Gochain: Saving Ethereum from implosion
Have you ever had one of those experiences, where you need to move at 100km/s, but you can only average 1km/s?
I know, right? Smashed to bits you might feel. That is what it feels like using Ethereum most times, when performing transactions. At the time of writing, the framework can only process thirteen transactions per second (Bitcoin is a more pitiful seven). This seems awful, for a framework that is the industries standard.
A couple of solutions have been touted, but none of them seem to be ready for deployment, anytime soon.
HELLO, GOCHAIN!
Like a badass, in walks GoChain.
GoChain is a solution built on Ethereum, and it is compatible with all Ethereum wallets and development tools. It delivers high performances at a low cost, which cannot be said of solutions we had before this. It’s also a cryptocurrency and blockchain that supports smart blockchain and distributed apps.
Problems trying to Solve.
When Ethereum came on the scene, it was hoping to solve some of the challenges and needs that it felt Bitcoin was not fulfilling. It was hoping that it could meet other needs, apart from being applied in a financial sense. Once again, we are at a crossroad, and there is a gap that needs filling; ones that aren’t being met by Ethereum.
Some of the issues with the cryptocurrency world as we know it today are:
- Scalability issues
- Speed of transactions
- Shift towards re-centralization
- Energy needs
- Cost implications
With the advent of decentralization, things have not gone as planned, seeing we have a small pool of players controlling a huge stake in mining operations. To negate this, nodes will be situated in different, and managed by unrelated companies. This would lead to GoChain being ten times more decentralized.
GoChain would also use a small fraction of energy to be operational, compared to Ethereum and Bitcoin. This would lead to a thousand times less consumption of energy.
Higher transaction volumes and faster verifications will also be enabled. As at this moment, GoChain can process 1300+ transactions per second, and it is poised to process 13000+ transactions per second, in 2019.
Moving from a Proof of Work (POW) model to a Proof of Reputation (POW) model would assist in decentralization, because it is a more advanced version of Proof of Authority (POA)
With a team comprising of individuals, such as Jason Dekker (CEO), Travis Reeder (Chief Software Engineer), Ben Johnson (Senior Software Engineer), and Roman Kononov (Sr. Software Engineer), GoChain is poised to nip the bud in an ever growing problem that shows no sign of relenting.
Hopefully, this solution will be spot on, and will save mankind, in a manner of speaking.
To keep abreast with developments and learn more:
Entry to @originalworks GoChain contest here
gochain2018
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Hi again,
Just read your post about effect.ai and decided to check your profile just to realize that we seem to share a number of interests :)
In particular that we both share a similar passion towards cryptocurrencies and blockchain technology :)
Thx for that quite informative post. Keep up with creating interesting content.
I know it's hard at the beginning to build solid follower base. But just don't give up. Steemits needs solid content builders.
(i upvoted over 30 posts lately and my voting power is very low, so I cannot upvote your post this time around, but I will follow you closely).
yours,
Piotr