GoChain ICO review

For Cryptocurrency to take over the world economy and be used as the only currency there has to be many major developments needed. GoChain https://gochain.io/  is an ICO aiming to take the Cryptocurrency community a step forward in reaching these goals. GoChain's mission is to provide a scalable, low cost, energy efficient platform for digital currency and decentralized applications.  

Scalability Issue

What the major Crypto lack today is the scalability issue, are these crypto really decentralized and the security issue with keeping their coins. Ethereum is the core currency in the market many new Crypto's are based on the ERC-20 network, the scalability issue in using Ethereum is a major problem. Visa has about 24,000 transactions per second around the globe if Cryptocurrencies will take over fiat the transaction numbers should come close to their number. At the moment Ethereum uses 13 transactions per second which is nowhere near the numbers required. This is where the GoChain network comes in the testnet which is working can transacy 1300-2400 transactions per second which is a major upgrade in technology and solves the issue of scalability.

Proof of Reputation

The Proof of Work which Ethereum works on is being taken over because of its disadvantages. The energy conumption in this costs alot with additional pollution being caused. Proof of Stake is another way that crypto's have adopted with which you can increase you coins as a percentage in your wallet if you have 1000 coins you can get 10% extra per year, this is POS. GoChain brings Proof of Reputation which uses a  consensus model that depends on the reputation of the participants to keep the network secure.  The user must have a reputation important enough that they would face significant financial and brand consequences if they were to attempt to cheat the system. This adds an extra layer of security which was never considered. As Warren Buffet stated, "It takes 20 years to build a reputation and five minutes to ruin it."

True Decentralization

Open decentralization didn't acheive it's true goal. True decentralization is acheived through the community with major decisions coming from it. Instead here most of the blocks mined today are in China about 70% which gives them the advantage and authority to manipulate the market into bull or bear runs. This is a big issue as the market is never stable. With the replacement of POW to POR this advantage will be taken from them and instead of staking computer, companies will stake their reputation. Reputation is really important for companies in business so they will be cautious before making any major steps.

Smart Contracts 

Ethereum has been one of the most succesful Crypto's in the market one of the major reason are the smart contracts which provide new ICO to use the same algorithm as ethereum with little to no programming according to their projects. But in actual these contracts are not smart at all, after a contract is created it becomes completel rigid with no adaptation to the real world and cannot be upgraded afterwards if neede which is a major drawback. Gochain looks to bring smart contracts upgradable with real world issues and improving them. To convert a currency fro ERC-20 to the Gochain network is also easy which will have a major impact as already existing projects want to swtich over to a better contract.

Token sale

Gochain Team

Gochain is the future of Crypto, with their solutions for real world problems of the digital market. Their sleek ideas to overcome major problems of scalability, decentralization and security they can will have a huge impact for cryptocurrencies becoming mainstream. 

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