The (Crypto) World Moves Pretty Fast
..and to further paraphrase the infinite wisdom of the iconic fictional character Ferris Bueller, "If you don't look around once in a while, you might miss it." This could never have more true than the rapidly evolving landscape of Blockchain and people often compare it to the early days of the internet. Except that the fully developed internet is already in place, which means that the Killer App, the internet has been waiting for: BlockChain's, evolution has become a Cambrian Explosion of Life and it's happening a lot quicker this time around. It's exciting and quite breathtaking to observe, to be part of. I wrote about GoChain way back in May of this year you can read the original article here.
Cambrian Explosion of Life img src
Why Bolt on When you Can Start from Scratch ?
However, the whole sector's potential and all of it's many benefits have been called into radical question recently by large institutional investors who prioritise risk management. Resistance to mass adoption is due to a large concentration of power of the main currencies mining operations in a very few hands. Both geographically and with too few vested interests, the whole notion of crypto's main features of decentralised and resistance to interference, could be crippled by governmental intervention, organised collusion and intentional manipulation with such a concentration of mining power in so few hands. ("4 main mining companies in China are responsible for 70-80% of all the major coins current mining operations") src - GoChain so a 51% attack becomes a what if & when scenario, not something fund managers are going to put your pension at risk of.
So what's the solution?
There are quite a few challenges for crypto, (price volatility being only one of them !) and as we move into Q2 2018, a new generation of BlockChain is beginning to change the game, undoubtedly improve the propects for the sector and the efficiency, security and scalability of a now decade old technology, without bolting bits on the side, (which is a massive relief and perhaps save the entire sector from itself.) The lightning network may save Bitcoin for the time being, but it is a sticking plaster on a major trauma. GoChain fees are up to 7,500 times less than Ethereum's, which makes small daily transactions for mass adoption, in high volumes, realistic, like trading platform or retail business. Revolutionary in the way it was originally intended. I believe the BlockChain Revolution will transform every aspect of our world. GoChain is paving the way to create a more realistic infrastructure for the future, one which can be relied on, is fast, secure and perhaps will one day, power day to day transactions at Pleasure Beach, but you'll have to keep reading to find out what that could mean.
GoChain quite literally is a bullet train at the forefront of this new wave of BlockChain 3.0 solutions and it's not difficult to see why they have the power to augur mass adoption by stealing Ethereum's waning Thunder. It leaves Ethereum's pedestrian transaction speeds in the dust and it introduces a novel consensus. Proof of Reputation, which as it suggests, relies on geographically dispersed and publicly accountable bluechip companies to provide a secure, truly trustless network of consenus. GoChain's lift & shift platform is now up and running. This means that if you have an Ethereum based project already running, you can actually uproot it, (smart contracts included) and transplant it's beating heart straight onto the super fast and super secure network of GoChain. Kucoin are already onboard as a Supernode and as one of the major trading platforms (which also operates a 50% profit share to Kucoin share holders) it's easy to see why this high transaction project which requires super low latency in it's daily business has chosen to partner with GoChain. it dovetails with their values, helps proof their own future and surely is a valuable divestment in their own business model. These are the kinds of relationships which should see GoChain become a major player in the industry. Who will be next? I have a few guesses, but that's just perhaps my own wishful thinking.
Proof of Reputation
Here's the proof in the pudding so to speak. GoChain have developed a totally new way of securing consensus on a major crypto project. One with such lofty ambitions as GoChain to become the natural alternative to Ethereum had to have a stroke of genius and PoR is a very interesting proposition. As an incentive for mass adoption, it has the kind of appeal that investment fund managers would like to rely on and it works in a slightly different way from the ruthless mining pools of Ethereum and Bitcoin. 50 Bluechip & therefore, publicly accountable corporate entities chosen to act as Supernodes. Simple. Geographically dispersed, each with their own very high levels of public scrutiny, each with their own vested interests in their own security, run together to form a superleague of consensus, validating blocks on the network. Personally, I think it's a very clever long term solution because it has the ability to build more than the current very thin bridges across from the existing business world that currently exist in the crypto space.
