GoChain - A smarter, better, faster, stronger Blockchain
Introduction:
The blockchain is a decentralized, ineradicable, secure database that stores and/or accommodates logic and processes without the need for third parties/intermediaries. In the year 2009, the very first blockchain technology was proposed in the Bitcoin whitepaper which was released by an anonymous person, or as I like to believe, a pseudonym “Satoshi Nakamoto”. This was the Bitcoin blockchain, and this blockchain was initially restricted to the record of financial transactions, since there was no way stored data could be deleted or modified.
Few years later, the Ethereum blockchain came around. The Ethereum blockchain was a great improvement to the Bitcoin blockchain, as it supported the smart contract concept and decentralized applications which was not only restricted to financial transactions. The Ethereum blockchain achieved this by using smart contracts to replace the Bitcoin’s transactions. For those of us not aware, a smart contract is program/code that allows the fulfillment of a contract automatically. With the introduction of Smart Contract, the Ethereum blockchain launched the use of blockchain from just financial transactions, but unto other decentralized applications, which includes decentralized computing, etc.
It is safe to say that blockchain brought about an unprecedented level of evolution to the human race, and this level of evolution is in my opinion, probably second only to the internet. However, the blockchain is embedded with some problems:
Rate of Energy Consumption:
Do you know that the Ethereum blockchain consumes 3x more the electric power consumed by Google? Also, do you know that the Bitcoin blockchain consumes 10x more the electric power consumed by Google? It would also interest you to know that the electric power consumed by one (yes, just 1) transaction in the Bitcoin blockchain can be compared to the electric power consumed by a residential house in the United States for 24 hours. It is little wonder, why the Bitcoin blockchain and the Ethereum blockchain are expensive.
Now, the first thing that might come to you mind is that since the Bitcoin and Ethereum blockchain consumes such alarming electric power, the rate of transactions should be very high. However, it would interest you to note that, the Ethereum blockchain can only handle 13transactions per seconds, while the Bitcoin blockchain can only handle 7transactions per second. This is very very slow, when we do the comaprision to other financial systems, notably Visa, which is capable of performing 24thousand transactions per second.
Decentralization:
Recall that I made mention that the blockchain is decentralized, this means that no one person is in complete control of the blockchain. However, is the blockchain really as decentralized as we are made to believe? Statistics show that 70%-80% of mining is done in China by a handful of companies. This is due to the fact that electric power is cheaper in China. This is a big drawback, as relevant authorities in this country can influence the blockchain, in a positive or negative way. Hence, this really makes me to question the decentralization of the blockchain.
Security:
Now that we have been able to question the decentralization of the blockchain, security comes to mind. I mean, the main reason for decentralization is to ensure the security of the network. However, an attack to the Chinese companies that do the mining can affect roughly 50% of the blockchain network.
Even so, the Ethereum blockchain has embedded in it, a bottleneck. When a smart contract is deployed on the Ethereum blockchain, the smart contract cannot be altered, they can not be made to adapt to real world changes. In the same vein, if an error exists in the smart contract deployed on the Ethereum blockchain, the smart contract cannot be altered or upgraded. This means, malicious attacks are inevitable. In fact, there are public records of attacks on smart contracts that cost thousands of US dollars due to this reason.
Now that we have seen the issues embedded in the current blockchains, it would be perfectly normal for one to fret. However, there is a silver lining in the sky. GOCHAIN.
GoChain:
GoChain is a standalone blockchain platform that tackles and solves all the issues embedded in the current blockchain platforms. It is amazing to note that GoChain is Ethereum compatible, this enables applications on the Ethereum blockchain to be moved over to the GoChain blockchain seamlessly without any changes in code.
GoChain is 10x more decentralized, 100x more faster and consumes 1000x less energy than the Ethereum blockchain. And that’s icing on the cake, when we look at the cost, which is 7500x cheaper than the Ethereum blockchain.
GoChain achieves all these feats through the employment of an algorithm different from those currently used by current blockchain platforms. This algorithm is based on reputation. It is a public knowledge that reputation is almost directly proportional to trust in the real world. This algorithm is known as the Proof of Reputation.
The Proof of Reputation Algorithm:
The POR uses companies as validators and not individuals. The companies are choosen based on reputation decided by GoChain. The GoChain decides the reputation of companies via: Market Cap (the higher the market cap, the higher the reputation), Publicly traded (public companies have more reputations than private companies), Brand Significance (companies that require strong public brands for their services have higher reputation). Once the companies prove their reputation to GoChain, they can then be voted as authorized signers/validators.
