GoChain || Blockchain On The Go!

We live in a vast world of people and perhaps that's a reason why patience as a virtue is scarce in circulation and an abundantly rare commodity.😏 Always in haste, we seek faster systems and technologies to seemingly shorten distance and process all our value transactions.

_{Image Source: Pexels}

The fiat money passed the baton to cryptocurrencies in this relay race of faster and global value transactions and since it did, cryptocurrencies has been transforming our economy, at top speed. It has not only made global value transfer fast and possible, cryptocurrencies have also made it easy, safe and seamless.

To facilitate and enforce global negotiations of these created global value - cryptocurrencies, computer protocols or programs known as smart or cryptocontracts were developed to control the transfer of these digital assets. They usually take place of third parties who may be malicious or bias to ensure the safety of the value of the transacting parties.

Without the blockchain technology, these transforming digital values and contracts would come to nought. Although it has made some impossibilities hitherto possible, the blockchain has not fully attained all its claims such as decentralization and scalability. In addition, for an enormous impatient and energy-dependent generation like ours, the major public blockchain networks like Bitcoin and Ethereum has a low transaction processing speed while consuming unimaginable amount of energy. As a matter of fact, Bitcoin can only process 7 transactions per second and Ethereum, 13 transactions per second while consuming so far, an equivalent energy which could have been used to power 3.5 million US households and 1 million US households respectively. This is in sharp contrast to existing credit card systems like Visa which is capable of processing over 56,000 transactions with each transaction costing about 4 cents. How sharp it is!😱

The Ethereum blockchain which was founded by Vitalik Buterin and currently, it has over 1000 Dapps built on it and over 300 ERC-20 tokens issued on it. It is a powerhouse in the cryptosphere because of its unique smart contracts feature. However, as it stands, it needs a lot more power in its powerhouse to meet the demands of the ever expanding cryptospace - it simply needs scalability.

Today, the decentralization of the blockchain is a facade as about 80% of mining activities for all major coins and tokens including our dearly beloved Ethereum occur in china where the cost of electricity is cheapest by usually unknown individuals who might not have the best interest of the network at heart. This exposes the network to government control and risks associated with collusion or perhaps geographic natural disasters like earthquakes, floods or tornadoes which could knock down nodes planted in an entire country😏. This is not too imaginative or exaggerated if you consider the historical events of, say, China.

_{Image Source: GoChain Medium}

But for how long are we going to sleep with one eye open for fear of our stored values whilst dealing with slow transactions? How long before our public blockchains come to a gridlock and we are all forced to move our values out? Are we going to build from the scratch all over again when we are sent packing from our retarding value, Dapps and DAOs safe haven?🤔😟

Just when I thought I would get depressed by all these thoughts, I discover [GoChain], a 10× more decentralized, 100× faster and 1000× greener blockchain.🤗

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What is GoChain?

_{Image Source: GoChain Facebook}

GoChain is a standalone blockchain network built to solve the scaling problems of Ethereum with immediacy whilst allowing for a codeless transfer of Dapps and DAOs from the Ethereum blockchain network to its own - 100% Ethereum compatibility. GoChain is not just faster, more decentralized and greener, it is also 7500× less expensive to use than Ethereum. I agree it's true that if wishes were horses, beggars would ride and blockchains would in pace, fly but this is more than a mere conception now as GoChain MainNet is ready and live, already cruising at 1300 transactions per second.

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GoChain's Consensus Algorithm

Achieving this feat is no easy task, if it were were prodigies like Vitalik Buterin and Satoshi Nakamoto would have done so long ago with their Proof of Work (PoW) and Proof of Stake (PoS) consensus algorithms already or a combination of both - a hybrid consensus algorithm. To achieve this, GoChain breaks out from the consensus norms and breaks away from the problems such as the difficult PoW hash computation, lack of accountability and stakeholders centeredness of PoS and the vulnerabilities of the Proof of Authority (PoA) associated with them by implementing a new consensus algorithm named Proof of Reputation (PoR) which builds upon the vulnerabilities of PoA.

