GoChain: Optimizing Decentralism of the blockchain ecoysystem using POR (Proof of Reputation)
INTRODUCTION
Every now and then, the blockchain is being improved upon as new tokens are introduced into it ecosystem. This is because blockchain tech has a promising future as a decentralized systems compared to the centralized economy, controlled by a center point were policies that govern such economy exist are made. There are tens of tokens introduced every year and we believe that more of cryptocurrencies will be introduce into the blockchain. This is expected because that is the beauty of the blockchain; it is not limited to a particular currency.
To fully actualize the decentralism of the blockchain, all current cryptocurrencies must be well inter-operable and scalable and also make provision for the incorporation of future cryptocurrencies that are yet to be invented or discovered to be integrated into the blockchain system. That would be true decentralism!
THE PROBLEM
- SCALABILITY AND ENERGY CONSUMPTION Inability of the various cryptocurrencies to be scalable is also a limitation of the blockchain ecosystem. A lot of energy is used in the mining of the Ethereum which is unavailable uniformly around the globe. This makes it difficult for every part of the globe to participate fully well in the mining of the Ethereum were most existing blockchain companies had built on. Most of the mining are done in few countries were power is a bit available making the aim of the blockchain ecosystem of decentralism to be controlled by these few countries which is then having a centralized backbone.
- SECURITY In current system of things, Transactions are mostly validated by individuals whose identity are not known nor have a better reputation in the blockchain industry. This has given way to insecurity in the system as smart contracts worth millions of dollars are validated by individuals unknown creating room for theft in the blockchain ecosystem.
- DECENTRALIZATION When these individuals identity are known, they might be tended to favored those who they thought had known their identity and would not want to tarnished their reputation in the site of those they know therefore, giving way to corruption and the dream of a decentralized blockchain system would be jeopardized to keep their reputations intact.
- SPEED AND VOLUME OF DATA TRANSFERABLE According to statistics, most existing blockchain companies are built on the Ethereum network which can handle roughly 13 transactions per second; were half of such transactions or less are for smart contract transactions. This will definitely slow down transactions in the blockchain ecosystem around the globe as numerous transactions from different existing and future companies are bound to make more of smart contracts transactions. Also, the Ethereum network has a limited storage capability making it difficult to transact a larger mass of data across it platform.
Then how can this be solve to assure the goal of limitless decentralized blockchain ecosystem for the existing blockchain companies and even the ones to be invented or introduced into the system?
THE GoChain SOLUTION
IMPLEMENTATION OF THE GoChain “PROOF OF REPUTATION”
The Proof of Reputation is an improved algorithm of the Proof of Work and other forms of consensus algorithm as it possesses different nodes known as the “Authorized Signers” compared to the Proof of Work “Mining nodes”.
WHY USE THE PROOF OF REPUTATION OF DIFFERENT COMPANIES RATHER THAN SOME INDIVIDUALS?
Different companies will be given the right to be validators of smart contracts on the blockchain rather than individuals because these companies have a better reputation to gain compared to individuals as validators of smart contracts. Plus, no company would want to have a bad reputation by engaging in some corrupt transactions in the blockchain as this will jeopardized their brand reputation as well as their market cap. This will enhance the inability of contracts in the blockchain industries to be tempered by single individuals or companies because they have a reputation to protect; making the blockchain industry almost a perfect decentralized system.
This will also improve the speed of transactions and energy consumption would be reducing drastically as companies will be in charge of validating contracts rather than individuals.
THE AUTHORIZED SIGNERS
Authorized signers will be the only nodes that are legal or permitted to authorize blocks contracts. These nodes are trusted and secured nodes that distribute blocks contracts to other nodes. These Authorized signers will also be rewarded with the GoChain coin per block contract they signed. This will ensure fairness and liveliness and therefore motivates those companies to be used as signers. They will maintain their reputation and earn on every blocks they distribute or signed.
