When I think GoChain I think of ;
Smarter, Better, Faster, Stronger and trust me it truly delivers what was promised.
GoChain is a scalable, high performance, low cost blockchain and decentralized cryptocurrency that provides support for smart contracts and distributed blockchain.
GoChain comes on board with a simple goal to tackle the fundamental issues that plague existing cryptocurrencies, namely:
- speed/volume of transactions
- energy consumption
I like to refer to GoChain as the 21st century network that aids the present day blockchain network, address the issue of tolerating significant increases in THROUGHPUT or other potentially limiting factors.
GoChain is faster and better because it runs on an Algorithm known as PROOF OF REPUTATION (PoR) instead of the popularly known PROOF OF WORK(PoA) and PROOF OF AUTHORITY(PoW) which relies on computing power to process transactions, of which compared to GoChains's PoR is relatively slow.
The GoChain network doesn't totally do away with other algorithms such as the PoW and PoA but remodels and emploits their potential more effectively.
For instance GoChain takes advantage of the PoR consensus model that accounts for the reputation of its participants, this blockchain powered system makes it compulsory for all participants to have a reputation. If they do not or try to cheat the system, they face dire consequences.
All of these problems that GoChain addresses are symptoms of a single thing: THE PROOF OF WORK CONSENSUS ALGORITHM.
While proof of work consensus algorithm is not bad in itself, it has also exposed some loopholes, although it served its purpose surprisingly well, when thoroughly scrutinized it would be agreed that the time for a change is here.
Thus GoChain is somewhat Go-Ethereum and modifies PoA to Proof of Reputation(PoR). By using PoR algorithm GoChain allows PoA nodes only for the companies that has a high-reputation risk. This automatically means, only companies with high value can become nodes and enjoy packaging and free awards
How GoChain is better than Ethereum
Ethereum is claimed to be one of the best blockchain protocols, thanks to supporting smart contracts.
Smart contracts hugely affect industries. However, GoChain aims to take this technology in a different direction. The company not just wants to improve on some core things, such as speed, energy, etc., but it also intends to improve on the smart contract system to make it easy to use and error-proof
Since smart contracts come with a lot of value, Ethereum stands at the top. But the grass is not always green on the other side. Ethereum is also not immune from certain serious issues.
Some of the key issues that Ethereum has are as follows:
- Ethereum leverages the advantage of 3x more energy than Google
- The promise of decentralization is not true as is claimed
- Ethereum can only handle ~13 transactions per second
- Smart contracts are not hack/theft proof
However, with the introduction of GoChain platform, the company aims to fix all these issues by providing solutions in the following forms:
100x more transactions per second
1000x less energy used
10x more decentralized
Why GoChain is using PoR—Proof of Reputation
Reputation holds utmost importance when it comes to doing a business. If a business acts unethically, it has to face problems like fines, loss of revenue, decrease in valuation, branding, and public relations. In order to establish a successful business, trust is what makes or mar the reputation of a business. Once a business loses trust of its customers, it takes years to mend it. Considering this very fact, GoChain has brought a new type of proof of concept, that is; Proof of Reputation (PoR).
In accordance with this consensus model, once a company gives proof of its reputation, it can be voted into the network as an authoritative node, which works as a Proof of Authority network (PoA). Under this model, only authoritative nodes can sign and validate blocks.
PoR works great for the broader business community than untrusted networks that run on PoW or PoS. Risk-adverse companies can depend upon famous brands as they trust companies like Visa, Inc. or JPMorgan Chase & Co. In PoR, everyone knows exactly who he or she is trusting with his or her data. 2.3. However, when it comes to precisely measuring a business reputation, company does it using many critical metrics such as
The company executes this metrics as the value of companies must be equal to the value of the processing network to disincentivize cheating.
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