GoChain also has the potential
to encourage transnational NGO's & NPO's to become involved in running their own projects using GoChain as a highly trusted organisation by association with it's Supernodes. I'm think UN World Food Programme scale or WHO global epidemic prevention projects. Transnational Corporates who are not related to each other in a business sense, have nothing to gain from trying to cheat the system as their share price and public standing would immediately slide upon discovery, and their competitors would benefit from their loss of face, but also (and perhaps more importantly) they have no motivation or need to do so. They benefit from being part of the infrastructure and can develop cryptocentric relationships. They have the opportunity to become a part of the the backbone to the newly emerging digital economy and the benefits and rewards of being part of such a network to a corporate entity in the new age of the machine economy is not to be understated. I'm not sure who will be eventually make up the Supernode SuperLeague but if a Nike or Paypal are among them, it's a PR bonanza for everyone. I can imagine that GoChain prices will soar as big international players are announced as being part of the network but also have the potential to soar each time a successful Ethereum based project cuts and runs to GoChain. It's an exciting project because it's a platform, not a single mission coin, like so many others.
I've been working with OpenCryptoTrust recently so I've learned a thing or three about the how, why and what of ultra speed blockchains. They are third Generation solutions which bring the future to the doorstep and ensure that the BlockChain Revolution doesn't fall short of it's promises of truly socially transformative technology. 1,000s of transactions per second as opposed to 5 or 10 are what mathematicians call factors of improvement. Traditionally in technology, factors of improvement often occur at the rate of * about one per decade*. Here, we have multiple factors of improvement in less than a few years. I call that progress and when one considers the ample scope for truly transformative projects to be birthed on Generation 3 Blockchains like GoChain, the field of opportunity suddenly opens up into a vista of as yet undreamed solutions. Solutions which will no doubt be composite technology, partnered by different aspects of computing, networking, storage, processing and AI. What that could bring about, nobody yet knows but the word singularity starts to bounce around this writers mind.
I've been predicting the future since my first series of thought provoking films were aired on Network Television in 2004, all about life in the year 2050. Watch Terra 2050 below for some of the best ideas which came out of the minds of some of the most eminent scientists and thinkers of the time. BlockChain wasn't even mentioned yet ! but technology was discussed as the only way out ! (of our current predicament(s).
But what about the next 50 years? Here's my best thoughts. Inspired by writing, thinking and musing on BlockChain over the last couple of years, which culminated in a very lucid dream just last week. Here is the opening synopsis to the forthcoming techno-novel / screenplay which I can reveal for the first time here... on an ultra speed, Graphene based, 100ktps Blockchain network, which uses Delegated Proof of Stake. How apt.
As the machine economy began to develop in tandem with the burgeoning consciousness of AI, nobody really saw it coming but lives soon began to be lived out entirely in a limitless, virtual world which almost everyone moved into at some level within the first decade of it's inception, some only returning to the material world for basic hygiene functions, while others paid medical establishments to monitor their 24/7 full immersion as they were drip fed and colostomised. Facilitated by blockchain based & decentralised graphics processing on a planetary scale, this new tokenised world became populated by all aspects of civil society and business thrived in the high speed environment. Existing business and the whole of the internet became enmeshed and nobody had to wait for anything anymore. There were no errors and intuitive intelligent assistance IIA became the all encompassing, expert nursemaid, teacher and guide to a new generation of young people, unafraid of technology and deeply appreciative of it's benign if intrusive inclusion in their post modern lives. Because of the precise engineering paths which became a hallmark of it's exciting experience, entirely new ways of working at 100,s or 1,000's of time faster than in the material world, soon becoming the new creative norm and some people's career trajectory in the media industry required them to work at the face as it was now called in 10 hour global shift patterns. 10 on then 6 off around the clock. They were creating masterpieces of modern thinking in all areas on a scale never seen before with all the beauty of The Renaissance and the intellectual depth of the history of Western and Eastern Philosophy combined. The Gods as they were jokingly called, could earn vast sums of tokens within a few short months and then like oil rig workers take extended vacations in sub orbital spa resorts. Tesla's Space X did indeed begin to build solar sail powered executive retreats in the sky and most people's motivation at the face, was in part guided by the dream to spend a few weeks in real low grav luxury. It really truly was becoming a beautiful, if synthesised new world and it didn't stop there. Whole armies of drones were being operated in real time, monitoring, assessing and intervening in slowly cleaning up the mess of their forefathers. It was perhaps the greatest test of humanity and almost everybody agreed had it not happened we wouldn't still be here to tell the tale. Nature was being restored while we stayed indoors.
extract from the synopsis of Pleasure Beach Copyright 2018 Christos Hatjoullis
To Find Out More about GoChain
this article is not an endorsement of GoChain, I always recommend potential investors conduct their own research and due diligence before making an investment. Remember investments can go up as well as down and the blockchain revolution will change the world.