HOW WILL THESE AUTHORIZED SIGNERS (COMPANIES) CONTROL THE BLOCKCHAIN FROM BEING AFFECTED OR CONTROLED BY ONE SINGLE GOVERNMENT OR ENTITY? (SOLVING DECENTRALIZATION)
VOTING
GoChain will allocate different high reputable companies with massive market cap and high significance product or brands as Authorized signers. For a start, GoChain will allocate a total of 50 companies across the globe as authorized signers who will in turn vote within themselves and control the activities of contracts in the blockchain ecosystem. This process will solve the issue of centralization or control of the blockchain system by a single government or entity as decisions would be make by different companies as authorized signers with different reputations to maintain and brands. If one of these Signers can be compromised, the others will definitely be impossible to compromise.
SECURITY
The security of the blockchain ecosystem will also be improved as signers will be verified with smart contracts; going through process to attest their identity if current and genuine. The first step in this verification process by these signer companies that will serve as authorized signers nodes; to go through a verification of the company by providing it DUN and Bradstreet D- U-N-S number as a means of and identifier to the company.
SPEED
USING CHECKPOINTS TO MAXIMIZED SPEED OF TRANSACTIONS
The checkpoint will ensure speed of transactions as it will keep tracks of numbers of signed blocks that are running in the entire blockchain system. Once a checkpoint is reached, all previous blocks and data are removed for effective performance of newer blocks to executes.
Also, transactions can be verified almost at instant of execution as trusted nodes will serve as validators of such transactions.
MAINNET
Mainnet is live and functioning. To create a GoChain account using the Mainnet, follow the following steps:
STEP 1
Log on to: www.explorer.gochain.io/home or https://wallet.gochain.io to create a new wallet.
STEP 2
Follow the instruction indicated by the arrows in the pictures below.
STEP 3:
The whole registration process is quite flexible to understand. Good luck!
THE QUESTIONS AND ANSWERS BELOW SHOULD ATTEST TO THE FACT THAT GOCHAIN IS HERE FOR A BETTER BLOCKCHAIN ECOSYSTEM TOWARDS A PERFECT DECENTRALIZED SYSTEM
What are the benefits of existing crypto companies being able to easily transfer from the Ethereum network to GoChain?
There are quite some benefits that existing crypto companies will derive from being able to easily transfer from the Ethereum network to GoChain. With the features of GoChain tech, Companies will be able to save more energy as the mining of Ethereum requires more energy consumption and also, scalability of their cryptocurrencies will be attended.
Existing crypto companies will also be able to transfer more volume of data since the GoChain tech is far more volume-capable (High Storage capacity) than the current Ethereum structure. This will prompt a fast transaction system between different crypto companies.
What is the potential impact of 100x speed and 7500x cheaper transaction fees?
Nobody wants to wait for days before his transaction be executed successful. Also, no one wants to spend a lot of transaction charges when transactions are being made. The impact this will create in the blockchain ecosystem will be very promising. Since speed is needed in transactions at cheaper transaction fees, companies will be willing to partake in using the GoChain Tech as it offers these needed parameters in blockchains smart contracts transactions.
How does giving companies the ability to change their code open the doors for more businesses to get aboard?
With the fast growing blockchain, it can be predicted that in the nearest future, most businesses will be done using smart contracts on the blockchain. GoChain is compatible as it made provision for current Ethereum DApps to be easily integrated in the technology without the process of having to code their own and also being able to change their code. Giving companies the ability to change their code will grant such companies the opportunity to enter into new businesses in the blockchain ecosystem.
Also, more businesses will get aboard as GoChain add standardized protocols to contracts in order to have a fore knowledge of when contracts entered can be modified.
Why is it important to cater blockchain technology to the commercial sectors such that they can easily integrate?
The whole idea is to have a world economy system being decentralized. An economy were there is no central controller; an economy controlled by almost everyone rather than a few decision makers. Making the integration of external commercial sectors to easily fit into the blockchain technology will guaranteed a future decentralized commercial system even outside the blockchain.
How does GoChain promote mass adoption of cryptocurrencies
One of the reason cryptocurrencies might not be adopted by some countries and companies is due to the security issue and power consumption. When these limitations are minimized, there is a tendency that there would be mass adoption of cryptocurrencies because it would be more secured using smart contracts compared to fiat currencies or commercial contracts.
