GoChain..... The Ideal Solution

mgel (47)in #contest • 6 years ago (edited)

Gochain! Gochain!! Gochain!!!

Smiles... That's 👆 what we are talking about. The world is gradually diving into a new digital realm, which in turn us becoming super powerful and mind blowing, so therefore it is more mandatory if not unavoidable to advance or should I say put in place,new patterns of exchange that ensure a profit and savings of services and time that help both the consumer and the producer.

There are numerous stages as of now accountable for making trades, installments and shipments of digital forms of money; in any case, not every one of them offer a 100% solid administration, this is in turn where the super Gochain 🔥 comes in place.... As the slogan implies SMARTER, BETTER,FASTER,STRONGER that's what comes into play.

According to the popular saying "slow and steady wins the race".smiles....Hmmm 🤔... I think we should do some random reminder on some important facts before finally going into the major talk of the day. Let's start with;

What is BlockChain???

_{Image Credit : BlockChain}

A blockchain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks.

What is Cryptocurrencies???

_{Image Credit : Cryptocurrencies}

A cryptocurrency (or crypto currency) is digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrency is a kind of digital currency, virtual currency or alternative currency. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems.The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.

Having thrown light of those key figures,its time we get to the core topic;

WHAT IS GoChain?

Image : GoChain

GoChain is simply a scalable, high performance, low cost, and decentralized cryptocurrency and blockchain that supports smart contracts and distributed applications. GoChain also aims to go beyond Ethereum smart contacts with the use of Proof of Reputation (POR) instead of Proof of Work (POW) and Proof of Authority (POA).

Talking of Ethereum a stated above,

_{Image Credit : Ethereum}

Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality.

Now Question Time.....what does this BlockChain really offer 🤔.... Let's see;

What The BlockChain Offers???

The BlockChain implements a system called POR (Proof of Reputation) which is presented as a faster and cheaper method that is simple to implement than other systems like the one mentioned above, starting with the number of transactions that can be carried out within his system, about 1300 per seconds as seen and earlier explained.

The POR is the key tool of this system, since it is responsible, through a decentralization process, to distribute and make the blockchain process lighter, since in the specific case of ethereum, it is centralized in China and this makes the use and expenditure of resources is increasing and slow, so GoChain offers a quality output and saving resources with this system.

How Really Does The Proof Of Reputation {POR} Operate???

Ehhh... Less I forget, they exist different types of Proofs like the POW 👉 Point of Work, POS 👉 Point of Stake, POA 👉 Point of Authority and the already familiar one the POR 👉 Point of Reputation.

BlockChain uses a Proof of Reputation (PoR) consensus model that depends on the reputation of the participants to keep the network secure. A participant (a block signer) must have a reputation important enough that they would face significant financial and brand consequences if they were to attempt to cheat the system.
POR is a key component of how GoChain works, once a company proves reputation and passes verification, they may be voted into the network as an authoritative node and at this point, it operates like a Proof of Authority network (POA), where only authoritative nodes can sign and validate blocks.

Straight 👆 let's move to the immerse benefits of the BlockChain....The benefits/advantages of BlockChain cannot be over emphasized but a few will be discussed;

Time saving:
_{Image : Time Saving}
Time they say is money 💰 😁 so therefore it is a very important factor which cannot be overlooked,it is the most determining factor in many cases in which the customer has as a priority that their process is as simple and fast as possible.
More Decentralized
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this is another benefit of the blockchain been that is the process by which the activities of an organization, particularly those regarding planning and decision-making, are distributed or delegated away from a central, authoritative location or group.
It Requires Less Energy
_{Image Credit : Less Energy}
another benefit is that it requires less energy to perform.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.

BlockChain are on a mission to fix some of the fundamental issues that plague existing cryptocurrencies, namely speed/volume of transactions, decentralization and energy consumption. The objective they have is to solve the problem about Ethereum scaling with immediacy being 10 times more decentralized, 100 times faster and 1000 times more ecological. So all current Ethereum users can upload and download as it were, to make a transition without any problem to GoChain without changes in the code.

BlockChain's Team

Image Credit : The Team

CONCLUSION

BlockChain's is a platform that is still in a phase of construction and optimization, but that promises and ensures a change in the current system of the blockchain application and in its consumption of resources in general, which in the long run will end up being something crucial for sustainability and the environment, so as an option is projected with great alternatives, at least on a personal level, as a platform that has the power to be even more important than many others such as ethereum, although its final plan is not is to compete against them, but to ally and create together an almost perfect and fully functional strength in all respects (where the mentioned time, natural and artificial resources stand out) of currency exchange of cryptocurrencies that come and continue to rise through the blockchain system.

For more information watch this short introduction:

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