"Gochain"-A paradigm shift in the use of blockchain

It is of no doubt that both cryptocurrency and the use of smart contracts on blockchains are greatly impacting the world economy today as they have penetrated many industrial systems, especially their mode of operations, and invariably made most things that were usually thought to be impossible realistic and put into use; for example, with it, an instant transfer of money has been made possible globally. Not only that, it’s safe, fast, easy and often smoothly.

In the industrial system; especially for carrying out some business operations, the use of smart contract needs not to be over emphasized as it helps in the facilitation, verification, or enforcement of a negotiation or in the execution of credible transactions, in the sense that they are irreversible, trackable, and often done without the involvement of any third parties.

The implications of this is that there is an increase in numbers of people adopting the blockchain without a corresponding increase in its size, this implies that the current blockchain is not scalable. Also, it's often acclaimed that the blockchain is

decentralized, but looking deeply at this, it can be said that there is no any real decentralisation. For example, about 70% of ETH is mined in China only showing its uneven distribution around the globe. The most frustrating part is due to the fact that the currently available blockchain uses ridiculously high amounts of energy which is usually not available.

Moreover, there is an unreasonable hike in the transaction fees on the blockchain and this is usually noticed while transferring a small amount of coins.

In the face of these, the GoChain team have stood up to proffer durable solutions via enablement of scalability, creation of more decentralized system and consumption of less energy, thereby making the blockchain more efficient and effective than ever. Some other associated problems will be as well looked into.

GoChain And Its Way Of Impacting The Blockchain

GoChain can be regarded as a decentralized cryptocurrency, and also a blockchain which supports smart contracts and distributed Apps. Unlike other blockchains, the GoChain incorporates scalability(makes it resizeable as it grows) with high performance of operations, usually run at low cost.

It was introduced sometimes ago and there have been a lot of great developments such as the launch of a MainNet live

with which users can easily create an account and start using the GO tokens. They are also in partnerships with some companies, for example; Kucoin who will act as nodes and have been supported by blockfolio.

Currently, GoChain is 100% compatible with the Ethereum Smart Contracts which implies that all developed tools on ETH work perfectly well with GoChain. In addition to this feat, GoChain is 10x more decentralized, 100x faster, 1000x less energy comsumption and 7500x cheaper transaction fees. In this respect, it can be said that Gochain is more perfect and efficient than the ETH blockchain.

Most new projects/App developers are undoubtedly scared of building their Apps on the Ethereum blockchain due to its lack of scalability. Lack of scalability leads to congestion which subsequently slows down the blockchain itself. The provisions made available by Gochain will however enable these new projects to be easily built, and those that are already existing on the ETH blockchain will be easily moved to the Gochain blockchain since they are100% compatible.

The Use Of Proof Of Reputation

GoChain is incorporating the use of a new consensus algorithms mainly based on the reputation of entities signing the blocks, this is called Proof of reputation>>>POR is considered an upgraded, stronger, and a more secure form of Proof of Authority (POA) used by some blockchains, in which transactions and blocks are mainly validated by approved accounts known as validators whose identities are publicly disclosed and at stake. As time goes on, there might be a form of cheat using POA.

However, GoChain will be selecting 50 companies from 50 different countries that will be permitted to confirm transactions after verifications have been passed across. The reason for bringing up this idea is to ensure proper decentralization as these companies will be globally selected, and since their information will be made public, there will be enough reasons to act responsibly and also do a good job for the benefit of everyone on the chain. Obviously, no reasons to act bias. However, there are criteria for companies' selection since not just anyhow company will be selected for the task;

● Size of the companies, their market cap, their reputation worth, determine if the company is publicly traded; this ensures the company has a certain level of transparency and governance obligation as well as immediate stock price repercussion as a result of poor behaviour.