GoChain ROAD MAP
As at the time of the writing of this article, GoChain has completed a lot of it plans in actualizing a Smarter, Better, Faster and Strong blockchain system. The proof of concept or conceptual stage of this tech was completed in December 2017. Private Sales of token was achieved in February 2018. March 2018, the tech was tested and review and Public Sale of token was done in May 2018.
GoChain is currently launching it Mainnet network open to the public with different nodes across the globe.
More to come on the GoChain Tech
In the last quarter of the year 2018, GoChain launched it next generation of smart contracts dreamt of by the tech. And finally in first and second quarter of 2019, GoChain would increase in performance to approximately 13,000 transactions per second which is more than what was initially launched.
TEAM AND TECHNICAL ADVISORS
Below is the team behind the GoChain tech. The team are a group of individuals who are experienced and educated in the crypto Market and Blockchain ecosystem.
Jason Dekker - CEO, Travis Reeder - Chief Software Architect, Ben Johnson - Sr. Software Engineer, Guilherme Rezende - Sr. Software Engineer, Jordan Krage - Sr. Software Engineer, Jordan Krage is a software engineer, Roman Kononov (Senior Software Engineer) and other host of technical Advisors which includes Matthew Skinner (Founder at EtherSportz), Shihab Ali (Chief Strategy Officer at HODL Gang), Chad Arimura (VP Cloud at Oracle), Jameson Stafford (VP Corporate Development at Catalytic, Inc.), Morgan Mackles (VP Sales at X.ai), Alex Barrett (Founder and CEO at Likemoji) and Justin Mares (Founder at Kettle & Fire Author of Traction).
GoChain Partners
GoChain is partnering with different companies in order to actualized the dream of a decentralized blockchain.
END
Thank you for taking your time to read this Article. For More information about GoChain
Visit their Website Here
Read more about the GoChain Tech on GoChain Whitepaper here.
Talk to them on Telegram Here
Follow them on twitter for updates Here
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hi @focygray
I've never heard about GoChain before and I found your review @focygray very easy to read and understand. You covered all topics related to this ICO very well.
The way you pointed out all problems and challenges and you commented each one of it .... AWESOME!
The only thing is that I have no idea what "Proof of Reputation" is. How does it work. Sometimes Im curious if "poof of something-new" is not just another marketing excercise? What do you think? Is it really huge advantage? Or could GoChain operate on PoW? Just curious.
Again: great review. Good luck with @originalworks contest. You deserve a solid prize for that review.
How many hours did you spent researching about it and writing it all down?
Yours
Piotr
Starting with the numbers of hours, It is usually 72 hours contest. All participants must gather necessary information for their write ups. I have done a previous contest on GoChain anchored by @originalworks so it was a bit easier to understand what the tech is all about. The only improvement is that of the introduction of the Mainnet and developing more on other algorithm use in carrying out contracts within the blockchain. It used to be the Testnet. The testnet is like a prototype of the Mainnet.
Concerning the Proof of Reputation, Just as my article has pointed out, Proof of work required more energy and it is somewhat easily corrupted as countries who can generate more power to mine Ethereum (the platform in which most blockchain industries operate on) might decide to operate their source of power just the way they like; making the decentralization target yearned for by the blockchain industry to be thwarted. But in the case of Proof of Reputation, High esteem companies will be used as validators of smart contracts on the blockchain. These companies are high reputable in both their market capital and their brands so they will find it difficult to compromise their integrity as they serve as signers to contracts on the blockchain ecosystem using GoChain tech.
That a very good answer :)
However check my comment above for a more extended one :)
Gave you a full upvote bc that :)
Thanks
You mentioned inter-operable in the introduction. I believe this to be a new trend among new blockchain and smart contract focused projects. Early in his discussions, Andreas Antonopoulos hints at this. I believe EOS has the best solution to bridge the gap from the old to new Internet the fullest.
GoChain fits in well in the corporate sector. I do wonder how it can achieve things along the lines of Cotton Coin or highly specialized industries were there would be too few reputable companies to appropriately represent both the general public and say space enterprises.