GO CHAIN | THE ETHEREUM HOPE FOR THE FUTURE

able-abel (31)in #crypto • 6 years ago (edited)

There is a big player on the block and they go by the name 'GOCHAIN' . Well also due to it's popularity, other people call it the ethereum killer!!!. It is a decentralized smart contract blockchain that was built to replace the short comings of the ethereum chain and other platforms. It is no news that the ethereum is lacking in transaction speed, wallet security and overall fluid adoption for new or existing built Dapps.

GOCHAIN.IO

This gigantic task has been conquered by Gochain, ensuring a more decentralized system, smarter, better, faster and stronger user experience and interface. Gochain is scalable and has a smart contract which is ethereum based. It is fast, secure and uses way less energy consumption compared to bitcoin and ethereum (it is green!!!).

GoChain is a scalable, Ethereum based smart contract blockchain that is fast, secure and green. It enables DApp and smart contract developers to lift and shift from Ethereum to GoChain for 100x increased performance.
_Gochain.io

HOW WILL GOCHAIN CHANGE THE WORLD OF SMART CONTRACT APPLICATIONS?

Smart contracts are usually referring to the legal agreements that binds these crypto platforms, especially guiding against any form of government interception and most of all guiding the interests of the investors.

These platforms could of course run into code problems like hacking, maybe internal or external, on the ethereum which is why gochain offers a stronger security system.

What's even better is these smart contract applications can be lifted and moved to the gochain seamlessly without hassle as the gochain is built on the Erc 20 protocol and as well, other tools can be moved too. So for example, an application that has been built on the ethereum already can be moved to the gochain blockchain without fear of errors after move or network crash. This of course is revolutionary in itself and that's not all.

Another impressive feature of gochain is it's ability to handle 100x the transaction speed of ethereum. Ethereum can only handle 13 transactions per second, while gochain is giving them a beat down with an initial 1300 transactions per second.

You would think they are done but not just yet. gochain also adopted a proof of reputation (PoR) system. As compared to ethereum's proof of work (PoW), and proof of authority (PoA). Ethereum's (PoW) and (PoA) has over time shown weaknesses and holes for gaining the system which various ICO's took advantage of.

GOCHAIN PROOF OF REPUTATION SYSTEM

The gochain proof of reputation system has fixed the glitches in the (PoW) and (PoA) system to better ensure that all parties are happy. The gochain proof of reputation (PoR) system allows for only companies with an already established reputation.

This way, the security and trust of the platform is guaranteed as the reputation of these companies are at stake. Any company that exploits this system will definitely lose it's reputation status which will also affect the company's equity. So feel free to use any of the platform's on gochain because you are guaranteed that they have a high and longstanding reputation to uphold.

To have the proof of authority (PoA) rights on the gochain, the participant or company needs to have passed the proof of reputation (PoR) first. It is only then that such companies can become authoritative nodes, help build blocks, enjoy packaging and also fee rewards. These nodes will go a long way in acceleration of transaction speed also as more blocks are being built.

HOW WILL HAVING 100tx TRANSACTION SPEED OF ETHEREUM EFFECT THE USE OF BLOCKCHAIN?

Of course once the word gets out fully, the gochain blockchain will be a more largely adopted use of blockchain. Who will want to use a Voxwagen car when they could drive a lambo?.

The transaction speed will go a long way in making sure that transactions deliver on time, and also edging way for a more developed experience of the blockchain.

Gochain transaction speed at 1300 transactions per second has gone beyond the transaction speed of bitcoin which is at 3 transactions per second and ethereum at 13 transactions per second.

With the effect of gochain superior transaction speed as against the ethereum, we should expect to see more blockchain applications migrate over to the gochain blockchain, and more starting up new.

HOW WILL HAVING ABILITY TO MOVE CODE FROM THE ETHEREUM BLOCKCHAIN DIRECTLY TO GOCHAIN IMPACT EXISTING COMPANIES USING ETHEREUM FOR THEIR BUSINESS?

Now companies based on the ethereum blockchain can freely move their platform codes from ethereum to the gochain blockchain without worries of errors or non-compatibility. The gochain blockchain is fully compatible with the ethereum and is built on the erc 20 protocol. Wallets and accounts can also be moved freely between the two blockchains. Tools available on the ethereum are also fully available and usable on the gochain blockchain.

Now these former ethereum based companies can enjoy a variety of benefits on the gochain blockchain such as:

build decentralized applications and better smart contracts.
fully compatible with existing ethereum wallets, smart contracts and other tools.
fast transactions and contract execution.
bigger and better reputation score for having license to operate and develop on the gochain blockchain.
improved security and transaction speed per second.
you get to become an authoritative node to be able to build blocks and get rewards per block built.

So what are you waiting for?, do you have an ethereum based company?, why not move it to the gochain and begin to experience the better side of life, both for you and your users.

ADVANTAGES OF SAVING 1000x ON POWER CONSUMPTION

Another powerful advantage of gochain is it's ability to save on power consumption during operation of the blockchain.

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.
_Gochain.io

The power being saved can be used to further other developmental technologies and generally help in making life easier for man. This is why gochain.io is prided as the green blockchain, because it is not wasteful and concise. Other blockchain's should begin to emulate this form of expertise.

BENEFITS OF THE PoR PROTOCOL

It is much more harder for anyone to breach the proof of reputation (PoR) protocol because they know their reputation which they have been building over the years is at risk. This thereby brings about a smooth and effective work experience to guide against internal and external glitch factors or hacks as a result of inefficiency.
Only companies that have accepted the terms and conditions of the PoR are eligible to be authoritative nodes and signers. This of course comes with rewards.
Unlike the proof of authority (PoA) which initially claimed to be decentralized and ended up having majority of its mining coming from China as high as 70%, the proof of reputation (PoR) offers a more decentralized approach to the problem.

What more could you ask for?

GOCHAIN GOC TOKENS DISTRIBUTION AND NEXT ICO

The GOC token is the abbreviated name for the gochain token which is already being distributed as you are reading this article. The following is how the tokens will be shared: