GoChain: Smarter, Faster, Better and Stronger

dwriterinme (36)in #blockchain • 6 years ago (edited)

The Genesis

For a network that hosts many tokens and DAPPS, it is quite discouraging to know that it is only capable of processing 7 – 15 transactions per second when PayPal is capable of conducting 193 transactions per second and Visa, 1667 transactions per second. This is evident that the slow pace in transaction of the network needs an immediate solution for blockchain technology to continue to forge ahead. What then needs to be done about scaling and the slow transaction? Well, this is where GoChain comes in.

The New Era

GoChain is a smart contract platform on the blockchain that is designed to solve the problems encountered on the Ethereum network such as slow rate of transaction and scalability issues. This is truly a new era. Other problems faced are lack of decentralization and unsustainable use of energy. They currently have a working Testnet which has proved to be a success with an improvement in the rate of transaction; 1300 transactions per second without scalability issue.

Source

Another Advantage of GoChain

Many people currently on the Ethereum network will wonder how possible to switch to Gochain network. It is possible. If you are presently on the Ethereum network, you can transfer to the GoChain network without writing any further code just to benefit from the 10x more decentralization, 10x increase in speed and 1000x improvement in energy consumption. This is totally awesome and a good news.

10x Increase in Speed

This is quite interesting. A movement from 13 transactions per second to 1300 tps is definitely a huge step-up. GoChain plans to achieve this by adopting POR (Proof of Reputation). This will allow more data to be processed over a larger server.

What is POR - Proof of Reputation?

Like Warren Buffet said:

It takes 20 years to build a reputation and 5 minutes to ruin it.

This is truly applicable to Proof of Reputation. GoChain adopts the use of POR to keep their network secure and help in validation. What does this actually mean? This means they use companies with integrity and high reputation to validate blocks and transactions. Since these companies have a lot to lose if they are dubious, they tend to be honest which means they make the network more secured. Not only that, they tend to earn GoChain tokens for their services to the network.

GoChain have a plan to consult 50 companies in 50 different countries as validators of transactions. They believe the choice of companies from different countries will improve the reputation of the network and create a good decentralization network – this is definitely 10x more decentralization.

The benefits of POR include:

Less consumption of energy
Secured network
Decentralization
Faster transactions.

GoChain TestNet

March 19, 2018, the GoChain Testnet went live. They were able to achieve 1300 transactions per second. On telegram, the team achieved a transaction rate between 1100 – 1500 transactions per second after 10 hours of test with an average rate of 1300 transactions per second. This is clearly 10x transaction speed than Ethereum network. The continuous TestNet will prepare the network for the MainNet release next month so that the network can actually achieve the 1300 tps.

Team Member

Jason Dekker – CEO
Travis Reeder – Chief Software Architect
Ben Johnson, Guilherme Rezende, Jordan Krage & Roman Kononov – Sr. Software Engineer
Brooke Hansen – Social Media Director

GoChain Token Sale

GoChain Token presale will be from May 1st to May 15th. The public sale will follow, from May 16th to May 31st.