Image Sourece: GoChain Contest

While blochchain technology continues to evolve and attract global use and acceptability, a lot is still left to be desired. Major issues that threaten the very existence of cryptocurrencies lingers and the reality on ground seems to differ greatly from what people see blockchain technology to be.

To begin, I would like to sieze this opportunity to welcome you on board this contest organized by @originalworks for Gochain. You can join the contest by clicking here

Gochain is a truly decentralized, cheap, scalable and highly optimized blockchain technology built on the Ethereum framework. Before I go on to sing the praises of GoChain, it will be nice to take a closer look at one of the major issues surrounding blockchain technology and see some attempts that have been made to tackle this issue. Then, we will be better positioned to understand why GoChain is a unique revelation.

Undertsanding Scalability and why It is a huge problem With blockchain Technology.

Many terms have been used to describe our fast times. Most people say we live in the jet age. So everything needs to happen fast. Everyone wants the quickest services out there and it is no different in the world of finance. People need the quickest of financial processing systems to handle their money matters and business. Currently, blockchain technology is lagging far behind when it comes to how many transactions it could handle. For example, Ethereum can only process 13 transactions per second. If we put that in perspective with centralized systems, we will see the difference. Visa handles more than 1500 transactions per second while paypal processes above 180 transactions per second.

The above situation made it obvious that the best blockchain technologies of today cannot compete with the centralized financial systems it hopes to replace soon. So putting it in plain and simple language, scalability has to do with the number of transactions that can be handled by a blockchain technology. We can see that both bitcoin and Ethereum are severely limited by the number of transactions they can process. They are not highly scalable. Originally, these blockchain technologies were not designed to handle huge volumes of transactions. But with the global acceptance of cryptocurrencies, the transactions sent into the system increased so much that scalability became an issue. So the big question has been: How do we deal with this challenge? GoChain brings the ultimate solution

GoChain and how it solves all the huge problems of blockchain technology

GoChain is a blockchain built on the very popular Ethereum framework. It is a swift, cheap and highly scalable platform that uses smart contracts to process transactions on the blockchain. As discussed above, one major challenge facing all blockchain technologies is scalability. GoChain tackles this issue by implementing a unique and clever concensus algorithm known as POR (Proof of Reputation).

Some algorithms used on precious blockcahin technologies have their weaknesses. For example, POW (Proof of Work) algorithm makes it expensive to alter a blockchain, but it performs poorly, consumes excessive energy and is more centralized than not.
POS (Proof of Stake) algorithm uses those with most stakes to validate the system. But a single individual can become susceptible to corruption; the system lacks accountibility and caters more to rich investors.
POA (Proof of Authority) algorithm trusts individuals who carry out the transactions on the network. This model exposes those individuals to public attacks. Some individuals also lack the technical know-how needed to do the job, plus other challenges.

POR (Proof of Reputation) algorithm is unique and superior to the above models. Here, individuals are not used but corporations - especially large corporations. These companies must have big reputation which they risk if they try to be fraudulent. This keeps the system secure because no large organization wants to mess around with their image and brand as it will attract huge financial loss and betrayal of company image. Once voted in, these validators are approved to sign and validate blocks and just operate like a POA (Proof of Authority) from this point.

GoChain hopes to use 50 such preferably large corporations scattered in various parts of the world to act as authorized signers. This defines true decentralization. Consider the statistic below:

Image source: Medium, GoChain

The above data depicts the true situation on ground. When most people believe that decentralization means not having a specific central point or location of control, China is the place where majority of blockchain mining activity is done. GoChain removes this bottle-neck by scattering their authority nodes in different parts of the world to achieve true decentralization.

Transferring from Ethereum to GoChain is Straight-forward.

GoChain is built on the Ethereum framework so companies can transfer all their DApps without touching a single line of code. This ensures efficient use of resources. Also remember that GoChain has the ability to process transactions 100x faster than Ethereum. So organizations have the opportunity to significantly increase transaction speed using GoChain's 100x transaction speed.

Again, GoChain is very cheap compared to what other platforms charge for transactions. Because GoChain is built on Ethereum, users are charged far-less transaction fees - up to 7500 less tthan Ethereum.

Think of it once more, going from zero to 100x transaction speed will surpass all of the centralized financial transaction systems speeds like Visa. This will give people the option to switch to GoChain. Like I mentioned earlier, everyone wants it fast. And the 7500x lesser transaction fees will help organizations save up the excess funds allocated to transaction fees for other organizational expenditure. There is no better incentive to join GoChain.

With GoChain companies can alter code securely.

Are today's smart contracts really smart? I doubt. GoChain changes the concept of smart contracts entirely. What we have today are rigid, and unchangeable smart contracts that remain unalterable once activated. True smart contracts should be able to evolve according to the needs of organizations and other changing factors. GoChain gives companies the ability to alter code. For example, they can correct program mal-function, adapt smart contracts to current needs, or modify the system to suit changing demands. Of course, this could be done using some pre-set parameters.

The ability to change code enhances the mass adoption of blockchain technology on a commercial scale since every organization is sure that their brand specification and uniqueness can be achieved using GoChain platform. GoChain carefully designed this system to cater to commercial sectors so that they can easily integrate. To move from a previous platform to a new one is one of the most expensive projects any organization could undertake. The huge financial implications and others reasons have kept many companies from implementing an improved system. However, with GoChain, companies are sure they are not changing everything. Rather, they simply plugin and seamlessly join the GoChain platform to benefit from this efficient system.

GoChain Resource Center

You can find in-depth information about GoChain by exploring the resource materials below:

GoChain Website
GoChain WhitePaper
GoChain Telegram
GoChain Telegram Announcement
GoChain GitHub
GoChain Reddit
GoChain BitcoinTalk
GoChain Twitter
GoChain Facebook
GoChain Medium

GoChain Team

GoChain Advisors

gochain2018