The PoR consensus model is one that relies on a valid assumption that reputational companies relative to individuals as the network validators have more at stake if they cheat on the system. Considering market capitalisation, openness to public and branding as metrics for scoring a company's reputation, GoChain selects to be an authoritative node the companies that best meet these criteria because they have more to lose in finance and branding if they breach trust. Don't take my word for it, ask Volkswagen. To ensure this time that decentralization is true and not a facade, GoChain will initially handpick 50 companies from 50 different countries to be the authoritative nodes before the voting control will be handed over to the network, so that at least we can sleep with our two eyes closed😴. At the moment, the GoChain network already set up 13/13 nodes which includes Warner BP, KuCoin, ICOSyndicate, TheHim, Procurious e.t.c

The PoR does not fail to incentivize and reward assigned signers which selected randomly from the authoritative signer list and the signer the responsibility falls to if any of these authoritative signers be missing when needed to ensure fairness.

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GoChain as Ethereum's Life Raft

Ethereum's smart contracts open doors to a whole new world of possibilities such as Decentralized Autonomous Organizations (DAOs); organizations governed completely by the network without any human intervention. However as earlier mentioned, it's pedestrian transactions speed of 13tx/sec (or 100tx/sec for Ethereum's Casper) and huge power consumption inhibits strictly these possibilities. GoChain, built on an improved codebase of Ethereum, picks up from where Ethereum left off by launching off with a bullet train speed of 100× that of Ethereum while minimizing energy consumption and transaction fees (7500× lesser) through the use of guaranteed consensus nodes and offchain solutions. All these benefits coupled with the 100% compatibility with Ethereum, saves developers of already existing DApps and DAOs the cost of building from scratch which would cause lagging to their Roadmap (which is unattractive to investors) and also allows for lesser cost to keep the company running.

The commercial sector makes up about 80% of the economy in most countries. Therefore moulding blockchain technology to facilitate adoption by this sector of the economy would result to a mass adoption of cryptocurrencies. So far, a major portion of this sector has shied away from it because of the high transaction fees, lack of network nodes trust, absence of real-time transaction processing and rigid smart contracts, which are all pitfalls of Ethereum. Capping the 10× more decentralized reliable nodes, 100× faster transactions processing and 7500× cheaper transactions fees which matches the inadequacies of Ethereum that deters its adoption, GoChain enables smart contracts to be more realistic i.e being amendable; to adapt to real world changes and also to easily fix bugs, also so that it can be paused and terminated.

Just like the Titanic, if there were enough life rafts, Jack wouldn't have had to sacrifice his life for Rose when the ship Capsized. I'm not saying Ethereum won't survive the massive number of DApps and DAOs launched on it, all I'm simply saying is, we don't have to sacrifice one for another now that we have GoChain and GoChain is more than enough life rafts.😏 A life raft aiming for 13,000 Tx/second by Q2, 2019.

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PayAsYouGo Cafeteria.

Sammy is well informed cafeteria owner who loves upgrading his customer services. As cryptocurrencies became more and more popular in this country, he started thinking of how to integrate it into his business. He had Point of Sale (PoS) service in mind. After successfully building a DApp on the Ethereum blockchain which allowed him to do so seamlessly he was satisfied. As his customer base grew, primarily because his was the only cafeteria who accepted payments in cryptos, he started having long queues in his cafeteria because of the slow transactions.

As it got longer, customers began to grow impatient and he began to lose them. Before long he discovered GoChain. Without much stress and cost, he moved his PoS DApp to the GoChain Network. Now his transactions are not only faster, he incurs less cost for his new payment system.😏

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GoChain Team.

The GoChain team comprises of experienced software engineers and they are led by CEO Jason Dekker a serial entrepreneur, hedge fund manager, angel investor and so many other accolades. Travis Reeder is the Chief Software Architect who is an adept in high scale applications and cloud services.

_{Image Source: GoChain Facebook}

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Tokenomics.

There are 1,000,000,000 GoChain tokens (GOC) in supply with soft and hard cap at 2500ETH and 26500ETH respectively and it is distributed as shown in the chart below;

_{Image Source: GoChain Whitepaper}

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RoadMap

The journey from 1300tps to 13000tps is clearly mapped out in the image below;


_{Image Source: GoChain Whitepaper}

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GoChain Updates

• KuCoin joins GoChain as a node
• GoChain now supported on Blockfolio

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GoChain MainNet Live.

• GoChain Explorer
• GoChain Wallet
• List of GoChain Nodes

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More Information & Resources.

• GoChain Website
• GoChain WhitePaper
• GoChain Telegram
• GoChain Telegram Announcement
• GoChain GitHub
• GoChain Reddit
• GoChain BitcoinTalk
• GoChain Twitter
• GoChain Facebook
• GoChain Medium

This is an Originalworks Contest entry.

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