While Other Platforms Strive With Consensus and Smart Contract GoChain Perfect It.

The importance of freedom cannot be over emphasized. Humans are by nature beings who have the ability to make choices and decision and that requires a genuine state of freedom.
But our slow development from the old primitive perspective and the lust for power as mar how to really express freedom or give the right to freedom.

This is the case for many sectors and area of life including that of the technology space where the masses have no choice but to be heavily dependent on centralized organization who by right organize and direct their facilities and service the way they choose to.
No, we can't accept this way any longer, there has to be a solution, and yes there is. Our passion for growth and true freedom did us some good by challenging bright mind(s) to come about a ground breaking technology in "blockchain".

Blockchain - despite the huge promising potential of the technology, posses concerns on how to properly be integrated for many use cases due to the problem of this personal craved acronym SDSE namely scalability, decentralization , security and efficiency.
All of this problem are tied to one determinant which is the set Consensus to which the overall system will agree on.

The current consensus model such as PoW, PoS, dPoS are found to be deficient of one or more of these components. PoW is good with security and partial scalabity but not efficiency, PoS meets the requirements of efficiency but is deficient in scalability and security; DPoS meets the requirements of scalability and efficiency, but has insufficient security and all of these aforementioned consensus model have a problem with true decentralization.

The problem now is how to develop a perfect consensus that will create a balanced linked among these components.

By introducing a new form of consensus called "Proof of Reputation, PoR" GoChain aim to solve these nagging issues.

Proof of reputation as the name suggest is a consensus model formed base on the reputation of a company or validator.
A company whose reputation metric meets the market cap, brand significant and how it is publicly traded standards of GoChain can be assigned a node and act as a validator on the network, such companies would be screened and verified to possess some serious level of commitment and the dire need to guard against their brand reputation in real life as a failure to hold on to their reputation could render them being masked out.

This delicate factor will ensure companies would think twice before attempting to game the system, the geniuness of companies who would act as validators is a huge relief of confidence to any company both small and big and to individuals making use of the platform.

With similarities with that of "proof of authority, PoA" which is one of the most centralised consensus model, one would argue about the decentralization of this model.

To address the decentralization factor of PoR "GoChain has implemented a two-phase voting process. For the initial rollout, the GoChain Foundation will add the first 50 signers to the authorization list. These original 50 signers will be companies from multiple industries and spread out across multiple countries. This will help ensure forced decentralization and avoid interference by any single government".
This model will ensure 51% attack is almost impossible has any attacker will need to have access to more than 50% of the overall companies or validators.

To legally verified validator and guard against bad actor joining the consensus "GoChain requires companies to provide their Dun & Bradstreet D-U-N-S number. This identifier allows voters obtain a D&B report on the company to view official contact information. This information will be used to establish communication".
"A secondary verification step requires companies to add a TXT entry to their Domain Name System DNS records with a random token. This is a common practice when verifying domain ownership. GoChain will host a DApp which generates tokens for requestors and validates DNS records".

Here comes the era of true Smart Contracts.

Ethereum uniqueness is with the introduction of smart contract, smart contract as exciting as it is also posses some degree of headache as contract once written cannot be modified, paused or adjusted and by real nature matters in life does not always follow a direct entry and exist point as there are normally unforseen complications that may arise.
With the rigid nature of ethereum contracts there as to be new development to improve the current abilities of contracts.

Gochain takes this matter into serious consideration and implement a true smart contract which can be modified, adjusted or pause based on the current situation of such contract.
What more exciting is that all business currently on the ethereum operating it's contract can migrate to GoChain without any sort of headache.

100x Faster Transaction Speed, 7500x Transaction Cost.

By improving on the ethereum codebase GoChain aim to solve the scalability concern especially regarding transactions time and cost by increasing the transaction per second TPS from 13 of that of ethereum to 1,300 which is 100x by order of magnitude. Transactions cost is also worked on to be decrease by about 7500x of that of the current ethereum network.
With such a tiny transaction cost and higher transactions speed GoChain if developed and marketed appropriately would make alot of sense and be readily adopted for mass adoption of cryptocurrency in many sector of life.

Another very exciting way GoChain is tackling the scalability issue is by what the company term "checkpoint".
Checkpoint would be actualised by a process when the entire blockchain is snapped at a particular block. It will contain all non-zero account balances and smart contract states. Once a checkpoint is generated, all the previous blocks and data can be removed.
This will allow new node joining the network to immediately join the network by checking for the last checkpoints instead of downloading the whole blockchain as with current method which could take several hours or days depending on the Internet connection.

The ability to remove all previous blocks and data will also do alot of good for storage as old data would be deleted to pave a way for new ones while also keeping their snapped record on the system incase it is requested.

Greener Environment

The pattern by which PoR is achieved ensures there is no wastage of energy or its effect on the environment. This efficient method also answer another major concerns of cryptocurrency with their massive energy consumption which is currently posing many debate on their sustainability.

How the system could benefit companies and the area of commerce.

With the ability to easily transfer from the Ethereum network, easily deploy smart contracts, transaction speed and cost.
Companies would benefit in a massive way by integrating with the GoChain platform as it will.

• Reduce the cost of operation
• Improve work flow
• Offer flexibility and
• Help in capital gain.

Transaction speed and cost in particularly will pave an easy route for commerce to join the era of blockchain technology and enjoy from opportunities and advantage it is presenting.

Conclusion

Seeing a system existing to solve both the issue of consensus and smart contract is really exciting.
I would never forget how a project I was working on failed due to the rigid nature of implementing ethereum nature and the difficulty in fixing bug which allow the contract to be broken down heavily as we were unable to easily adjust it very quickly when attacked, which resulted in loss of some money.
With platform Such as GoChain I can take the confidence again to deploy a contract on the blockchain without the need to worry as I am a good lover of the technology.

Meet the exciting team at GoChain

Here is there current progress and future aims.

Current partners supporting the project

This article is a reponse to the contest held by @originalworks.

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