Gochain- Revolutionalising the Efficiency of the Ethereum Network and the Crypto World

mrrpiusz (60)in #crypto • 6 years ago (edited)

Introduction- The Vastly Growing Ethereum Network

The crypto world is growing vast daily and with growth comes development and innovations. When Ethereum was launched in July 2015, there were alot of controversies and doubts as to whether it will be as effective and reliable as Bitcoin but to everyone's surprise, Ethereum has grown to become one of the leading Cryptocurrency in the Crypto world today. With the Ethereum nework growing at a fast rate, the need for new innovations and improvements are required in order for it to maintain a perfect working capacity.

The Growing Need to Expand the Ethereum Network

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With thousands of transactions done on the Ethereum Network daily, the need to expand the network capability to perform multiple transactions per second is necessary.
Presently, Ethereum average transaction performance per second is quite low (13transactions/second) and comparing its capability to Bitcoin, it is of no match and I can confidently say that this situation is causing a major setback in the speedy development of the Ethereum Network.

The Blockchain Solution- GoChain

Gochain is the solution we've all been waiting for.

What is Gochain?

GoChain is a smart contract platform blockchain aimed at solving the issues present in platforms like Ethereum. The Ethereum network has issues with scalability, decentralization and security. GoChain is designed for immediate integration, allowing developers and existing Ethereum projects to shift their projects into GoChain smoothly
GoChain is a scalable, high performance, low cost, and decentralized cryptocurrency and blockchain that supports smart contracts and distributed applications.

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What Gochain Provides:

A public cryptocurrency

Build decentralized applications and rock solid smart contracts

Fully compatible with existing Ethereum wallets, smart contracts and other tools

Fast transactions and contract execution

Next generation decentralized app platform goes beyond Ethereum smart contracts - coming Q4 2018
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Gochain- The Effective Tool to Solve Ethereum Network Problems.

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Gochain is aimed at addressing the problems faced by the Ethereum network, ranging from the network transaction processing speed, to energy consumption of the network. Gochains aims to address these issues using these three components as a major focus:

* Speed

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With the rapid growth of Ethereum blockchain worldwide, The network has been exposed to congestion due to the increase in activities, which has led to low processing capability.
Gochain promises to provide transaction speeds 100 times more efficient. This will allow GoChain to not only improve existing services but also enable new types of projects development on the network.

* Energy Consumption

A blockchain service assured of providing over 1000times energy efficiency is no joke but should be considered as The Real Deal.
With Gochain, Energy Efficiency on the network is assured.

* Decentralization

Decentralization is a major considering factor in the crypto world. Statistics show that in practice most mining has moved to
China where electricity is cheapest. source
With decentralization being a major key to ensure efficiency in the crypto world, Gochain solution makes it assured that the decentralization of the Ethereum Network is effective.

Conclusion

The recent development in which NASA is planning on using Ethereum blockchain technology to improve and automate spacecraft navigation and make space communication better is clear evidence that the Ethereum Network is developing to become a force to reckon with in the Crypto world.
The pace at which the Ethereum Network is growing is highly commendable , but this rapid growth also comes with alot of issues and if not handled could lead to a complete meltdown of the network.