Gochain employs new and innovative consensus algorithm called PoR (Proof of Reputation) to execute fastest, scalable, safest and highly decentralized transaction. A blockchain that is agnostic to Ethereum is worth giving attention to, the concept of reputation introduced to transaction on the blockchain will change how people perceive blockchain and cryptocurrency. It means that developers can pullout of slow blockchain and onboard their projects on faster and more flexible network. A blockchain that got choked during the era of crypto kitties is not worth hanging out with, as more similar and highly adopted projects would come in the future, this would translate to several unconfirmed transactions.
Potential Impact of 100X speed and 7,500X cheaper transaction fees
Companies like Facebook, Airbnb and Amazon execute several millions of low value payments to various merchants, application developers and accommodation hosts around the world. If these transactions ever become more efficient, businesses would save money, their partners would be paid faster amidst better services and lower prices.
It was reported on news.bitcoin.com that merchants using bitcoin cash (BCH) now accept zero confirmation 1
, it means that transaction is now instantaneous, buyers can receive good almost immediately that transfer of BCH is initiated. While this is a good news, there is a risk of 5% error or unconfirmed transactions on the blockchain. Then the question is; why would you want to become king when you can become god? It is better to use faster blockchain than using zero confirmation as payment receipt.
If high speed transaction is guaranteed, nobody would rejoice at the mention of zero transaction confirmation.
Gochain will not keep you waiting when your transaction are initiated. This is good for business.
About four years ago (2014), MasterCard performed 13.6 billion transactions in 365 days, this transaction was worth $536 billion 2. Also, banks in the United Kingdom carried out 427 million transactions 3. Nothing short of 2,000 transaction per second was processed by Visa. This is incredible! The almighty blockchain is supposed to out perform centralized companies in term of transaction speed. Sadly, many blockchains are nowhere close.
When Companies Migrate from Ethereum to Gochain, What are The Benefits?
Number one benefit is low cost transaction fees, ability to reinvent or redefine smart contracts without hard forking, and high speed and security guaranteed by consensus algorithm of Gochain blockchain.
Current Smart Contracts Are Not Smart Enough
Nothing is ever perfect at first attempt, we are where we are currently, because we continue to fine-tune things that we have done.
Mistake is for humans, and change is the only constant thing in life. Being smart is also an ability to make positive changes and embrace it. According to information on Bitmex, between 2017 and May 2018, the cryptocurrency world experienced 44 hard forks and chainsplits from Bitcoin alone 4. Every fork created fear uncertainty and doubt in the market, many traders and investors lost out due to panics. This is ridiculous! If you can rewrite the contract, there is no need to fork or chainsplit, hence no panic in the market due to unpleasant events like these. It is worthy to note that contract are not changed incessantly, certain criteria must be met, such as quorum or number of people that must authorize such changes. The world is evolving and Gochain has redefined the future of smart contracts on the blockchain.
Easy Integration of Blockchain to Commercial Sectors
So many professionals in different industries, especially entertainment, relies on middlemen for efficient distribution of their works. Examples of these middlemen are galleries and online stores, Gochain would allow them to sell their works without getting ripped of or getting stagnated because of unrealistic contracts. If singers like Imogen Heap could use blockchain to sell her music to her fans directly, efficiently and faster, then anyone can do it.
Cheaper payment will help many industries in creating good relationship with customers.
More Use Cases of Gochain and Mass Adoption.
$3.5 billion of welfare payment in the UK are overpaid currently, this happen through official errors and fraud. The UK government want to save money, this financial report influence the government in seeking blockchain solution to incorrect payments 5. Gochain,
it is the answer to this problems and similar ones that governments are facing throughout the world, smart contracts can be built for this purpose on Gochain.
can leverage on underbanked markets and people; The potential in developing countries remained untapped because they are hard to access, but inside these places are pots of gold for new startups who are willing to build Dapps that will cater for these people on Gochain
. Businesses and individuals who are locked out of commercial banking will gain from effective and fast peer-to-peer fund transfer on Gochain. No doubts, creating solutions brings about mass adoption, when creative developers get onboard, mass adoption is really not a big problem, it will happen.