GoChain: Solving the Problems of the Ethereum Network

antonio15 (32)in #crypto • 6 years ago

The activity in the cryptocurrencies space is very dynamic and vertiginous. Among them, the most outstanding in his behaviour was and still is without a doubt Bitcoin, which increased to an extraordinary level in 2017, but right behind him was Ethereum and we will talk about it on this occasion.

With the setbacks Bitcoin faced at the end of 2017 and still faces without an effective solution to those problems, Ethereum could take its place as the best decentralized currency, at least in terms of utility. But this is only hypothetical, as profit goes hand in hand with a viable value for transactions.

Ethereum could soon overcome bitcoin if it could only overcome one problem, the number of transactions and the scalability, the saturation that Ethereum has suffered this last month has been caused mainly by the number of ICOs launched. An ICO (Initial Coin Offering) is an Initial Coin Offering used to obtain investment in the development of new projects within the Ethereum system. With them, investors get a few tokens of the application developed in exchange for cryptocurrencies.

To give you an idea of the dimensions of the subject, here is an example. Recently, the Status project, a mobile messaging application, raised the equivalent of $270 million in just three hours. With this figure, you can imagine the level of traffic that ICOs bring to the network. So, no wonder the system gets saturated, right?

In addition, it should be added that the increased demand for ethers has led to a dramatic rise in the price of the currency in a very short time. This has attracted investors and speculators from all corners of the world who are looking to make big profits quickly, creating more deals that the network cannot process.

So, we have to say that Ethereum is not prepared to take on that much traffic on your system. The blissful problem of scalability makes its appearance. This is somewhat paradoxical, given that Ethereum is generally considered to have no real base of regular users (as Bitcoin has), and is still technically quite far from the original'global computer' vision of its creators.

But all this is already being solved by a revolutionary platform that aims to be much cheaper, faster and more ecological: GoChain!

What is GoChain?

GoChain is essentially an independent blockchain, is a platform based on the Ethereum network, is a platform 100 times faster, 100 times cheaper than the Ethereum network itself, thus solving the problem of scalability, to do this GoChain uses a consensus algorithm which is POR (Reputation Test) in place of the traditional PoW (Work Test), the reason why it uses this new algorithm is that it has the particularity of using large companies as validators rather than as individuals, by putting the reputation of these prestigious companies at stake it is ensured that everything is transparent and concise.

GoChain created an ecosystem where 50 companies around the world will have the responsibility to be used as nodes for the security of the system, companies that are chosen for this must meet a number of requirements among which is to own shares in the stock exchange, because if a company fails this will impact their assets, this means that the company may have losses much greater than the amount they can steal when trying to make a fraud, being spread around the world no government will be able to exercise control over the network and this will be really good because of the strong regulations that are imposing in different countries, causing loss to many users.

Another particularity of the GoChain platform is that projects can migrate to the platform without the need to rewrite any line of code, this is a great benefit as projects will feel secure when migrating from the network.

GoChain's icing on the cake is that the platform is already up and running and reaches an incredible speed of 1300 transactions per second, plus the use of intelligent contracting, all of which ensures that transactions are super fast, secure and reliable.