The Future:Faster, Better, Smarter

t-flames (57)in #contest • 6 years ago (edited)

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With the growth of users, and the influx of transactions, hence the need of an integrated system to carter for that need. one that is efficient and fast in response to users.
The purpose of GoChain is to solve the problem of growing number of users carryout transactions on the blockchain.

Most blockchains are built on Etherum, which is currently limited to 13 transactions per minute.

'The largest and most immediate problems are
blockchain in its current form is not scalable, lacks real decentralization, and is using absurd
amounts of energy that is not sustainable'whiteaper

GoChain is set to solve this problem using Proof of Reputation which is efficient and effective in that it is cheaper and very easy to implement.

Guess what? GoChain is already at work, Implemented and fully operational clocking 1300 transactions per seconds and as high as 2400.

Imagine a queue of 1 million users,GoChain would respond to all in 12.82 seconds while those built on Etherum would take 21.37 hours to attend to that. Do you see the difference? 1300 transactions per sec compared to 13 transactions per sec.
GoChain promises 100 times more efficiency.

What then is POR?

For Etherum, the chief players are centered around China, and therefore, governmet interventions would have huge effect on it. It is also kind of localized and not what the term decentralization stands for.

Imagine, of all the currencies generated on the blockchain, 70-80% of it all is done by 4 major companies and guess what, all 4 are based and resident in China. this is not the spirit of decentralization.

GoChain is changing the consensus algorithm from proof of work(PoW) to Proof of Reputation (PoR).

Source
Using Proof of reputation, GoChain intends to use about 50 companies, spread across the globe, acting as nodes, if one is affected, it doesn't affect the operation of the other.
Meaning, they work together but are also independent of each other.

The system is self existing wherever its founded. One country's policy wont stop the activity and continuation of the process. this is the true spirit of decentralization and also, Genius.

This will spread the action to every part of the world and we can have solid bases representing various countries. Isn't that amazing?

GoChain is taking over the world. the vision is big. and not like others that plan to globalize their activities but are restricted to a location, GoChain has started its work by setting up nodes, in form of 50 companies, in different countries. See it more like a board room with 50 people, each with one responsibility. that means each person can deliver 100% potential. But unlike others, who concentrate 50 responsibilities on just one person. it kills potential

I would rather get 1% from 100 people than 100% from 1 person. thats the secret to creativity.

You can apply to be a node for GoChain, check out Apply To Run A Node

Goodnews For Dapps!

For Dapps already existing on Etherum technology, you can migrate to GoChain without even stressing your keyboard to line up codes.
Also, what do you get? Faster speed, and lower transaction fees of close to 7500 lesser.
I mean this is to good to be true and it even gets better, GoChain is working on including a feature which allows developers to make changes to their codes. that means there is an infinite openness to creativity. you can modify and keep on improving the lines of your code with this feature. making it possible to put your feedbacks into good use.

A technology that allows you to modify your codes, attends to more users faster and much more reliable, with a cheaper transaction fee of close to 7500 times, this is amazing. with the use of publicly traded companies, not just anyhow companies, your security is guaranteed because any harm to the blockchain will drag down the reputation of such company.

No company would want to lose what they have built for over 2 decades. This would not only encourage transparency, but would solidify its security and stability plus giving GoChain a public image. This is particularly good for developers whose ideas need public adoptions or company adoptions. They can leverage on the influence of GoChain and get to the company.

Take for instance, a game company acting as a node for GoChain, and you have a Platform operational on GoChain and you mainly need the public to adopt the use of your token to purchase games and other tech stuffs, you can easily approach the company to start with. Because its more like GoChain has given you a privilege, an access point and thats is what life is, opportunities and leverages.

As of today, 3.5 million US households could be powered with the energy used to run the
Bitcoin network, while Ethereum uses the equivalent power of 1 million households. This unacceptable and unsustainableWhitepaper