Overview
Day by day, banking and financing sector seems to be running towards a slow death instead of evolving due to many reasons. Economic and political decisions and trade policies lead to currency inflations. Fuloos is here to overcome these challenges and revolutionize the financial world. Fuloos coin is your most reliable digital currency which works peer-to-peer and has no additional processing fee. Fuloos is an open source system which runs on a decentralized platform and is considered as one of the most reliable payment systems. Fuloos is ready to offer everyone a more effective financial tool and take the first steps in the financial revolution.
Fuloos is a collection of financial tools which comprises of Fuloos coin, with a unique blockchain, E-commerce plugins, CRM & billing solutions, mobile wallets and many more. You can create your own tools with Fuloos because it operates on both open blockchain and open API.
Technology
-Encryption
To encrypt blocks in the blockchain, Fuloos uses Scrypt. A password-based key derivation or password based KDF is usually devised to be very demanding in terms of computer resources. Therefore, the time needed to come to a solution is relatively longer. You only have to run the function once per project if you are an authentic user, and therefore, the computing time is considered insignificant. This works as a protective mechanism when someone launches a brute-force attack because they will have to run the function a massive number of times, making the computing time extremely high which will deny them access.
Other previously introduced password-based KDFs (e.g., PBKDF2 from RSA Laboratories) are less intensive in terms of resource demands, making them vulnerable. Having a low resource demand means that a person can access its functions with relatively low memory and without expensive hardware. This makes the algorithm an easy target for attackers with enough resources to launch a parallel attack of large scale.
Scrypt is designed to prevent these attacks by having a higher resource demand than other password-based KDFs which makes the hardware implementation of the algorithm more expensive.
Mining Mechanism
-Proof of Work
Proofs of work can be identified as individual parts of information which are used to validate specific requirements. Fuloos uses Scrypt as their proof of work method. A proof of work is demanding in both time and money but is relatively easier for others to confirm its authenticity. It is requested that miners provide a proof of work in order to be recognized by the network users.
-Proof of Stake
This is a potential successor to the Proof of Work system in which users get to enjoy a more secure financial network. Two factors contribute to the additional security of the proof of stake system.
It is more resource intensive and expensive to launch an attack.
For an attack to be effective the attacker must possess almost all of Fuloos which significantly lowers the possibility of an attack. Also, the attacker is affected by their own attack because the incentives are reduced.
A proof of stake system helps Fuloos to be more competitive in the market by reducing equilibrium exchange costs in the process of creating block rewards via txn fees.
How Fuloos Coin works
Step 1- Obtain Fuloos
You can acquire Fuloos coin by buying it from a FLS supported exchange or by mining, which will aid the other members of the community and strengthen the network.
Step 2 - Finding a Service
Choose your method of payment from the all-in-one client or Web-based wallet and deliver the funds to your friend or preferred trader.
Step 3 - Complete
When your payment marks the required number of confirmations, it is transferred to the chosen trader and the product will be obtained by you.
Why Fuloos coin should be your next biggest investment opportunity?
-Fastest Transactions
When traders receive payments, they have the ability to access their funds within a short amount of time which can be as little as 90 seconds. Fuloos also boasts the highest number of transactions per second (Tps) in the market.
For BTC it is 4 Tps and for Ethereum its 10 Tps, but in Fuloos, you can engage in almost 20000 transactions per second.
-Security
Fuloos can guarantee higher effectiveness and user safety as it uses smart contracts and hyper ledger fabric platform.
-Liquidity & Low Inflation
Fuloos has a 100 million coin circulation rate and its own PoS process making it a digital currency with high liquidity and stability.
-Exchange Service
In handling demand and supply process for Fuloos, the first priority always goes to Fuloos coin listings on top performing exchanges.
-Mass Adoption
Fuloos already is engaged in more than 100 partnerships and is constantly evolving to further the network and aims to provide a more efficient service for everyone.
-Mobile & Web Wallet
Every Fuloos user gets access to their very own mobile and web wallet which can be used for their payments purposes anywhere without worrying about the safety of their funds.
Roadmap of Fuloos Coin
Fuloos Coin
Name: Fuloos Coin
Algorithm : SCRYPT
Instrument: FLS
Proof of Concepts: Hybrid (PoW & PoS)
Max Supply: 100,000,000 FLS
Circulating Supply: 31023095.222748 FLS
Fuloos Team
Conclusion
Fuloos is introduced as an alternate digital currency which aims to revolutionize the payment processing system. In our humble opinion, we think Fuloos might be a solution for the limited number of transactions per second which is offered through coins like BTC and Ethereum.
It can also be pointed out that, unlike previous password-based KDFs, with Scrypt, Fuloos is less vulnerable to brute-force attacks. It is designed to increase the use of computational power, making the launch of an attack unlikely. However authentic users only need to perform the function once per project.
While Fuloos currently uses Proof of Work as their mining mechanism, Proof of Stake is proposed as an alternative method. In this process, users get to engage in transactions in a more secure way. In Proof of Stake system, launching an attack would be much more expensive and you would have to own the majority of Fuloos coin. We also think the low long run cost of Fuloos which is produced through this system makes it a worthy competitor on the market. With Fuloos, you are offered your very own mobile and web wallet which you can use on the go.
What is your verdict on Fuloos coin? Do you think it has the necessary elements to be successful in the financial market?
You can find more information about fuloos coin from these links.
Website : https://www.fuloos.org/
Whitepaper : https://www.fuloos.org/whitepaper.pdf
Telegram : https://t.me/fuloos
Twitter : https://twitter.com/RealFuloos
Facebook : https://www.facebook.com/Fuloos.org/