation billions of times, at which point the time requirements become significant and, ideally, prohibitive.Initially, most password-based KDFs (such as the popular PBKDF2 fromRSA laboratories) which may have relative low resource demands, meaning they do not require elaborate hardware or very much memory to perform.And this makes it easy for them to be implemented in hardware (for example ASIC). However it gives room for attackers with sufficient resources to launch a large-scale parallel attack by building hundreds or even thousands of implementations of the algorithm in hardware and having each search a different subset of the key space, and this divides the amount of time needed to complete a brute-force attack by the number of implementations available, very possibly bringing it down to a reasonable time frame.
The Scrypt function that is designed, will be able to avert such attempts by means of raising the resource demands of the algorithm. Most importantly the algorithm was also designed to use a large amount of memory compared to other password-based KDFs, which makes the size and the cost of a hardware implementation much more expensive and therefore limiting the amount of parallelism an attacker can use for a given amount of financial resources. The Scrypt used in the platform is also important for block generation. Miners will have to complete a proof of work which covers all the data in the block they have generated, in order for it to be accepted by network participants. Although the task of completing a proof of work can be a bit tedious and less successful, but it helps in limiting the number of blocks generated. Every block generated must have a value less than the preceding block, and each block contains a chain of blocks which collectively amount to a lot of work. That being said, it would be very hard for an individual to tamper with a block chain or even deleting any block, since it will lead to making a new block with the same predecessor, which is impossible. The figure below illustrates how the block chain works and how they are created;
As an alternative to creating a proof of work, miners can be able reach an agreement with other network users on the platform and avoid double spending by means of a Proof of Stake. An individual having just 1% of Fuloos can be able to mine 1% of the Proof of stake blocks. There are many benefits of mining through the Proof of Stake. It prevents malicious attack on the network, and makes it more expensive for the attacker, and at the end the day the attacker might suffer from his own attack. However, there is a reduction in transaction fees whenever rewards are received in Proof of stake. This is because of less wastage of resources and electricity. The platform was designed to consume less power because of the mixture of Proof of Stake and Proof of work. Although it was deigned on the Proof of work blockchain, while awaiting a growth of coins needed to stake in PoS (Proof of stake), but it would eventually migrate to a 100% Proof of stake upon reaching 300,000 blocks. By means of this change rewards will be stripped off, and node owners will only earn by means of staking their Fuloos coin. The platform also offers in-wallet staking option with minimum 24 hours stake period. Users can run their wallet services autonomously by determining the amount of every transaction fees to be charged and keep their earnings exclusively to themselves.
Furthermore, for a more secure network, an Absolute Time lock is implemented so as to lock a transaction output until a fixed time in the future, and it allows for indefinitely open payment channels. If for instance Alice sends 2FLS to Bob. Bob can only access thetokens if he receives the hash from Alice within a definite period of time, and she will receive the funds back once the time set has passed.
A transaction is considered valid once the creator of the transaction can successfully create a ScriptSig signature that uses the right public key for the ScriptPubKey of the transaction output they are attempting to spend on. An OP_CHECKSIG is used to verify that a signature for a tx input is valid. It carries this out in order of stack depth. The ScriptSig script is run and deleted after the operation, but the stack is left as it is. Then the same operation is also carried out on the ScriptPubkey of the previous transaction output that is being spent on. When this is done OP_CHECKSIG collects this two values to see if the signature passes.
CONCLUSION
In a nutshell, it is safe to agree that the Fuloos platform is a digital currency that is reliable and efficient, because of the type of encryption used to design the network. It charges low fees during transactions. It also effects instant transaction round the globe for miners and merchants that accept cryptocurrency. Being a dynamic platform, it is immune to attacks prompted by fraudsters and rewards are kept exclusively by users of the platform.
For more information visit
https://fuloos.org/
https://www.fuloos.org/whitepaper.pdf
https://twitter.com/RealFuloos
https://www.facebook.com/Fuloos.org/
Written by Delightme
Profile link: https://bitcointalk.org/index.php?action=profile;u=1860734