GOCHAIN-faster, easy and more decentralized

maduprecious (48)in #blockchain • 6 years ago (edited)

GoChain
The aspect of Blockchain is one huge and preferred platform for people, it brought in transparency in transactions among users, no middle men dictates and provides digital transaction records that can't be deterred. With the above qualities in such innovation (blockchain), blockchain has been seen to profoundly grow over the past years and still fulfilling it's purpose till now.

Unfortunately, due to its vast growth and how reliable the blockchain is, a lot of people found it interesting and began to adopt it. As a result of the excess population in the blockchain, this excessiveness accommodated a lot of limitations in its operation.

Bitcoin which is the most popular cryptocurrency became overcrowded to contain transactions made by millions of people and the only way to maintain such crowd was by gradually adding charges to each transactions which in turn affected users negatively. As a result of these set backs, a lot of altcoins came into the market with several services and one of such is Ethereum.

The Negative Impact Of A Slow Network

Ethereum became well known specifically due to it's usability of smart contracts-a contract that is digitally protected, verified and agreed amongst people to avoid fraudulent practises from either the buyer or seller.

But Ethereum posesses scalabilty problem, where only 13 transactions is permitted to be carried out for just a second. This shows how slow and inconvenient such network would be for users. With so many people in the blockchain, tonnes of transactions are made but with this limitation, how would 500 people who urgently need their transactions to be done in that same second be settled?

An Illustration
Just imagine a fire breaks out and it's just a door available to exist the building and there are thousands of people who are aiming to pass through that door at that very moment. It can only be a disastrous scene which means a lot of people will be in a waiting process.
source

This scenerio shows how people with both cumbersome and less transactions would find their own operations creeping due to the crowd involved and the limits ethereum provides.
Businesses or investments structure tied around ethereum, experiences slow and inconvenient network service which make users undergo years of creeping transactions.

Ethereum which performs smart contracts still have such limits? Isn't that appalling? That's why GoChain is here to solve every issue that regards to scalabilty and speed.
GoChain header.jpg GoChain

What is GoChain?

This is an 100% ethereum compatible decentralized cryptocurrency blockchain that is highly scalable which allows smart contracts for advanced level of security during contracts, low cost and maximum speed in transactions. It provides a much higher and absolute performance which suits Dapp users and any other business or investment model to lift or shift from ethereum to GoChain.

What Are Those Benefits Users Easily Migrating To GoChain get?

It's cheap, faster and easily adoptable

Users can possibly migrate to GoChain without lining up codes.

Some Benefits
1) Proof Of Reputation
Proof of work and Proof of stake where the previous security ways to the blockchain where proof of work energy wasn't capable of lasting for so long and proof of stake which consumes lesser energy yet it was still vulnerable to attack which affects its decentralized nature. But GoChain substitutes the two with Proof Of Reputation, where large number of nodes are replaced with fewer nodes which lessens time consumed. PoR is built on the reputations of companies high enough to avoid any illicit act and GoChain is set to have about 50 companies round the globe to act as nodes. With this, government won't be able to come in.

2) 10 times more decentralized GoChain
It is obvious that 70-80% of mining operations take place in China and ethereum is one popular cryptocurrency involved. Thus, this can expose it's decentralized nature to government intervention which will deter decentralization. But GoChain is highly decentralized, where it allows nodes to be separately operated by different unconnected companies and people. It is then people choice to select their own node operators for their investment, business, company or Dapp. This is what POR provides.

3) 100x faster
GoChain is much faster than what etherum offers. Ehereum offers only 13 transactions per second. What happens if there are 500 transaction in a second by people who need fast services? Then I guess, there would be a waiting process. But GoChain is modeled to respond to 1,300 transactions in a second which is faster than ethereum. It is very much faster due to the quantum numbers of nodes which was replaced by few nodes and also the removal of the algorithm of proof of work which made transactions slow. GoChain plans to provide 13,000 transactions in a second in 2019.

4) 1000x less energy used(its Greener!)
The reduction of nodes by GoChain was mainly to reduce the much energy used, thereby using lesser energy to make it cheaper. The energy which is used to hash values in ethereum can power 1 million households which is outrageously large and detrimental to become wasteful. In GoChain, since we can choose the person we trust to be our node runner, then less energy will be used.

The effect of the high speed and low cost in fees will positively impact in the blockchain. But how?

First of all, when there is high speed during transactions, it enables the activity in the blockchain become much more interesting for users where various transactions can be done in a second. There won't be waiting period and even if there is, it won't be time consuming. With my example I gave earlier, people would possibly survive from the fire outbreak if the door widens. Therefore, its fast process would lead to the adoption of mass cryptocurrencies. GoChain has the potentials of high speed as a result of PoR.

Also, low cost in fees for transactions is one prayer made by every user in the blockchain. Due to the overcrowded blockchain, charges slowly increased based on transactions made which causes a dent in users wallet. When fees are low, users are bound to make more subsequent transactions which will increase the activities in the blockchain.GoChain is set to charge lesser fees during transactions.

Giving several unrelated companies nodes and the ability to change their codes will attract more businesses in
GoChain is very flexible where users or companies has the ability to easily change codes for their operations. But in the blockchain technology, there is rigidity in changing codes for companies which will make a lot of them back off from blockchain technology. Companies have the right to choose the method to which they will operate and that right is given by GoChain. There might be few negotiation with individuals before the change of codes occur. Such flexibility will definitely attract businesses because every business person detest a-must-doctrines from external force.
Also, it is very necessary and important to cater blockchain technology to the commercial sectors for possible integration because blockchain technologies is suppose to offer to commercial sectors needs that are scarce in the centralized surroundings. The aspect of flexibility for commercial sector is a way for integration of blockchain technology and commercial sector. Another means is by making the blockchain compatible with several Dapps and companies in order for easy access to migrate for possible speed in network service.

Therefore, their Integration is vital because blockchain technology provides speed and GoChain is offering 100x of speed what the current blockchain would offer.

In conclusion, with all these features, it creates a platform for massive adoption of cryptocurrencies to the market. The flexible nature, speed and low cost in fees will attract new currencies to the market.

Whats new? Or what's set to be new?

GoChain has launched their MainNet
Users can now access their explorer, wallet and see the number of nodes they have. Their MainNet is live and has been gradually improving ever since it was launched.
GoChain