This algorithm tackles all the problems rocking current blockchain platforms. It offers, better decentralization, faster speed in transactions, lesser energy consumption, higher security.
Advantages of POR:
More Decentralization:
The POR achieves 10x more decentralization. This is achieved by spreading the validators across 50 different companies in different geographic regions. With 50 different companies with their respective reputations at stake, decentralization is achieved, and it is almost impossible to corrupt the blockchain platform. Also by ensuring that the companies are spread across different geographic regions, no authorities/government van have overwhelming effect on the blockchain platform.
Faster Speed in transactions:
The POR has a relative small number of validators, in comparison with other blockchain platforms. These validators are with known capabilities, hence the POR would achieve greater block size and lesser block times. This ultimately increases the number of transaction per seconds. It would amaze you to know that GoChain is targeting up to 1300transactions per second at the mainnet launch (100x faster than the current speed of the Ethereum blockchain).
Lower Energy Consumption:
Since the POR uses a set of trusted reputable companies as authorized signers, it simply means that there is no need for mining. And as you can rightly guess, no mining means absence of clash between computers to win a block, hence there is no energy wasted. With the POR nodes, only a low amount of energy is required to process transactions, run smart contracts, and/or verify blocks. Infact, with POR, GoChain will consume 1000x less energy than the Ethereum blockchain.
Higher Security:
GoChain would have a higher level of security, since transactions are done by computing infrastructures which large companies, and these computing infrastructures have a low susceptibility to the risk of breaches, hacks or bugs.
Also, with large companies as validators, the probability for bribery is reduced, since these companies have high net worth.
Better Smart Contracts:
Recall that I made mention that the smart contracts deployed on the Ethereum blockhain could not be altered after deployed. This is a problem when the smart contract contains an error that urgently needs to be corrected. However, with GoChain, a new and better technology of smart contract is enabled, which allows smart contracts to be altered, deleted, updated, upgraded, paused or entirely canceled, all depending on time conditions or agreements between the parties involved.
Check out this tweet, which shows a positive feedback from a user of the GoChain platform:
Use Cases:
Use Case 1:
Shika and Auda go into a smart contracts concerning the exchange of cryptocurrencies. This smart contract is deployed on the Ethereum blockhain. However, after further review, it was discovered that the smart contract could not be triggered due to an error. This ultimately means that both Shika and Auda loses their cryptocurrencies.
However, with GoChain, the contract can simply be updated and/or upgraded, thereby the smart contract fulfills itself, and then the cryptocurrency exchange takes place.
Use Case 2:
Oge has just deployed his DApp on the Ethereum blockchain. The DApp is a social media. After a while, Oge’s DApp has a great influence of users, and thus Oge requires faster transactions per second (more than 13transactions per second).
Oge can just move his DApp to the GoChain blockchain without any change in code and then, he can achive the faster transactions he desires for his users.
The GoChain Token (GOC Token):
GoChain makes use of the GOC token to aid its blockchain transactions. For each block that is validated by an authorized signer, the authorized signer is rewarded with GOC tokens. The number of tokens depends on the time taken to validate the block. Check out the Tokenomics below:
GoChain MainNet:
GoChain MainNet is live.
Conclusion:
GoChain offers a blockchain platform that is free from the bottlenecks currently faced by current blockchain platforms. GoChain does all this at a very low cost. This ultimately results in the increase in performance of applications on the GoChain platform. With the POR, GoChain improves the smart contract technology, increase decentralization by 10x that of Ethereum, increases the speed in transactions by 100x that of Ethereum, reduces the consumption of energy by 1000x that of Ethereum.
Hence, GoChain is presently the fastest, cheapest, and reliable blockchain for any DApp or project.
The GoChain’s Team:
The GoChain’s Advisors:
The GoChain’s Partners:
The GoChain’s Roadmap:
GoChain News & Updates
The GoChain platform is all over the news. Check out the following links:
KuCoin joins GoChain as a node.
GoChain supported by Blockfolio.
Check out this introduction video by GoChain below:
More Information & Resources:
- GoChain Website
- GoChain WhitePaper
- GoChain Telegram
- GoChain Telegram Announcement
- GoChain GitHub
- GoChain Reddit
- GoChain BitcoinTalk
- GoChain Twitter
- GoChain Facebook
- GoChain Medium
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gochain2018
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