GoChain: BETTER, FASTER, STRONGER AND MORE EFFICIENT

What is GoChain?

GoChain is a smart contract platform that provides a better network than Etheruem. It provides the following benefits:

• 10x more decentralization
• 100x speed
• 1000x less energy consumption.

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Ethereum is the second largest blockchain platform in the world after bitcoin, it is a host to many DAPPS, smart contract and tokens yet it is faced by scalability issues - this is a limitation to the amount of transactions that occur over the network. Ethereum manages 13 transactions per second which is quite low compared to PayPal and visa that manage 193 and 1667 transactions per second respectively.

The GoChain Solution

GoChain is encouraging developers to seamlessly move from Ethereum network to their network to enjoy the benefits stated above.

Do you believe that only four China companies account for 70 - 80% of mining activities for Ethereum (Gochain WhitePaper)? This totally goes against decentralization. This is why GoChain is adopting the Proof of Reputation (POR).

What is Proof of Reputation?

Reputation is a key aspect of business. It speaks volume about a company. This concept brings about the Proof of Reputation. This is a concept that allows the network to adopt larger companies of high reputation as authoritative node. What is authoritative node? An authoritative node signs and validates a block to process a transaction.

The network is using larger companies because they have their reputation at stake than lesser companies. They have more to lose so they will be ethical. GoChain plans to use 50 larger companies from 50 different countries to actualize decentralization.

The Speed of Transaction

Ethereum manages 13 transactions per second, this is quite slow. The network through TestNet has achieved 1300 transactions per second which is 100 times the speed of Ethereum.

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GoChain TestNet

A load test was live on the 19th of March. With over 10 hours of test, 1100 - 1500 transactions per speed was recorded. This is an average rate of 1300 transactions per second. More load tests will be conducted to gear up for the MainNet which will be launched by May 2018.

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Energy Consumption

GoChain believe the adoption of POR will reduce the energy required to process a transaction. It takes lot of energy to run Etheruem which is quite unacceptable. POR will give 1000x less of energy consumption.

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The GOC Token

GOC is the GoChain ICO token.

• Total Token Sale - 1, 000, 000, 000 GOC
• Token Sale Soft Cap - 2, 500 ETH
• Token Sale Hard Cap - 26, 500 ETH

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Token pre-sale will be from May 1 to May 15 with a token cap of 200, 000, 000 GOC at a minimum of 5 ETH. The public sale commences after from May 16 to May 31 at a minimum of 0.5 ETH.

This is a review on GoChain ICO:

The GoChain Team

The core team comprises of software engineers and businer founders with adequate experience to push GoChain to success. This is shown when the live load test was successful in March.

• CEO - Jason Dekker.
• Chief Software Architect - Travis Reeder.
• Senior Software Engineers - Ben Johnson, Guilherme Rezende, Jordan Krage, Roman Kononov.
• Social Media Director - Brooke Hansen.

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For introduction about GoChain, watch this video

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For Further Information and Research

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

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This is an article on GoChain by @originalworks contest.

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