GoChain - Blockchain Unchained!
Blockchain Unchained
By now, we're all familiar with some of the primary roadblocks regarding cryptocurrency adoption. Typically, the things we worry about deterring big projects from adoption blockchain technology are centered around scalability and efficiency. When Bitcoin and the Proof of Work (PoW) consensus algorithm were originally implemented, it was a truly innovative and world changing idea. However, with PoW comes the understanding that miners are essentially hijacking computational power to work at high capacity using up lots of electricity to secure the network.
With the next generation of blockchain technologies being introduced, a few other concepts have been cooked up to try and solve this issue. Now we've gotten a glimpse into concepts such as Proof of Stake (PoS), Proof of Brain (PoB), block lattice architecture, and a handful of other mechanisms all to replace the functionality of PoW in a blockchain. Each has it's pros and cons and some are not truly tested out in practice, but some common themes that seem to be recurring are issues with either speed, resource efficiency, transaction cost, reliability, or questionable levels of decentralization. We've already seen our first 51% attacks on what would appear to be formidable projects in Crypto. If a crypto could enter the space with a new algorithm that can satisfy the need to resolve these issues, it could potentially take blockchain to a new level of adoption. The best part is, such a crypto does exist and has released their mainnet.
GoChain - Introducing the Proof of Reputation Algorithm
GoChain completed its ICO and has launched its mainnet and was able to back up their claims from their timeline. Now that the launch is complete, we can analyze the blockchain's performance. GoChain boasts a few key metrics: 10x More Decentralized, 100x Faster, and 1000x greener than it's top competitor. This is made possible by their Proof of Reputation (PoR) algorithm.
Decentralization
PoR allows the system to be run by a network of 50 nodes run by 50 separate and heavily vetted companies operating out of countries scattered around the globe. For comparative reference, 70-80% of Ethereum mining is accounted for by 4 companies within China. Many of the PoW coins follow suit and are much more centralized than you might have previously thought. Another notable point of centralization among PoW coins is the ASIC mining production centralization from companies such as Bitmain, check out this article for more information about mining equipment centralization. This effectively forces decentralization by leveraging one of the most valuable assets out there, reputation.
Transaction Speeds
Many are familiar with Ethereum's 13-15 TPS capacity. This often gets bogged down and slows transaction speeds, raising the cost of transactions. GoChain operates at 1300 TPS making it scalable as a platform for Dapps to be built upon it. Ethereum is looking to solve it's issues with Sharding and Plasma. Each are estimated (hypothetically) to improve performance by 100x (Source). This means, optimistically, they may be able to bring their current 15 TPS up to 1500 TPS when Sharding is released. GoChain's next stop is 13,000 TPS though, keeping it in the lead. By the time Plasma is implemented GoChain has the capacity to maintain or extend their lead. Also, if it is helpful, GoChain could simply utilize similar Sharding and Plasma developments on their own chain. Because GoChain has started in a better place with a superior consensus algorithm, it is poised to be the smart contract leader in transaction speeds among live mainnet deployments.
Greener Technology
On top of all that, there isn't any mining being done, dumbing down graphics cards/CPU's and other computer equipment in a wasteful fashion. Instead, only the 50 nodes need to be run to run the blockchain. This means that we don't have to use as much energy as the entire country of Ireland in order to operate a blockchain like Forbes reported earlier this year regarding Bitcoin. A byproduct of the PoR algorithm being so much greener is a lower expense of operation due to the lack of expensive PoW mining which is then passed down to the end users with extremely cheap gas costs. At the time of writing this, the gas cost for a standard Ethereum transfer is about $0.24. Consider a micro-transaction dependent industry trying to build on ETH with gas costs like this for the end users?
How Will GoChain Get Adoption?
On the technical side, GoChain is clearly an impressive platform. However, it takes more than technology to get adoption in this space. Luckily, this great technology has been paired with many of the user based features needed in order to get adoption. There is already a fully functional wallet that can be downloaded from their website so those who purchase GoChain can make sure they have ownership of their private keys. The GoChain team also recognized that many established projects are built on top of Ethereum already but may not be fully satisfied with the Ethereum network. To improve adoption, they've also built in the capability to import an Ethereum based project into GoChain without having to recreate the entire project from scratch. Anybody with a Dapp built on Ethereum can simply plug and play into GoChain for better performance quickly and easily. The platform just launched in June and got listed on one of my favorite exchanges. You can find the GoChain (GO) coin on KuCoin with pairings for both ETH and BTC. As an investor, I've been watching a lot of ICO's and recently it seems that many of these projects find it difficult to get listed on a solid exchange. The fact that GoChain started on KuCoin (and that KuCoin is running a node) is a good indicator that their team is taking marketing and business relationships seriously.
If you're interested in this project, now is the time for action. As the remaining nodes get selected and implemented and more exchanges pick up on this project, you'll see the hype build up as people get fed up with ETH scalability issues. You'll start to see Dapps moved over to GoChain as they hear about the PoR algorithm and it's benefits. Outside of grabbing some GO tokens from KuCoin, I advise those who are interested in this project to join the Telegram group. I've been in this group for the last week or so and I've been very impressed with the responsiveness of the admins. If you're still on the fence, I suggest reading the whitepaper and asking any remaining questions you have in the Telegram group. For a quick view, check out this video from the GoChain team!
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@mjo you were flagged by a worthless gang of trolls, so, I gave you an upvote to counteract it! Enjoy!!
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