GoChain: Smarter, Faster, Better, Stronger

hasbydiaz (51)in #crypto • 6 years ago

Hi Steemians!

Blockchain is a revolutionary paradigm to enable a network of possibly insecure computers that together work as a trusted source. The best known application of blockchain to date is Bitcoin, the cryptocurrency that is not backed by the state, in which the transfers are public, but the identities of the people behind the transfers are hidden. However, there are many other blockchain applications, including intelligent contracts and the management of digital assets.

Positioned as one of the driving technologies of digital transformation in the coming years, blockchain has several problems ranging from compromised security, high transaction rate, small network size and slow transaction speed.

Although it is an efficient technology (all transactions can be viewed in real time), one of its major performance problems is that each entry in a block chain requires each node to process it, which slows down transactions such as payments . Due to its nature, each new record must be serialized, which means that the update rate is slower than traditional databases, which can update the information in parallel.

Ethereum requires that all nodes process each transaction, blockchain is natively resistant to cyber attacks, as they should be hacked between hundreds and thousands of nodes to gain control of the network. But, on the other hand, it also slows down the processing of transactions and, finally, their scalability.

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These added to common problems, such as conventional theft. Let's say you're going to transfer money to a friend. Copies exactly the address of your wallet, but the malware replaces it in the clipboard by another address. Not all users are attentive and double check after copying an address, especially if it is too long.

There may also be a case of phishing. With normal electronic money, users can be tricked into accessing a phishing website and entering the access data to their purses.

Of course, users of a traditional banking or payment system can also fall into the clutches of cybercriminals. However, with a traditional system, we can always cancel the transfer. In the case of cryptocurrencies, a complaint must also be made to the United Nations. What happens in the block chain stays in the chain of blocks.

In addition, you can also lose money using a genuine payment gateway with the correct address. In June 2017, the most popular web purse for the Ethereum Classic cryptocurrency, with the original address https://classicetherwallet.com/, suddenly started to steal money from users' purses.

It turned out that the hackers used social engineering methods to convince the hosting provider that they were the real owners of the domain and, after gaining access, they began to intercept the money.

Luckily, the strategy used by the hackers was not the best, as they replaced the name of the beneficiaries immediately and could only steal $ 300,000 in a few hours. If they had collected the purses and waited a bit, they would not have detected them so soon and the damage inflicted would surely have been much greater.

So what is the problem? Well, the market for cryptocurrencies is not yet regulated, there are no mechanisms to assess the risks and there are no guarantees for a return on investment, except for the words of those who have devised the project.

Faced with these problems, GoChain is a decentralized cryptocurrency, which also acts as a chain of blocks capable of admitting intelligent contracts and distributed applications.

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Among its main strengths that make it more attractive compared to Ethereum we can mention:

• Faster and smarter (100x)

It has a transaction speed 100 times higher than that of Ethereum and this will greatly improve both existing services and new types of projects.

• Much less energy (1000x)

While Ethereum consumes up to three times more energy, GoChain presents its concept of energy efficiency, and ask how does this work? Well, most of those that operate using the PoW (Power of Work) algorithm consume a lot of energy and others use PoA (Proof of Authority), in which transactions are validated mainly by approved accounts known as validators.

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Recall that mining requires highly specialized computer hardware to execute complicated algorithms. The costs are unmanageable. Mining is available only for special mining groups. These specialized machines consume large amounts of energy to operate that increase costs. The large costs threaten the centralization of the system, since it benefits. However, to counteract these problems GoChain adopts the use of PoR (Power of Reputation). And what will we achieve with them? In the first place, a more dynamic and secure platform will be achieved before any person or company that tries to defraud any user. That is why GoChain will be a decentralized platform and that brings us our next item.

• Decentralized (10x)

GoChain will select 50 companies from 50 different countries that will be allowed to confirm transactions. This idea allows incentives to selected companies to act responsibly and also do a good job for the benefit of everyone in the chain. With this, monopolized mining and manipulation will be impossible.

• 100 percent speed

When we talk about speed in the chain of blocks, we must mention the transaction speeds, but these at the same time depend on the bandwidth and the speed with which the cryptocurrency is created within the chain of blocks. GoChain with this increased speed will increase bandwidth and avoid any delay associated with traditional block chains such as Ethereum. In turn, this high transaction speed will allow supporting high loads in the distribution of tokens. What do you prefer an Ethereum blockchain capable of making 7 to 15 transactions per second, or betting on Gochain, and its 1300 transactions per second?

• Compatible with Ethereum

GoChain is superior in many aspects but it will not forget the technologies that preceded it, that is why it will be compatible and will allow an easy transition from the Ethereum Blockchain to the

GoChain MainNet

In May, GoChain launched its mainnet, which has shown similarly fast verified transactions per second. The goal in the coming months is to increase tx / sec to 13,000. While 1,300 tps is already much faster than Ethereum, 13,000 will be innovators opening the blockchain to the possibility of general adoption.

The GoChain team said that a lot of work was done to create a stable network that can support the same number of transactions in a week as the lifetime of Ethereum transactions: 185,436,845. Those are all Ethereum transactions, in a week. Wow, that's a lot to process.

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New alliances

• The Kucoin Exchange is one of the new additions in this world class asset exchange; they now host a node in the GoChain network. Recall that KuCoin was launched in 2017 and has built a platform of transactions of assets of last generation with exceptional service and support 24 hours a day, 7 days a week.

• Another important addition to this project is Blockfolio. The world's most popular cryptocurrency portfolio management application allows you to monitor and manage all your cryptocurrencies in one place.

In conclusion

It goes without saying that GoChain came to solve the problems of scalability, costs, speed, and energy presented in Ethereum. This is the future of transactions, so sit back, relax and live a life without complications.