GoChain: The Decentralized Solution for Flash Blockchain Transactions

davonicera (47)in #crypto • 6 years ago (edited)

INTRODUCTION (Video Attached)

Cryptocurrency has grown popular over the years with millions of buyers acquiring more over the years. The future seems bright as more and more cryptos turn up on the blockchain daily.
Recently, I made an effort to do an urgent transaction with my blockchain wallet and I met a heavy wall. Initially, I found it very difficult to execute my transaction immediately and instantly without grievous consequences.
I was notified instantly that my transaction will take days to be executed, which lead to a second option of paying highly exorbitant fees for the transaction. I was really left in a state of dilemma on what to do.
The problem was caused by the fact that most blockchain based cryptos have limited amount of transactions per second, leading to a long queue of numerous transactions waiting to be taken care of because of a huge database.
The Ethereum blockchain can only handle 13 transactions per second while Bitcoin can only handle 7 and this causes a really long queue where everybody waits for their own to be verified or rather, pay exorbitant high fees to get yours done faster. The normal Ethereum transaction is done by a method called Proof of Witness(PoW) which takes time and consumes lot of energy.
These problems triggered the need for a fast and efficient solution to the problem of congestion.

THE SOLUTION: GoChain

source @darioska23

GoChain aims to solve the issue of scalability or in plain words, order of priority in transaction placement. It is an Ethereum based smart contract blockchain that is much more faster than normal Ethereum transactions.
GoChain aims to achieve this through the coding of a new form of algorithm known as Proof of Reputation (PoR)

Proof of Reputation

Proof of Reputation(POR) is a concept in which individual validators are replaced by reputable companies around the globe based on their reputation.
GoChain uses this consensus model in such a way that it depends on the reputation of its participating companies to keep the network honest and secure. It means that any company engaging in it, must have a reputation that is valuable enough that it might be ruined, if the participant involved tries to maneuver the system illegally.
This concept was created in order to decentralize the mining of Ethereum, which is predominantly in China. This is not an ideal arrangement as any litigation will have a huge blow back on the blockchain. Chinese government policy alone can have a huge adverse effect on the whole mining arrangement leading to lots of unnecessary expenses.
Introducing PoR will delegate several renowned companies all over the globe as nodes. This will finally release the burden placed on China alone as the major miner of Ethereum and as such, limit the government influence on the process.
Criteria for choosing the companies to be involved as nodes are as follows:

Value- The value of the company is important as the higher the value, the more financial risk involved in the case of damage.
Brand- Companies like Pepsi and Samsung are a very big brand that being recognized as the best means everything to them.
Type of Company - Publicly traded companies are much more preferable as they have high value stock that people subscribe to and are very much transparent to government policies.
One a company is verified as reputable company, it is installed as one of the authorized network nodes, from which it can sign and validate blocks as at and when due.

Benefits of GoChain

Decentralization

GoChain provides a decentralized network of nodes made available by it's Proof of Reputation(PoR) technology. Hence, there will no longer be an over dependence on companies in China for the mining of Ethereum as it will now be global with companies from different countries.

Faster and Cheaper

GoChain aims to provide a faster and cheaper operation through its PoR attached to its several nodes, eliminating heavy calculations involved with the usual Proof of Work(POW). GoChain currently provides 100x faster and 7500x cheaper transactions. It offers faster verifications that will ultimately allow it to run at flash speed.

Consumes less Energy

With GoChain, there is a lesser amount of energy being consumed in the form of electricity. Bitcoin and Ethereum mining tends to consume lots of electricity. But with the ability of PoR, the issue of energy is reduced significantly which in turn, reduces cost.
GoChain aims to use 1000x lesser amount of energy.

Secure

GoChain is secured through its various nodes, in that the various companies work together to keep each other honest and hence litigating damage through smart contracts.

Compatibility

GoChain is very compatible because it allows all other Dapps used for Ethereum, to be able to successful transfer their resources from the normal Ethereum platform to its own platform without unnecessary coding, thereby saving time and energy.

Flexibility

GoChain allows a ground for learning relationship with its customers. Most applications on the blockchain do not provide space for bug fix unlike that which is done on GoChain. GoChain gives ground for upgrade for their participating companies.

THE Impact of 100x transactions and 7500x cheaper transactions on GoChain

Majority of the issues today on the blockchain centers on its ability to offer transactions at a low speed. This as escalated with the increase in demand for more cryptocurrency in that it takes hours and sometimes even days to conclud a transaction unless higher fees are involved.
A faster and cheaper transacting blockchain will benefit the users of cryptos tremendously, leading to the growth of newer cryptocurrencies on the blockchain.
Much more individual will subscribe to cryptocurrency without fear of downtime with a decentralized GoChain blockchain.

How GoChain's Flexibility Improves User base

The ability of GoChain to allow its customers to change their codes increases their ability to update their platform to much better and trending technologies. As we a know, every huge company breathes on its ability to keep up with the latest and most sleek technology around.
Allowing users to change their codes will give them that freedom to be better, and give out only the best knowing fully well that they can change things at the right time depending on the votes of their customers.
That's what makes
GoChain a very flexible platform and an ideal one for businesses that are still trying to establish themselves. This encourages them to fix issues concerning their blockchain technology on many fronts.

How GoChain Promotes Mass Adoption of Cryptocurrencies

With its PoR algorithm, GoChain will provide a faster, cheaper and greener interface for transactions which means that many more users will come aboard with many more cryptocurrencies.
From the initial time, individuals globally love a very sleek operation on the blockchain without much stress. What GoChain has to offer will improve so many crypto platforms, especially Ethereum with less governmental influence and task.
Another factor is that with the PoR, individual users are assured of a safe and transparent transactions due to the reputations of their companies alone.
An instance is if for instance Samsung becomes one of the network nodes, any individual is assured of the computing and networking abilities at their disposal, hence a high level of trust is placed on them which leads to more subscribers.

Use Cases of GoChain

Josephine is a renowned business woman with lots of businesses scattered all over her country. On one of her travels to the Caribbean, she noticed that a certain business transaction requires her to transfer some amount of money in form of Ethereum, to her business partners in the Caribbean and the deal needs to be concluded instantly. She quickly remembers that her last Ethereum transaction which she did three days ago has not been sent. Josephine opts to use GoChain through its PoR with Samsung, it's Asian network node as the validator.
GoChain through Samsung quickly validates her transaction and it is sent to her partners promptly. Josephine is not fazed using Samsung for such a sensitive transaction because she knows they are a very reputable company around the globe.

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CONCLUSION

GoChain aims to bring a much faster and sleeker way of decentralized transactions on the blockchain. The future of cryptocurrency is much more assured with these wonderful designs they have articulated. I have never been more thrilled about the future of the blockchain than now. Thanks for reading.

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