● Significance of branding to the company;this determines the effect of ruining their reputations and getting acquainted with the dependence of the companies on branding.
information gotten from Gochain Whitepaper, pg 6

In addition to this, using the new consensus algorithm will bring about a corresponding decrease in energy consumption by the network and most importantly, the time it takes to confirm a given transaction is reduced. This however, make GoChain 100x faster than Ethereum blockchain due to the fact reputable companies, rather than computers which brings about delay, are signing new blocks. Currently, the Ethereum blockchain can only carry out 13 transactions per second which is too small for it kind. However Gochain, through its idea will carry out 1300 transactions per second.

It should be remembered that any data stored on the blockchain is immutable,i.e, once it has been set or created, it can never be changed or altered. This is a great advantage to some extent because, it can also be seen as a great disadvantage from another perspective. Let's make use of Smart Contract in this case;

A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.
Wikipedia

Now, let's make an assumption that a company/individual while creating its smart contract supposedly meant to trigger an agreement between a buyer and a seller of a coin, made a mistake by inputting a wrong code which will actually give another order. Unknowingly to him, he saved this code into the blockchain, the purpose for which it was created for would not be met in this case. Also, there will be need of recreating such code again going through the same processes once more, which seems very frustrating.

However, if the code is being built on the GoChain blockchain, the company or individual will be given an opportunity of correcting such errors, thereby allowing the purpose for which it was intended for to be met. This also, helps to eliminate the hurdle of going through the same process of recreating such codes again. With this opportunity made available, doors are open for more businesses to get aboard.

You might be confused if the security of this blockchain will not be compromised and used maliciously with the idea of Gochain, but I will like to divert your attention to the new algorithm>>>POR it is utilizing. No way any bad activities can carried out! But in case the system could be compromised, there should be limitations to the number of times changing of code can be done.

Despite the myriapods of opportunities revolving round the use of blockchain, most times I'm left in a deep thought wondering why the blockchain technology has not been used in the managing the commercial sectors today. Probably many people don't trust it's integrity? The fact is that the blockchain remains a decentralized system,i.e, it is not often governed or controlled by a set of individuals who will only make decisions that benefit them without putting others into consideration.

This is mostly seen in an organization system, where the people that has more power see others has been inferior and they shouldn't have a say in a company or organization they work. Decentralising this power, makes everyone important and able to contribute into the system. Hence, the need to provide blockchain technology in the commercial sectors.

Meet The Team & Advisors

Consist of able hands

with years of experience and are capable of making their vision a reality.
Check GoChain WhitePaper, pg 24-27 to know more about their team.

Tokeconomics

showing the total token supply

Roadmap

Schematically depicting their present and future plans...

however, the team has been able to complete some tasks as shown above...

Summary And Conclusion

The fact that the adopters of Ethereum blockchain keep increasing while there is no room for extending or resizing the platform only make it become congested while slowing down virtually every activity being run on the platform. Many people have an intention of creating Apps or starting new projects on the blockchain but have been been scared away due to this same problem and the resulting ones.

However, GoChain has created a blockchain equipped with a lot, such as; 10x more decentralized, 100x increase in speed and 1000x improvement in energy consumption and also lower transactions fees as compared to the ETH blockchain. It uses POR, rather than POW.

POR is considered more stronger, secured and reliable, and helps to make all the features of Gochain possible. Image from Gochain Medium

With these features of Gochain, cheaper and faster transactions(with lesser energy & time) is enabled, since the blockchain can easily be resized, and more better projects are brought up ensuring larger customer-base with improved services. Also, the ability to change codes on the Gochain blockchain is considered a unique feature which no one has brought into the blockchain. This however, enables more and more people with intentions of creating DApps on the blockchain to come in, since their work will be made easier in one or two ways.

Obviously, GoChain rocks!!!

For More Information, visit;

● GoChain Website
● GoChain WhitePaper
● GoChain Telegram
● GoChain Telegram Announcement
● GoChain GitHub
● GoChain Reddit
● GoChain BitcoinTalk
● GoChain Twitter
● GoChain Facebook
● GoChain Medium

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Note that: All the images used in this article are either gotten from Gochain whitepaper, medium or site.

Gochain2018