GOCHAIN: FASTER, SECURE AND GREEN
The current economy, similar to life itself, has undergone a constant evolutionary process, this is how from a traditional economy nowadays it is usual to observe an economy based on virtual transactions and that, unfortunately, escapes the understanding of the people belonging to the dominant generations of the economic environment until recently.
This is how, the world of cryptocurrencies and all their existence turn into a big gray cloud to a part of the people who grew up in the world of conventional economy, but, for the generations already habituated to a virtual universe in all its aspects, it only increases the need and the desire that this mechanism works faster, more efficiently and better, minute by minute.
Is in this process of search for continuous improvement that innumerable ideas are born, some of them only remain in that, in the possibility of solving some of the constant problems that arise every day in any of the platforms or processes that take place in the virtual world. While others manage to develop until the application phase, one of these ideas for improvement can be found in GoChain
GoChain was created to solve certain problems presented by Ethereum, such as: high energy consumption, speed in transactions, decentralization, security, to name a few.
GoChain has the solution for everything. Let's check them out!
But, how it will change the world of smart-contract applications?
GoChain will change the smart- contract applications by the modernization of it. How? GoChain is proposing to make a change in a way that smart-contract applications are working today, updating it to allow to change or altered them in different ways. These is impossible today. With these modernization it will be possible.
How will having 100x the transaction speed of Ethereum effect use of the blockchain?
All of these can be possible thanks to the trusted nudes, this incredibly velocity increase will allow to make more of everything in less time. These is one of the benefit of moving from POW (Proof of Work) to POR (Proof of Reputation).
How will having the ability to move code from the Ethereum blockchain directly to GoChain impact existing companies using Ethereum for their project?
I think, there’s only benefits by moving the code from Ethereum to GoChain. I see GoChain like the natural evolution of Ethereum, they are almost the same but GoChain has been enhanced. Everything is better with GoChain, velocity, security, decentralization, power consumption, if you look carefully, you have nothing to lose and you can do it with the same code, don’t have to change anything to have these advantages in your pocket. Then, Why not?
What are the advantages of saving 1000x on power consumption?
The current algorithm POW (Proof of Work) requires a lot more power consumption to work than the POR model, that’s another reason to promote the change between them. These decrease in power consumption will reflect in a better planet, with these minimum consumption we won’t be losing anything, we’re getting the same amount of transactions and helping the planet avoiding the global warming.
We all known the global consequences, greener is better in every way.
GoChain is greener.
GoChain is better, in every way.
What are the benefits of GoChain’s POR protocol?
POR (Proof of Reputation) is the solution that GoChain offers to give an answer to the decentralization problem, POR is better than the existing protocol POW ( Proof of Work), and even better in every way to POA (Proof of Authority). Because in POA, only a validator account can approve transactions and blocks. In POR, only companies are validators, the reason for these decision is that a company has so much more to lose than an individual, and nobody is going to risk that. In this situation, they are risking not only their own reputation, they are risking the whole reputation of the board of the company, the shareholders, the market cap, that’s not one but many things that may hold companies to go in the wrong way.
If you are bad actor you’ll feel it in your reputation. Companies are bigger than individuals, so if they are going down, they will go down in a bigger way, so much to lose… It’s pretty sure they’ll behave.
So, the plan is to have 50 companies in 50 different countries, as validators, making these in this way avoid that a government can control these process, keeping the decentralization in the right way to everybody, making the network fully decentralized and protected from any intent to compromised it.
It’s important to say that, at first, GoChain will choose the validators, but then the network will select them , so the idea is to choose companies like angels investors, VC Partners, new services. These types of companies will value more their cap markets and will protected their integrity, as far as they grow their reputation will grow. And there’s nothing like a good reputation!
Summary.
Yet Ethereum is a very good way to make things happened in the virtual universe, sooner or later it will need some renovations, GoChain represents the step forward needed in this moment. With the innovations in decentralization, in a better use for power and a multipurpose reputation, it seems like the Ethereum evolution is here and now, we just have to adapt to it. With GoChain and their POR protocol, the reputation is converted in something more valuable, Can it be possible? Reputation will represent not only your word, but also your money, your market and it will back up millions of transactions in virtual market, that’s why reputation is, again, the biggest value you have.
This is my entry for @originalworks these weekend, you can also participate here
If you want more information you can check:
Gochain website
Gochain whitepaper
Gochain2018
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