Can Blockchain Scalability Be Solved? GoChain thinks so!
If you're into blockchain and cryptocurrency as deeply and as avidly as I am then you've probably heard of the scalability trilemma which currently stands in the way of all blockchain projects realising their full potential.
If you've never heard of this scalability issue but still trade in crypto then you may have been directly affected by it. During the recent ATH of BTC and the emergence of crypto kitties on ETH trading volumes when through the roof and halted network transactions with literally 1000's of transactions being delayed and worse the price of a transaction was as high as $30. As you can see this would be a problem if blockchains are going to continue to scale in this linear fashion.
Scalability is the white elephant in the room that for as much promise as all these new blockchain projects hold they will never reach it unless this is solved. A few brave souls have looked to tackle this issue with Bitcoin adding SegWit and testing out the lightning network while Ethereum is looking into sharding.
Projects like Cardano and Zilliqa are looking at scaling via a hybrid consensus algorithm while NULS is looking at a modular approach to the fix. There are definitely all interesting concepts on how to solve this issue and there will be no shortage of attempts since the project to solve this will rule blockchain in the coming years.
Can GoChain remove the block in the blockchain
GoChain offers a novel new approach to scalability with the introduction of a new consensus algorithm called POR(Proof of Reputation). Which they claim to is faster, cheaper and easy to implement than both proof of work and proof of stake the two most popular security protocols implemented on the blockchain.
How does proof of reputation work?
POR is a key component behind GoChain's entire project. While POW(Proof of Work) relies on computing power to process transactions on networks such as Ethereum, GoChain utilizes POR(Proof of Reputation). Proof of work is highly secure but also highly expensive with the cost to mine ever increasing while the ability to collude and makes centralise mining operations based on resources pretty easy
Why is GoChain an improvement on Ethereum
Interchain-gable
Go Chain allows ETH users to migrate to their blockchain with no code changes making adoption simple and easy
Speed
GoChain claims to be 100 times faster than the Ethereum network allowing for 1300 transactions per second.
Decentralised
Proof of reputation is similar to proof of stake with nodes acting as the miners securing the network. GoChain plans to run 50 nodes across the world that will secure their network
An introduction to GoChain
What I think of GoChain
While I definitely think we need improvement in terms of speed on blockchain networks as well as the reduction in cost with hashing on proof of work only to become more and more resource intensive. I can see the merit in what GoChain is trying to do but it won't be as simple as it seems to migrate users to their blockchain. Bigger chains aren't sitting still and Bitcoin has already deployed SegWit and they're testing out the lightning network to help its scaling issues while Ethereum is looking into sharding.
I still think more solutions to scalability is needed every concept has its merits in helping us solve this issue hampering the expansion of blockchain and GoChain will have a party to play in the push for a real solution.
For more information
This post is written as a submission for the @orginalworks writing contest found here
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