GoChain ICO review
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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
Proof of Reputation
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.
https://steemit.com/crypto/@originalworks/180-steem-40-bonuses-sponsored-writing-contest-gochain gochain2018
Never heard of Gochain before now, but i gonna do my own research. I have lost a big money in ico. But look like this have a promising future.
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Found via @amariespeaks Minnow Mondays Newbieresteemday post. I am not much into ICO, or crypto, but I still find it fascinating to read about sometimes.
Glad I found this through @amariespeaks' Minnow Mondays.
I'm not a crypto techy so I like how you explained GoChain in such a way that will be understood by someone like me. I like that they will use Proof of Repution which will lead to a more decentralized consensus and not just one big group of miners. As you explained, Proof of Work is costly and energy consuming too which makes them expensive too.
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