litepaper - fesschain · practical applications of blockchain technology are many. however, due to...

Future Of Electronic Settlement System

LITEPAPER VERSION 1.1

Table Of Content

www.fesschain.io

1. Overview of Blockchain Technology and Electronic Transaction Systems..............................................................01

2. Existing Challenges to Blockchain Adoption........................................02

2.1 Security.............................................................................................02 2.2 Scalability.........................................................................................03

3. Vision and Objective..................................................................................04

4. Introducing FESS Chain.............................................................................05

5. How does FESS Chain work?....................................................................06

6. Exclusive Security features of FESS Chain............................................07

7. Possible Applications of FESS Chain.....................................................08

8. Token Details..............................................................................................09

9. Team.............................................................................................................10

https://fesschain.live/


Technology has had a huge impact over the last few decades on both the social and economic aspects of our society. The internet has undoubtedly been at the helm of the development and advancement we boast about today. However, the emergence of technologies like Artificial Intelligence, Machine Learning, Internet of Things etc. have further escalated the ease with which organizations operate at both macro and micro level. About a decade ago, the Blockchain technology burst into the scene and it can well be said that it is at par with all other technologies if not more efficient. Researchers all around the globe have been working to implement multiple technologies in various spheres, with blockchain as the pivot. Blockchain or Distributed Ledger Technology has tremendous potential to optimize how businesses operate. Having said that, blockchain also has a very flexible and robust technical architecture that makes it a perfect fit for all mainstream activities apart from business operations.

Records and data are undoubtedly the most valuable parameter of any mutually interactive mechanism and blockchain has literally transformed the age old record keeping mechanism into a more trustable format. To put it simply, blockchain poses the opportunity to store anything of value in a transparent and cryptographically secure manner. Data on the blockchain is stored in a distributed manner, thus making it impossible to tamper, as there is no single point of failure. Moreover, data on the blockchain is immutable as well as transparent.

Human race has always been dependent upon each other for its survival. Hence the need for exchange of value popped up. We are well aware about the Barter System, but there had to be a better method to transact with each other irrespective of the distance between the individuals or entities. Ever since the full fledged application of the Internet, electronic transactions became customary. Mastercard, VISA, Netscape and others have been trying to come up with the best electronic settlement system. Mastercard and VISA are the most prevalent as of now. But a closer look at all these mechanisms will help us understand that, the transactions are processed in a very centralized manner which reduces our control over our own data. It also poses risks involved with transactional security, owing to high level of dependency on third parties to carry out any sort of transaction.

Blockchain technology being essentially decentralized with the underlying features of trust, transparency and security, has the goods to optimize the existing mechanism of electronic transactions and settlements. FESS Chain is dedicated for this purpose apart from numerous other sectors where application of blockchain technology could instill a culture of enhanced security.

Overview of Blockchain Technology andElectronic Transaction Systems1

01www.fesschain.io



Every revolutionary and pioneering technology has its downsides and loopholes. Blockchain is no different. Ever since its inception, it has been applied in numerous avenues including real estate, supply chain, asset management, financial houses and more. However, a full proof solution to the respective woes in these sectors have been pretty rare, despite the application of blockchain technology. Numerous blockchains have been built till date but the Bitcoin blockchain is the only one which has proved out to be the most successful one, owing to its diversity and robustness, Others have exposed some or the other kind of drawback. Blockchain is undoubtedly the most superior and advanced solution out there for mitigating security and transparency issues, but it has not yet achieved its best version as yet. Let’s look at some of the primary concerns that is hindering the wide-scale adoption of blockchain technology in the mainstream

2.1Security:

Existing Challengesto Blockchain Adoption2

02www.fesschain.io

Basically, transactions and data recording within the blockchain is a function of the network. A network is usually huge, with hundreds and thousands of nodes working together -verifying, authenticating and recording(mining) data. In such huge networks, the system is extremely vulnerable to attacks. In technical terms we call it a 51% attack. If any entity within the network gets hold of more than 50% of the network by simply tweaking a couple of codes, then the entire purpose of decentralization is lost. A few entities or nodes would then be able to control the data authentication and mining process. This, if executed will bring us back to the same concern, where we would be required to trust certain powerful nodes/entities for storing and keeping tab of our valuable data. Thus, there has to be a different data authentication method, which would nullify this risk.



2.2 Scalability:

03www.fesschain.io

One of the primary concerns of blockchain application in the mainstream is its scalability. In blockchain, data is being recorded in blocks. Every block has a certain limit of holding data. Once this limit is reached, complex mathematical calculations reveal a hash with the help of which the block is being sealed, essentially making it tamper proof. The hash of a previous block is interlinked with the data to be recorded in the next block. This characteristic strengthens the immutable nature of blockchain. However, with every set of transactions being recorded on the blockchain, the number of blocks increases. Every subsequent block has more data than its previous block, as it carries the history of the previous block. In such a scenario, blockchains get extremely jammed with huge amount of data, thus causing a slow down in transaction speeds.

An amalgamation of the above mentioned concerns have been a tethering factor to the expansion of blockchain technology in unexplored avenues. At FESS Chain, we will be addressing these issues apart from fine tuning other aspects of blockchain technology with the sole objective of harnessing this technology for all sorts of practical applications.



