GoChain; A fast, secure and scalable platform providing solutions to ethereum problems

The economy is fast growing with the impact of the crypto world. The level of cyber fraud is reducing. Some of them have diverted to online business like cryptocurrency, online writing, and the likes. All this are built on Blockchain. The Blockchain business and transaction is presumed to go viral come next decades. In the earlier centuries, there was nothing like online money transaction talk less of blockchain. And if existed, it was not as viral like the current world. The existence of cryptocurrency and smart contract is transforming the world gradually.

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A smart contract is a computer protocol which is created to digitally facilitate, verify or enforce negotiation. It is one way or the other business related. Any business or event created on Blockchain must reasonable percentage of scalability, efficiency, and decentralization. Ethereum became the next reliable blockchain that is been followed after they came up with the decentralized application and smart contract concept. They became a popular blockchain with their effort in bringing ICO and other beneficial things.

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Vitalik Buterin, the founder of ethereum is able to figure out three problems that need to be solved simultaneously. The problems are the scalability, decentralization, and security. Can we say that he does not consider them a problem or obstacle before launching? Well, one is learning every day. Series of alternatives are being designed to solve these issues. That is where GoChain comes in.

GoChain is a scalable ethereum based smart contract blockchain which is faster, secure and greener. It enables the developers and promoters of the smart contract to shift from ethereum toGoChaindue to their 100x increased performance. The brains behind GoChain are Kelly Nichol (C.E.O), Jason Dekker (C.O.O), Travis Reeder (Chief Architect) and the rest. GoChain aiming at providing a scalable, low cost, energy efficient platform for digital currency and decentralized application.

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GoChain is on the hit with their Proof of Authority and proof of concept. Their initial goal is to ensure the challenges that are being faced by ethereum become things of the past. Ethereum is known to be facing challenges which make them not to be efficient and thus can be able to perform only 13 transactions per second. This is like half or less for the smart contract. A single application can easily overload their network and thus has made it not to be useful for the real-world application that has significant usage. GoChain is developing solutions to the biggest problems that affect cryptocurrency and Blockchain today. They are looking for how it can be better.

Currently, GoChaincan handle 100x the volume of network transaction today more than what ethereum can handle which make them 100x bigger and they are planning to increase to as much as 1000x by 2019. This may be due to their access to PoR (proof of Reputation) and trusted node which can be helpful for efficient, quick and increasing order of transaction and magnitude. Ethereum may be facing the problem due to their limited low gas and block size nature.GoChain is making progress to ensure ethereum reach 1300 transactions per second in the main net launch.

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GoChain is built on ethereum network due to the fact that it is much more than just a store of value. This created a belief that it is one of the best cryptocurrency and blockchain on the market and this serves as the reason why they are using it as the starting point. All ethereum wallet and development tools are presumed to be compatible withGoChain.

The energy used to run the Bitcoin network could power more than 3.5 million US households, 1 million to run Ethereum. We think that's completely unnacceptable and unsustainable. GoChain will use a small fraction of the energy used to run other cryptocurrencies.)

They want to run 1000x less energy consumption. This will make the computer to run smoothly and prevent time wastage.

GoChain uses Proof of Reputation to run a successful and secure network.It will be difficult for reputable platform or business to embark on scams or other unethical allies due to the reputation they have built. If such happened, this can make it be voted out and suffer fines, decrease in valuation, branding, loss of revenue and public relation thus forfeiting its proof of authority. Trust is very important and once loose may take years to regain. PoR has gone a long way in helping GoChain to gain their authoritative node which can sign and validate blocks.

GoChain will be starting their pre-sale on May 1st. It is going to last for two weeks, until May 15th. The two weeks of public sale will be followed, starting from May 16th to May 31st, 2018

Adapted from GoChain whitepaper

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#Resources/Materials used

GoChain Website
GoChain Whitepaper
GoChainTelegram
GoChain Bitcointalk
GoChain Medium

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