GoChain Faster, smarter and decentralized

rosmilage (50)in #contest • 6 years ago (edited)

Currently there are many platforms that are focused on making the transaction processes a satisfactory experience. However, we have achieved platforms or Dapps that can be useful, and good projects, but an undeniable difficulty continues to appear.

Imagine that you need to make a transaction because you are going through an emergency but after doing it you must wait a few days or even weeks for it to be processed satisfactorily and you can do what you were needing. By that time the emergency will have passed, and your need was not met in the estimated time .

Different problems we cross the users, in opportunities it is the speed in the most outstanding transactions of all.

Thinking about improving this and other problems GoChain brings a project specially focused on the weaknesses of the systems so far.

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What is GoChain?

GoChain is a scalable, high performance, low cost, and decentralized cryptocurrency and blockchain that supports smart contracts and distributed applications.GoChain Website

GoChain has set objectives different from those we have already experimented with the intention of reducing costs, increasing speed and supporting the blockchain through true decentralization.

PoW replaced by PoR

Currently cryptocurrencies work using the PoW algorithm, this provides the possibility of invidual participation by the miners, to in turn represent the weakness of the low power capacity, interfere in transactions slowing down the system and that your transactions are processed with less speed. And as the network grows, transactions increase but the processing capacity decreases.

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With PoW it is required that many of the miners have high levels computationally speaking, this is synonymous with high energy levels for a correct operation, it is other words HIGH ENERGY COSTS.

Although PoW represents security due to the difficulty of deciphering the data, this also plays against taking 51% attacks into account, it is basically where the existence of a 1% that make up the group in question is part of the attack and is seen in risk the transaction. It's words, security is not complete due to anonymity in mining.

Benefits of PoR

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GoChain meanwhile and taking into account the points against it PoW has decided to implement the PoR algorithm, which basically will make GoChain a cryptocurrency and blockchain Faster, decentralized and less expensive for the general population.

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Speed and safety

GoChain offers speed, the verification of your transactions will be done through validated nodes, this will be in charge of companies that have knowledge about the operations and are also committed to the system, in this way they will be able to handle block validations. Making use of companies that meet previously established requirements. Having confidence in those who execute these actions, knowing who validates make up the nodes, the speed will increase notoriously, because there is trust.

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By not using PoW, and the individualized and anonymous mining that it represents, GoChain intends through PoR to generate a Blockchain with low energy levels, and thus benefit the population, thus helping the entire planet.

Reputation Consensus

Identity and reputation will be vital, in this case companies must maintain an impeccable conduct to be and maintain themselves as a node. Reputation will always be the way to measure its behavior, in this way it allows the blockchain to be safe and guaranteed through a reliable system with a validated work team, and in this way it provides stability, overthrowing the 51% attacks that can exist in PoW

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Although it may seem that making use of companies takes us away from decentralization, GoChain has thought and posed it in the most appropriate way, in his words

Open decentralization did not work as intended as more than 70% of mining is in China and the majority of that is run by just a few companies. GoChain forces nodes to be in different countries, run by unrelated people/companies.GoChain Website

GoChain has the objective of selecting these companies throughout different countries, promoting in this way a real decentralization, preventing the possibility of intervention of a government and that the possibility of scope is greater, we speak of an approximate of 50 countries.

When making use of companies in charge of validations, the cryptocurrency will gain value, because behind it there is transparent and solid equipment, knowledgeable and as much to lose in case of making mistakes, or fraudulent processes. To be selected, a series of validation process will proceed immediately after a vote for its assignment.

Points for GoChain and the Smart Contract

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Smart contracts are the means used to give guarantees and security to certain actions, but these have a vulnerability at the moment of not allowing changes to be made indefinitely.

GoChain has thought about that and brings the possibility of making changes in them, of course this will have a series of steps to make a change, so that its update is not arbitrary result but a consensus and can benefit everyone those involved.

Through this it gives the opportunity to make changes that may be necessary due to the evolutionary processes of any system, in the same way it offers the opportunity to the users to change what in the actuality does not consider sufficient for their transactions.

Ethereum DApp Compatibility

The compatibility option makes the possibility of using GoChain a viable alternative available to all clients who present disagreements and wish to experience the new options previously proposed, GoChain maintains trust in Ethereum and therefore has taken its first steps focusing on this possibility , allowing each user to have the opportunity to migrate without wasting time.

More economic transactions

In view of the fact that the resources used to generate GO Token are lower, the expenses for users are also lower, the price of GO allows a user to make transactions for a prerequisite of 7500x less

Let's see through the following image how will be the distribution process of Token GO

Very well knowing then what GoChain is and what you want to do, let's meet the team in charge of this project:

Advisors

Let's review the steps taken and the next ones

Partners

In conclusion

GoChain is offering new bases for our transactions, through the inclusion of qualified companies allows the project to be more reliable, taking into account that those who enter the blockchain will be qualified to do so. The compatibility of Ethereum with GoChain is an undeniable point, so you can capture these customers without tedious processes beforehand.

The inclusion of the entrepreneurial industries in this world is an ideal way to find greater organization and consolidation within the system, the possibility of changing contracts adds another positive option since it allows to rectify and improve those failures that over time become present, As a result of the changes that can be experienced, this option takes into account the main reason of being human, that they can make mistakes, and as social beings we must adapt and the process of evolution deserves changes. The option of being able to make changes to the processes that for other blockchain are not possible, opens many doors for others to decide to join by removing the barriers and the fear of not being able to make changes in decisions or established contracts.

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