Smart,better,faster and stronger. These are terminologies any good investor would love to associate with. And the search has been nipped in the bud because this is what GoChain brings to the table. Blockchain has grown up incredibly fast over the last few years with over the last year with the amount of tokens and DApps being launched; from the advent of Satoshi Nakamoto's release of the first blockchain, the Bitcoin Blockchain down to the next to arrive on the scene, the Ethereum Blockchain few years later, there has been a stride to produce unlimited growths in the sectors of smart contracts and cryptocurrency transactions.
This was not without challenges as Bitcoin had issues with delayed transactions which the Ethereum blockchain tried to solve but couldn't fully, alongside scalabilty and decentralization problems that persisted despite the efforts being made. Decentralized apps (DApps) which were designed using Ethereum algorithm couldn't combat these challenges especially as a result of the decentralization problem.

The need arose for a Blockchain capable of holding its own ground against the challenges faced above, one that would support smart-contracts and provide succor to the ails of DApps.GoChain Blockchain was formed. Now Miss Cindy can rely on the trustworthiness of a network consisting of more than 30 companies working to carry out her transactions; why because, she is sure that such companies wouldn't want to have a falling out due to bad decisions because they have a reputation to uphold, powered by PoR algorithm and in order to save face on which Miss Cindy can place a finger to instead of an anonymous body, then they would act accordingly and see that her transaction is completed without any hassles.
This is the decentralized GoChain Network.

What is GoChain?

GoChain is a scalable, high performance, low cost and decentralized cryptocurrency that supports smart contracts and distributed applications.

GoChain Website

By scalability, it means the amount of transactions the smart token network can process. It is the characteristics of a blockchain which tells us of that blockchain's ability to perform adequately and still be efficient under an increased or expanding workload. All this being carried out at a much greater transaction speed yet the cost burdens remains lower than what would suffice on another blockchain of its nature; all this without a centralized figurehead who takes decisions on behalf of the users. Now the most beautiful part of GoChain is that it is fully compatible with existing Ethereum wallets, smart contracts and other tools.

The GoChain Vision.

Aside from solving the scalability issues often associated with centralized blockchains, GoChain's mission is to create a platform that is:

• 10x More Decentralized
  Although open decentralization is the goal of every blockchain,it has not been fully achieved but GoChain comparatively forces nodes to be in several countries and these nodes are managed by several bodies who have no prior synergy whatsoever.

• 100x Faster
  With GoChain, the pulsating speed of high transaction volumes,if i want to run certain business operation, increases. Now I don't mean the usual 13 transactions per second as witnessed by Ethereum,rather I am particularly referring to a supersonic jet-stream of 1300 transactions per seconds, accompanied with similar fast verification processes. How cool can a Blockchain become? Savor that thought!

• 1000x Less Energy
  Imagine what it would take to power the city of New York, appliances lights and all, energy-wise for example. Now, picture that amount of energy being used to power a network such as the Bitcoin network.

"Ethereum’s estimated energy consumption at the time of this writing is 14 TWh and rising [32]. Assuming 450W power usage per server [31], our 50 node cluster will only use 197.1 MWh or 0.001% of the energy of the Ethereum network."

Source: GoChain Whitepaper

If you are not alarmed then you must be living in a sci-fi movie directed by Steven Speilberg because that is an enormous amount of energy for just one network that some persons may not know about and may find even unacceptable even by those who do know about it. GoChain seeks to utilize a miniature somewhat prototyped fraction of that energy in its cryptocurrency dealings.

A question that must be running the triathlon on our minds is; How was GoChain able to achieve all these? Well the finish line to that question is that GoChain designed an algorithm called The Proof of Reputation which differs from any algorithm used by any other blockchain.

The Proof of Reputation (PoR) Algorithm

GoChain uses a Proof of Reputation (PoR) consensus model that relies on users reputation to actively secure the network. There is a saying that it takes a moment to ruin a reputation that has been built over the years, therefore GoChain capitalises on this by using it as the chief weaponry in securing the platform. Now a user will most likely not want to tarnish his reputation and be subject to fines and revenue loss, thus cases of thievery or cheating wont be there. The same applies for larger companies who have a lot to lose should they play hanky-panky games. If these companies pass verification, then they are treated to an authoritative Node called the Proof of Authority network (PoA)

The Proof of Authority (PoA) is a new consensus algorithm provides transaction processing for a trusted set of individuals. It totally eliminates the (Proof of Work) PoW's hash computations and improves processing speed of transactions.

The potential impact of 100x speed and 7500x cheaper transaction fee

An increase in volume of the network by 100x more than what the Ethereum blockchain can currently handle through trust that has been developed in the consensus nodes. It is also cheaper because it has a lower market cap and an oustanding number of tokens compared to Ethereum.

GoChain's promotion of cryptocurrencies mass adoption

Through its PoR algorithm, GoChain would spread 50 companies in 50 different locations as validators,not only creating a decentralized network but also increasing transation speeds which means more transactions processed faster more investments coming in and thus more awarenesss created. The GOC tokens would serve as utility for various interoperable platforms.

How does giving companies the ability to change their code open the doors for more businesses to get aboard?

By adding signatories comprising of 50 companies, GoChain allows these companies to have self-government in the nearest future and voting controls added to their benefits of usage.

Voting

GoChain has implemented a two-phase voting process. For the initial rollout, the GoChain
Foundation would add the first 50 signers to its authorization list. These original
50 signers would be companies from multiple industries and spread out across multiple countries.
This ensures forced decentralization and avoids government interference.
Once 50 authorized signers have been established, then voting control will be handed over to
the signers to govern themselves.

Conclusion

The GoChain Network is a next geeration smart-contract platform built upon an improved Ethereum codebase that solves the problem faced by blockchains on scalability, decentralization and security. It is safe, fast, easy and almost frictionless to use for any DApp or project.

The GoChain Roadmap

it may interest you to know that as of the time of writing this contest, the GoChain team has succesfully achieved a whooping 1300 transactions per second with their mainnet being live. This shows maximum dedication on their part.

Here below is a pictogram of the GoChain roadmap with succesful completion of its proof of concept and private sales.

Tokenomics

The GOC Token is the official GoChain token to be used for its transactions. Authorized signers will be rewarded GoChain coins (GOC) per block signed

The GoChain Team

The GoChain Advisors

The GoChain Partners

More Information & Resources.

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

Here is a youtube video for more information

GoChain News & Updates.

The GoChain platform has breached the news. Do visit this link for more information.

KuCoin joins GoChain as a node.
GoChain supported by Blockfolio.

This is an @originalworks sponsored contest. Click here for more details.

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