GoChain: A brief introduction.

Man has always needed that medium through which he could exchange goods and services. In ancient times, trade by barter was the order of the day but it left man unsatisfied and in need of a better alternative. Then, precious stones and cowries were introduced. This system had its own flaws.

In this modern age, we have money and it seemed to have all the answers but then, it too had drawbacks. With time came internet money transactions and the world of credit cards and it also has its drawbacks.
Cryptocurrency then came up and was received with mixed reactions. Bitcoin was the first popular cryptocurrency and Ethereum is one of its biggest rivals. Other cryptocurrencies keep coming up everyday but the problems still exist within the blockchain.

Without a doubt, cryptocurrency is out to change the world's economy. Transferring money to anyone anywhere in the world is now possible and the medium of transfer is fast and very easy. With the advent of cryptocurrency came up smart contracts. Smart contracts help verify and make transactions easier and trackable digitally without third party influence on the blockchain.

Really, the blockcahin has made financial transactions easier but it is not without its problems. The major problems are scalability, no real decentralization and security in addition to consumption of large amounts of energy that is not sustainable.

GoChain is the knight on a white charger that has come to the rescue. It is a smart contract blockchain based platform that is built on an Ethereum codebase. GoChain is built for Ethereum so integration with existing Ethereum projects would be easy and without any problems.

One of the founders of Ethereum, Vitalik Buterin known to have given the cryptocurrency its name, has identified three problems that needs to be solved at the same time which are the same as mentioned above; Scalability, Decentralization and Security.

GoChain has been built to solve these three problems. Ethereum is said to be capable of processing only 13 transaction per second which is kind of small for bigger real world situations. There is a need to increase the rate of transactions per second to accommodate bigger projects.

With GoChain, there is better decentralization, an increase in speed as well as better and effective energy consumption.You would ask, how do they intend to achieve this?

First, let's talk about decentralization. How would GoChain solve this problem? They have stated in their whitepaper that the solution is in taking a step back towards centralization. A shift from Proof of Work(POW) to Proof of Reputation(POR) which is a more upgraded, secure and stronger form of Proof of of Authority(POA).

POA is used in private networks and are validated by vetted accounts known as Validators. The identities of these validators are known and could be easily compromised. They are paid for their reputation which can be dragged in the mud at anytime. This in no way affects the reputation of the companies that use them, giving room for cheating within the blockchain. POR uses companies as validators instead of individuals. No company would want to risk its reputation and so the impulse to cheat is lessened.

Fifty different companies would be used as validators in fifty different countries, this is a move to enforce decentralization in the blockchain and this plan would definitely work.

Now, on the issue of scalability. There is a plan to progress from the usual 13 transactions per second to 1300+ transactions per second. This is achieved by moving to POR and also dealing with large amounts of data in such a way that it would allow for better speed. Offchain solutions such as Plasma and Raiden being able to work on this platform would also help matters and make transactions go faster.

POR also helps to decrease the energy utilization that is required to process blocks on the blockchain.
GoChain gives a new dimension to the Ethereum blockchain and it can only get better. It jas profferred solutions to problems affecting it.

GoChain token presale starts on May 1st. It would run for two weeks until May 15th. The Public Sale begins two weeks after the presale, from May 16th to May 31st.

For more information, visit their website here, read their whitepaper here or on Telegram here.

This is written for the originalworks sponsored writing contest. gochain2018