We do understand the enthusiasm in people about the potential of blockchain technology. There seems to be a growing demand for viable applications of this technology. Our vision at FESS Chain is to serve this growing demand by harnessing blockchain technology and coming up with unique and practical use cases backed by a robust technical architecture. To be more specific our objective at FESS Chain is to accomplish the following:

Vision and Objective3

04www.fesschain.io

To create a universal settlement system on our blockchain which offers both security and high transactional speed, while maintaining a decentralized workflow.

To execute a decentralized fiat-less economy through our blockchain.

To optimize and secure all supply chains to our blockchain.

To build a decentralized exchange for all kinds of goods and services; basically optimizing the age old barter system through an advanced technology like blockchain.



FESS Chain is the first of its kind public blockchain which is specifically designed to circumvent the existing loopholes in blockchain technology and craft it in a manner suitable for mass adoption. As we have already stressed on the lack of security and scalability in existing blockchains, FESS Chain focusses on both these aspects. We have come up with a simple, unique yet effective solution to these drawbacks. We acknowledge the fact that, while most other blockchains are unviable for practical applications, the BItcoin blockchain is extremely diverse and robust, which essentially makes it impossible to hack into. Thus, we have harnessed the superiority of Bitcoin blockchain in terms of security and integrated it with FESS Chain to come up with the most trustable blockchain in the market. We further sport a unique authentication method of transactions, which essentially deems our blockchain impossible to be hacked.

Introducing FESS Chain4

05www.fesschain.io



FESS Chain is a multi layered blockchain, in which each and every transaction before being recorded is verified either with its timestamp or the Bitcoin blockchain or both. This is the first of its kind data authentication method, which makes our Blockchain extremely secure and trustable.

Moreover, FESS Chain will enable fragmented and parallel processing of transactions. Our blockchain’s core power will be divided into fragments to enable simultaneous and parallel processing, through dynamic coding and AI implementation. Artificial Intelligence plays a specifically important role in our working mechanism. The entire issue of slow transaction speed arises from blockchains being overloaded by huge amount of transactional data at a particular instant of time. This makes it extremely difficult for mining and/or verification nodes to process data quickly.

Our mechanism somewhat reduces the dependency of transaction speed on the processing power of nodes. FESS Chain’s AI powered technology will create one or more sub-chains and transfer excessive data on to these subchains, depending upon the need of our blockchain i.e depending upon the existing load of data on our blockchain. Once the data is being processed on these sub-chains, it will move back into the parent chain and will be escalated further towards its destination. This will essentially reduce the load on the chain and increase the transaction speed. FESS Chain will be able to process 400 to 950 transactions per second once it comes to practice.

Smart contracts, as we all know play a significant role in the working of any blockchain and is pivotal for self execution of certain actions upon occuring of certain conditions. This feature alone presents huge amount of security to any blockchain. Interestingly, participants on our blockchain will be able to execute multiple smart contacts parallely (based on the same workflow mentioned above), thus making it extremely feasible for business operations.

How does FESS Chain work?5

06www.fesschain.io



The primary skepticism among blockchain enthusiasts about its wide scale adoption has been regarding security concerns. At FESS Chain we have imparted dedicated focus on security standards. Our security mechanism is equipped with advanced safety features that will cover all the loopholes currently present in operational blockchains.

Exclusive Security features of FESS Chain6

07www.fesschain.io

BIP32 Transfer Protocol

Proof of Proof Mechanism - A connected graph network which enables block verification mined at bitcoin blockchain and time delay, while comparing the main chain with a potential attacker’s secret chain.

Two Factor Authentication

Multi-signature Technology

Anti-phishing protection

Advanced privacy protection



Practical applications of blockchain technology are many. However, due to inherent constraints within the technology, these have not been implemented in a scalable manner. At FESS Chain we are looking to tap all possible opportunities and optimize them using our blockchain. Our in-house Dapps will be a source to innumerable use cases. Online Fitness Training Application, an exclusive Supply Chain, a content sharing platform are a few that we have started off with. As we roll out further documentations, we will explain all these use cases and more in detail.

Possible Applications of FESS Chain7

08www.fesschain.io

Supply Chain

Ecommerce Online FitnessTraining

Many More



Initial Supply: 650 Million approximately

*650 MILLION FESS WILL BE FREE TO TRADE WHILE LISTING ON EXCHANGES*

Token Details8

09www.fesschain.io

Total Supply

10,000,000,000

Token forMaintenance

1000,000,000

Airdrop /Bounty & others

50,000,000

Development &FESS drop

(Situational Unlock)

3,440,000,000

Token forMining

2,500,000,000

ICO MarketingExpenses

10,000,000

Token Allocatedfor Sale

600,000,000

Team &Corporation( Partially Unlock)

2,400,000,000



Team9

10www.fesschain.io

D P M

S

MA P

PMr. Durga Prasad Tripathi

Founder

Mr. Shoaib MalikHead of Creative Operations

Mr.Mohit GuptaHead- Design & Graphics

RMr. Rahul

Social Media Manager

AMr. Abhishek Pandey

Chief of Marketing Operations

Mr. Pulkit KumarResource Manager

PMr. Priyank Gupta

Marketing Strategist

Mr. Prashant MauryaDeveloper

Mr. Alok MishraPR and Marketing Head

Mr. Praveen Kumar SahaniCo-Founder

Mr. Mehtab MehdiCTO & Senior AI expert



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