Beyond Ethereum: GoChain
Which crypto project will be Ethereum killer?
That is the question on everyone’s lips nowadays.
Blockchain is here to stay, no doubt about that.
However, it is also no secret that blockchain in its current form suffers from technical problems such as scalability and flexibility as well as limited decentralization, privacy and security, not to mention the absurdly high energy costs.
And since the fate of the cryptocurrencies and software platforms like Ethereum depend on how well they fulfil their promises at the end of the day, without the ability to meet demand, it seems inevitable that there comes a point when some of them will go down in history while being replaced by their ‘smarter, better, faster, stronger’ alternative.
So, here’s the question, again: Which crypto project will be Ethereum killer?
Well, GoChain could be the one.
100% Ethereum Compatible
GoChain is a next generation scalable blockchain and smart contract platform that is set to solve the current limitations and problems of blockchain. It is built upon an ‘improved’ Ethereum codebase – that’s to say, it does not run on Ethereum itself but on upgraded version of it, namely on its own standalone blockchain that is faster, greener, more decentralized and fully interoperable with Ethereum.
So, anyone using Ethereum is now able to transfer to GoChain without any code changes.
But why would anyone want that?
In order to get:
10x More Decentralized
Let’s start with decentralization because that is one of the biggest promises of blockchain.
The promise of a truly decentralized network and the currently reality are two dramatically different things. At the time of this writing 4 companies in China account for 70-80% of all the mining activity for all the major coins/tokens including Ethereum.
─ GoChain WhitePaper
Decentralization is the core of blockchain as it excludes the possibility of manipulation. But with a few whale miners controlling the most of the consensus mechanism, the system is no longer decentralized. Even 51% attacks would be possible in case of company collusion or government privatization.
Some of you may be wondering how most mining activity has moved to China in the first place?
The answer is agonizingly simple: Because using the consensus algorithm called Proof-of-Work (PoW) requires an enormous amount of energy, and the cheapest electricity is in China!
GoChain solves this problem by changing the consensus algorithm from Proof-of-Work to Proof-of-Reputation. As its name implies, Proof-of-Reputation depends on the reputation of its participants to secure the network. It uses companies as validators because the companies with established reputations have a lot at stake if caught cheating, so they are far more trustworthy as validators than individuals.
This may seem like a step back to centralization at first, but GoChain, of course, has a plan to create decentralization. Using 50 companies in 50 different countries as the validators will not only ensure decentralization but also offer 10% more decentralized network to GoChain users.
100x Faster
As cryptocurrencies have become increasingly popular, scaling and network efficiency issues have become clearer than ever. The number of transactions is increasing day by day, causing network congestion and long delays in transactions.
In theory, Ethereum is supposed to process 1,000 transactions per second, whereas in practice, it manages only 13-20 transactions. VISA, on the other hand, is capable of handling more than 56,000 transactions per second, and its daily peak is currently around 4,000. That being the case, how any cryptocurrency can compete with VISA for being a mainstream payment method?
So, transaction speed is another issue waiting to be solved.
We currently have a working TestNet showing in excess of 1300 transactions per second ongoing with stability and has been running as high as 2400 transactions per second.
─ GoChain WhitePaper
But how could it be possible?
Just as how Visa payments can handle high volumes, GoChain is able to increase the volume of the network by using trusted nodes – simply trusting the servers and the network it is running on. And it is already 100x faster than Ethereum.
1000x Less Energy
High energy demand of blockchain is another issue – and probably the most urgent one. A single Bitcoin transaction can use thousands of times more energy than, for example, a Visa transaction.
According to Forbes, “the Bitcoin PoW mechanism is so costly that it consumes the same amount of electricity it takes to power a country like Switzerland in one year.”
Ethereum is no different.
GoChain, on the other hand, makes a huge difference by switching from PoW to PoR.
Using a trusted network of authoritative nodes means that there will be no mining. No mining means there will be no battle between computers to win blocks and therefore no wasted energy. Nodes will only require a small fraction of this energy to process transactions, run smart contracts, and verify blocks.
─ GoChain WhitePaper
Now, GoChain is "greener" than any other cryptocurrencies, with 1000x less energy consumption.
Far More Smarter
“To be adjusted in changing situation is smartness”
― Ismail Hossain, Social Justice in the Globalization of Production: Labor, Gender, and the Environment Nexus
Ethereum, as we all know, besides being a cryptocurrency, is also a software platform that enables applications such as smart contracts. In fact, it is the most successful one, so that nearly every ICO in the past year has run on Ethereum’s smart contract system.
The problem is they are not smart enough to adapt to changes. Parties involved in a contract have no ability to upgrade their contract to adjust terms or to fix bugs in contract code. But bugs are a fact of life, and non-fixed bugs result in $100’s of millions of value being stolen.
Smart contracts need to be more like the real world, where they can be amended, paused, and/or terminated.
─ GoChain WhitePaper
Beyond its initial goals, GoChain also has a plan to upgrade the smart contract system, making contracts easier to write and deploy as well as making them safer to prevent the massive amounts of theft that is happening.
Tokenomics
GoChain token presale will start tomorrow (May 1) and last until May 15. A day later, its ICO will be launched.
More Information & Resources
- GoChain Website
- GoChain WhitePaper
- GoChain Telegram
- GoChain Telegram Announcement
- GoChain GitHub
- GoChain Reddit
- GoChain BitcoinTalk
- GoChain Twitter
- GoChain Facebook
- GoChain Medium
- GoChain Crunchbase
*This submission does not offer any sort of investment advice. It is written for the writing contest held by @OriginalWorks.
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